BillDesk and Razorpay have developed industry-first solutions for easy management of recurring payments, an emerging segment following the central bank’s intervention to regulate such transactions. With their rivals still catching up, these two have cornered a significant slice of this new market
August 17, 2021
9 Min Read
Students are used to last-minute preparations, dusting off their notes and books only when exams are round the corner and giving the diligent ones a fair advantage.
The recurring payments story in India is somewhat similar. With the Reserve Bank of India’s deadline for implementing a new structure for card-based automated recurring transactions barely two months away, many banks and card-issuing startups are rushing to upgrade their processes.
And among the few in position to cater to them are BillDesk and Razorpay, the only payments platforms ready with the technology to give end-users more control over their recurring payments. Which gives them an edge over rivals Paytm, PayU and Cashfree.
BillDesk has developed SIHub with Visa and Razorpay has set up MandateHQ with Mastercard for banks and companies to be able to process recurring payments from their customers post September 30.
Any company or merchant processing recurring payments after that deadline would need to work with BillDesk and Razorpay’s platforms to give their customers full control over such transactions, typically for subscriptions.