New Delhi: Payments solution provider Razorpay on Tuesday said it has partnered with Mastercard to launch 'MandateHQ' - a payment interface that will help card-issuing banks to enable recurring payments for its customers. This directive is applicable to all recurring payments which were earlier debited automatically from customers' cards (credit/debit/prepaid) for mobile, utility, other recurring bills as well as subscription payments like OTT streaming services. "Razorpay's Mandate HQ is an API-based plug-n-play solution that reduces the go-live time for any card issuing bank that wishes to enable recurring payments for its customers. The MandateHQ solution can be fully integrated with any bank within seven days, as opposed to other solutions which normally take a few weeks, he added. "Industry estimates suggest that the overall market opportunity for recurring payments is between ₹20-25 billion.

Source: Mint July 06, 2021 13:18 UTC