With the advent of digital transformation in every facet of life, payments are also going through huge innovations. Digital payments are now becoming the norm, and companies are now trying to create a seamless user experience to create higher customer confidence in the service.
This whitepaper focuses on seamless payment experiences, what a customer wants, and discusses the various regulations put forth by RBI. There is a particular focus on subscription/recurring payments across credit cards, debit cards, and UPI.
The Indian payments ecosystem has seen significant business expansion and product innovation over the last 50 years. The increase in demand for digital products and services has created a need for developing a frictionless payment process.
This whitepaper describes a seamless experience when the customer and the merchant have minimal friction while carrying out their digital payment tasks. There is a detailed guideline about how subscription payments work and how various organizations can adopt them. Creating a subscription payment mandate and its execution and management are also explained in great detail.
Along with creating a mandate, having a solution design for the subscription architecture is also necessary. Processes like merchant onboarding, integrating merchant needs, notifications, check out, and monitoring can give your systems an edge.
All subscription-based services should be monitored 24 hours a day, seven days a week. It’s critical for success because the notification would fail if it’s delayed. The merchant services department should be equipped with the requisite expertise and reports to assist merchants with their issues. These systems should be developed so that they are scalable and accessible for all use cases and scenarios.
Suppose you are interested in learning more about digital payments and the various RBI regulations and their impacts. In that case, this whitepaper by Zaakpay is an excellent resource for you.