Razorpay launches ‘Recurring Payments’ solution targeted towards Indian SAAS Companies

Does RBI allow recurring payment?

Razorpay has launched recurring payments solutions that opens the market for SaaS businesses to start accepting recurring payments from India and abroad.

The ‘Recurring Payments’ feature auto-debits transactions from the customer’s account without the need for any manual intervention from the customer.

Razorpay
Razorpay

With the recurring Payments feature, companies will now be able to reduce significant hours spent in collection of recurring invoices for online businesses. The feature also makes it easier for customers to schedule payments for products or services rendered by online businesses automatically and increase the efficiency of Payments systems.

Razorpay’s API driven service also provides greater control over payment collection by helping merchants charge customers in real-time, therefore, the timing and the amount need not be specified at a predetermined date.

The feature has already been rolled for a number of clients including Zoho. Zoho’s customers from India can now offer a seamless checkout experience for one-time and recurring payments with a host of Razorpay’s payment options including card payments, multiple wallet offerings and net banking with over 50 banks.

Question: Does RBI allow recurring payment?