Money & Banking

Visa, BillDesk partner to roll out interface for recurring payments

KR Srivats New Delhi | Updated on September 16, 2019 Published on September 16, 2019

The SI-Hub is a plug-n-play offering by BillDesk that banks can roll out to their customers with minimal integration effort.

 

Visa, a global leader in payments technology, and BillDesk, leader in the Indian payments business, have partnered to roll out of SI-Hub, a seamless and secure way to make recurring payments using cards with a one-time enrollment.

With this, the banks and merchants will be able to offer recurring payments/ standing instructions (SI) services (powered by BillDesk’s SI-Hub and Visa’s global recurring transaction framework for merchant-initiated transactions) to their cardholders to help manage payment across utilities, subscription services, and mutual fund SIPs, among others.

The RBI had recently released guidelines for e-mandate on cards for recurring transactions.

TR Ramachandran, Group Country Manager, Visa India and South Asia said “Visa is glad to partner with BillDesk to offer SI-Hub to its clients and enable cardholders to decide when, how much and the duration of their recurring payments through a simple dashboard interface. The SI-Hub is a plug-n-play offering by BillDesk that banks can roll out to their customers with minimal integration effort.”

He said that India is a market with vast potential for recurring payment needs. World Bank reports show that the lower-middle-income category pays an average of 42 utility bills in a year, of which only three are digitally paid. “The aspirational middle-market demands a simplified payment experience without compromising on security. The recent RBI guidelines would further encourage digital payments and add to the ‘Digital India’ target of 40 billion digital transactions.”, Ramachandran said.

Srivats.kr@thehindu.co.in

Published on September 16, 2019
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