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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.
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