eSign based E-Mandate
SOFT-TECH Solutions provide eSign based E-Mandate. eSign based E-Mandate is a payment service initiated by RBI and the National Payments Corporation of India (NPCI). It provides the underlying infrastructure for businesses to collect recurring payments in India.
After this, consumers who have to pay for their SIPs, monthly loan repayments and others can offer their banks an auto-debit facility by just giving consent through Aadhaar-based OTP. The alternate method to give this consent is through paper-based wet signature or through net banking credentials and debit card details.
Bankers familiar with the matter said this will be a booster shot for the financial inclusion and remote customer onboarding process since Aadhaar-based OTP is the easiest consent flow developed by the industry to date.
Advantages of E-Mandate
- No Hassle : E-Mandate saves you the hassles of finding the time and making such payments which are instead, automated.
- Saves Time : It saves precious time. The fact that you get notified of your payments as and when they are remitted should keep your worries away.
- Eliminates Confusion : When you have automated your payments through an eMandate, the transaction history is given to you in detail which can be fallen back upon should there be any confusion. eMandate has already proven to be a more efficient and easy alternative.
- Pan Indian Presence : You might live in Mumbai but have an obligation to make payments in Bengaluru, eMandate comes to your rescue in this case as you only have to draft a mandate, upload it here and eSign it off to your bank.
- Keeps You Informed : You are kept informed about the transaction history helps you focus on your more important priorities.
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