Fintech APIs

Although electronic, ECS is still a majorly offline process where physical documents are filed and checked manually.

As long as the customer has an Aadhar-linked bank account at a participating bank, they can avail of this service.

Private sector banks, including Axis Bank, Yes Bank, Kotak Mahindra Bank and IndusInd Bank are active with e-NACH and e-Mandates. In addition, Bank of Baroda, Central Bank of India and Punjab National Bank are some public sector banks offering the services.

Once you receive the inquiry form, you can initiate the integration process with a click. Enter the details and directly integrate. Once integrated, you can provide the customer data and get the data processed.

Like any other transaction, the payment to the merchant is declined if there are insufficient funds.

To cancel an e-Mandate, merchants can conveniently navigate to the Cashfree Payments dashboard. Once there, they have the option to cancel a customer’s subscription. Additionally, they can choose to edit the subscription and either upgrade or downgrade the selected plan. Whenever a customer decides to cancel or edit their subscription status, merchants will receive instantaneous notifications through webhooks, keeping them informed in real-time.

The charges for e-Mandate creation with Cashfree Payments are currently Rs. 5. Additionally, there is a charge of Rs. 5 per debit made through the e-Mandate.

Merchants can offer three different types of subscription models through e-Mandate:

1. Fixed Model: In this model, customers are required to pay a predetermined fee for the subscription service after a specific period. For example, a monthly Netflix subscription might cost INR 300.

2. Pay per Consumption Model: With this model, customers are charged based on their usage or consumption. For instance, an electricity bill would depend on the number of units consumed.

3. Hybrid Model: This model combines elements of both the fixed and pay per consumption models. Customers may need to pay a set price as well as an additional fee based on their consumption. A private fitness trainer, for example, might charge INR 1000 for 30 sessions and an additional INR 400 per session beyond that.

One can easily authorize recurring payments by using their Netbanking or Debit card credentials for a one-time authentication to register the e-mandate with their net banking details or debit card. Afterward, all subsequent payments will not require customer intervention.

Customers can register, edit, and delete mandates entirely online through the e-Mandate services introduced by NPCI.

An e-Mandate is an electronic version of a mandate, which is a standing instruction given to the bank where a customer holds their account to debit a fixed amount to another bank account automatically.

e-Mandate and eNACH are two distinct processes. While e-NACH is governed by NPCI, e-Mandates are controlled by individual banks.