RBI and the National Payments Corporation of India launched an API-based payment solution (NPCI). It serves as an underlying infrastructure for your businesses in India to collect recurring payments without any human intervention. It transfers all Mandate-related information from the merchant site to the bank through the NPCI interface for authentication mode selection. And for authenticating, the mandate uses either internet banking credentials.
To compete in today's market, all service-related corporations create an API on their portal or with the assistance of an integrator that has the capability of gathering all mandate-related information. e-Mandate is a simple method for your company and its customers to manage regular payments such as insurance premiums, SIPs, loan installment collections, and so on. The advantage for you here is that this eliminates the hassles of reminders and late penalty charges that eventually prove to be a win-win for both businesses and their customers.