August 25, 2021
Recurring payment is when merchants automatically charges customers for products or services on a consistent basis. It is more of a passive payments where merchants pull in money from the customer without any intervention.
Use Cases and types
- Fixed amount and fixed cycle: Amount and the cycle of transaction is both fixed. The payments happen periodically. eg: SIP, Insurance premium, OTT subscriptions.
- Fixed amount and variable cycle: The amount for the payment is fixed but periodicity is not. eg: Topping up the wallet with ₹1000 when the