What is DigiCollect?
DigiCollect enables users to authorize mandates for recurring payments as and when requested by corporates, for the products or services availed by the users.
The payer’s authorization (physical signature/eSign/Debit Card /Aadhar/Net Banking auth/UPI application etc) is required to register the mandate. It is sent by the financial institution to the payer's bank for registration on their behalf.
Once the mandate is registered with payer's bank, the bank will allow the institution to withdraw the amount at the pre-defined frequency, or as and when the mandate is presented. Once a bank/corporate is authorized and approved, the recurring payment debit is completely automated and all payments will proceed without user intervention.
DigiCollect digitises recurring payments, once mandates are registered, payers don't need to worry about reminders or late fees, and corporates don't need to worry about collection processes, its all automatic!
The following types of mandates variants are currently supported on DigiCollect:
- NACH: API E-Mandate (Net banking/Debit Card/Aadhaar),Aadhaar eSign eNACH, Physical NACH mandate
- UPI: UPI Autopay mandate
Services/APIs offered by Digio
To integrate APIs in your ecosystem