Razorpay’s MandateHQ comes off second best

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Editor's note: In response to the publication of this article, Razorpay clarified that its application for an NBFC licence was not rejected by the Reserve Bank of India. Further, BillDesk also routes recurring payment transactions through Razorpay's MandateHQ and the re-routing of transactions between the two players is not only one way. When Razorpay launched MandateHQ in July 2021, it eyed an opportunity that was too big for a company of its ambition and size to pass. The Bengaluru-based fintech wanted to take on its older and larger rival BillDesk for a sizeable share of India’s burgeoning subscription payments market that was up for grabs thanks to new central bank rules. MandateHQ, marketed as a “long-term and sustainable” solution for banks to comply with the Reserve Bank of India’s rules, however, has found itself late to the party. BillDesk, which had built a recurring payments platform with Visa almost a year and a half earlier, has seen its SiHub service corner most of the recurring payments market over the course of 2022. According to four industry executives who asked not to be …