eMudhra is a licensed Certifying Authority (CA) of India issuing digital signature certificates. As part of the deal, large and SMEs are now able to collect digitally recurring payments from their customers. This will help organisations bypass the requirement of wet signature for customers, which can allow entities to deduct recurrent payments from their accounts. Furthermore, this could disrupt the finance process by taking it completely paperless, reduce cost and even increase accountability in the payment process.
eMudhra has been working with several banks in this initiative and expects to handle over 25 to 30 million transactions in 2018. This partnership would enable banks, insurance companies, mutual funds, fintech firms to collect payments without submission of physical forms.
In order to complete the eSign verification process, customers will interact with the bank, the insurance company or other corporates like a telecom company through their website to initiate a mandate. The customer will be redirected to e-Mudhras mandate gateway to complete eSigning of the mandate.
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