1-click Bill-Pay leverages artificial intelligence to automatically embed a payment link or button within the bill-pay message, allowing customers to make payments instantly.
This will help reduce collection cycles and collection rates for businesses, it said.
The feature can be applied across industries that need frequent or recurring bill payments, like insurance premiums, credit card payments or loan EMIs, utility payments for electricity, gas, water and cable/satellite TV or educational fees for schools and colleges.
“Business runs on timely cash flow. Therefore, businesses send a large volume of bill-pay messages, often sending multiple reminders. Meanwhile, the payment process for consumers is frustrating and cumbersome,” said Beerud Sheth, co-founder and CEO, Gupshup.
“Our AI-powered 1-click Bill-Pay message brings convenience to consumers and improves collection rate and cycle for businesses,” Sheth added.
The company recently raised $100 million from New York-based investment firm Tiger Global Management, propelling its valuation to $1.4 billion.
Enterprise do not incur any charges to use the service.
Gupshup leverages its Conversational AI Engine to automatically extract amount and account information from the message and uses that information to insert a clickable link or button in the bill-pay message.
The user receiving the modified bill-pay message can instantly make the payment with just one-click on that link or button.
Payments are processed through the user’s UPI app.
Gupshup is a leading conversational messaging platform, powering over 6 billion messages per month.