Bengaluru, Jan 16: Amping up the online payment experience for consumers, Razorpay, the leading full-stack financial services company, today launched a new product, Instant Refunds for businesses.
This new feature activates refunds and credits the customer's source account across payment methods such as credit card, net banking, and UPI within a minute of initiation.
India is one of the fastest-growing online retail markets today. About 71 per cent of internet users in the country purchase products online. Today, the refund process has two major pain points for both the end customer and the business.
First, a delay of five-seven business days for the customer in receiving the money because of multiple intermediaries like the acquiring bank, issuing bank and the networks (VISA/MasterCard/Rupay).
Second, the lack of transparency during the entire refund process for both the customer and the business. This long cycle of processing refunds is a significant problem with every popular payment method in the industry.
By issuing refunds instantly, Razorpay will help businesses retain their customers, build trust through an improved hassle-free payment experience and provide complete transparency on refunds to both the business and the end-user.
This new feature will also reduce the dependence on manpower as every refund issue on an average leads to ten service emails or calls from customer support teams.
"Instant Refunds are the new normal and central to great customer experience. A lot of consumers fail to use online payment methods as they feel getting refunds through an online platform is a very time-consuming task; hence they prefer CoD as the best alternative. Given the technological advancements being made in the fin-tech ecosystem, its fair for customers to expect refunds as fast as possible. A solution like Instant Refunds will not only help build consumer confidence in digital payments but also reduce losses for e-commerce companies where CoD has become an expensive option with more than 50 per cent online transactions made through cash", said Shashank Kumar, CTO & Co-founder of Razorpay.
"Our Instant Refunds feature ensures that the refund is processed at a 3600x faster pace than the normal expected time of five-seven business days. The team is focused on creating new technologies designed to make the entire payment lifecycle hassle-free. We believe this new feature will make customers experience a notch higher, help brands create a competitive advantage, and even make them more profitable", he added.
Razorpay's growth has been uphill, particularly in the last two years. With a 500 per cent growth in 2019, the company has been witnessing a healthy growth rate of 35 per cent month-on-month.
The company also recently launched its corporate credit cards for its partner businesses, RazorpayX current accounts, support for freelancers and homepreneurs, and acquired Opfin, a payroll and HR management software company.
Currently powering payments for over 800,000 businesses including the likes of Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony, and Oyo, the team plans to increase this count to 1,400,000 by this year. The full-stack financial solutions company expects a 4x growth in its revenue by the end of the next fiscal year.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.
Over 200 Dalit families near Vedaranyam claim to have been banned from participating in the temple festival, while 35 Dalit families in Karur complai that they were barred from even entering the local Mahasakhthi Amman temple. They claim that the temple was built using their contributions.
Comments
Masha Allah
Majority of Indian population are dalit, If 70% of dalits convert to Islam in India.Islam will become the number one in India.
Any individuals while choosing religion, he will go for the best religion.
Finally he will find Islam, because Islam is the best and easy to follow religion.
Accepting any religion means, agreeing its doctrine and following its teaching.
It has come to from the heart. Nobody can force to follow any religion nor can force to change it.
It comes from his inner conscience, what he or she feels comfortable.
We may force somebody to remain in the same religion or we can force also to change into any religion, which is like asking someone to agree and believe 2+2=3. Even if a person agrees to come under pressure, it means, he is not following its teaching by will and wish. So he can definitely violate and disobey its teaching.
Now coming into this case, first of all they are not comfortable what their fellow followers did them to ban the entry into temple. And no equality in their society. This is the main reason
Now choosing new religion is purely understanding and convincing its doctrine and real teaching.
Our constitution also empowers everyone to follow freely any religion. Not only this, it also empowers to propagate to others.
It is a great constitution.
Guide them properly OR Leave them alone.
Accepting any religion means, agreeing its doctrine and following its teaching.
It has come to from the heart. Nobody can force to follow any religion nor can force to change it.
It comes from his inner conscience, what he or she feels comfortable.
We may force somebody to remain in the same religion or we can force also to change into any religion, which is like asking someone to agree and believe 2+2=3. Even if a person agrees to come under pressure, it means, he is not following its teaching by will and wish. So he can definitely violate and disobey its teaching.
Now coming into this case, first of all they are not comfortable what their fellow followers did them to ban the entry into temple. And no equality in their society. This is the main reason
Now choosing new religion is purely understanding and convincing its doctrine and real teaching.
Our constitution also empowers everyone to follow freely any religion. Not only this, it also empowers to propagate to others.
It is a great constitution.
Guide them properly OR Leave them alone.
Welcome brothers and sisters ....Proud to be MUSLIMS
Islam invites people who learn about it and understand it. not to increase numbers....no need to convert just because they are not allowed in temples, they can follow their faith even from their hearts.
@ venki
Islam does not allow forced conversion.....we invite to the path of Islam. If someone wills then only..moreover we are not minorities in the world like you.....
@yogesh..
i think the people already know better to join islam than supporting RSS Terrorrists right....
Hari, nothing is impossible in this world, for that you need good heart and mind which I cannot see it in those so called hindutva group....they are all still remaining in their old and orthodox thinking. As a matter of fact there is no such a thing called upper and lower cast in the society but it has been created by bloody brahmins for their benefits...
Venke, Sangeeth .....if you feel that one can pray at home, then why you people are fighting for Ayodhya temple.... Beef exporting hypocrites....
If they convert to Islam....there they get all types of respect, which they have not seen and imagined in their entire past life...great religion......nice choice....well come guys....
Sangeeth Manglore
Yeah... they can pray anywhere as they are considered born out of feet.. Only those born out of Gods head, needed rich temples to pray and enjoy public wealth. Opportunistic
Hindutva group will do nothing if Dalits convert to Jainism, Buddhism but, as soon as Dalits want to convert to Islam or Christianity, Saffronist will come into action with some stupid solution
The best solution is as mention by Mr Rikaz, that all the Dalits must get BRAHMIN STATUS then all the discrimination may end.
Good that hindutava group is taking initiative......they should upgrade their status from lower caste (dalit) to upper caste (Brahmin) This is only the amicable solution for this problem, otherwise this problem (ill treating dalit) will recur every now and then.
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