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.
Comments
The life of this world compared to the Hereafter is as if one of you were to put his finger in the ocean and take it out again, then compare the water that remains on his finger to the water that remains in the ocean. Prophet Muhammad sallallahu alaihi wa sallam, Sahih muslim.
Winning the love of makhlook and getting the hatred of the Khaliq in return is a very bad deal. Insha Allah we will live in this duniya for maximum 100-150 years. The we have to face Allah. What will you reply to Allah? You think doing such things will benefit you, give you izzat. Please understand that benefit, loss, izzat, zillat, disease, shifa all are from Allah alone. Keep Allah happy. These makhlooks cannot do anything for you. If you win the whole world and Allah is angry with you then its very bad. If you win Allah and then even if you get nothing in the world, it is the best deal in the world.
Brother Abu Bakar, we want you and all muslims to go to Jannah and avoid jahannum. Please say the kalima once and read tauba namaaz with a sincere niyat of not doing such kind of deeds again.
May allah give 'hidaya' to these so called 'muslims'
Lack of religion knowledge for this Organization, to bring peace and harmony between different community, to win other communities heart just follow our Prophet's way, even look at other great historian traders like Malik al Dinar / great Muslim Scholor like Kwaja Moinuddin Chisty, how they won other communities heart.
Innala Lillaahi Wa Innaa Ilahyi Raajihoon
Well Done Muslim Brothers.. This should be the way to spread message of peace and harmony. Don't follow the people who copycat Arabs thinking they are following true God. Nothing is proven yet. Don't worry keep the good work going.
Inna Lillahi Wainna Ilaihi rajioon. Muslims left the work of dawah to non muslims & indulging in shirk. Whatever Horekanike you have given is totally Haraam and the sad thing is that people who are doing they are expecting good from others but not from Allah. Haji abubakar parkala, Name indicates that he might have done HAJJ. What is the use of Hajj if they do shirk with allah. May allah give us hidayath.
Dear all,
People of this organisation(UDMPSS) neither muslims nor Hindus, they are only pretending, they can't be trusted anywhere!. beware of them.
These foods should distribute to the poor... they will make dua for the committee... THESE FOODS WILL BE THROWN TO THE GARBAGE AFTER 2-3 DAYS..... NOR THEY WILL EAT NOR THEY WILL DISTRIBUTE TO POOR.... USELESS FELLOW
NOW NEXT HINDUS TURN TO SHOW TO PROMOTE HARMONY...
THEY SHOULD DISTRIBUTE COW TO MUSLIMS AT THE TIME OF BAKRI EID.....
This is really a crazy.....not good at all.....common guys there are many poor Muslim children who are suffering from malnutrition....go and distribute this food items to them....instead of this chaddi worthless creature....this is really a tragedy...
The committee should also know that Swamy was all alone went to Ayodhya from Udupi to demolish Babri Masjid. Which was the main reason behind the communal riots and communalism started in throughout India till today.
Now some Swamy's personal benefited chelas are doing in the name of muslims. Shame on you.
We muslims should keep good relations and harmony with other communities by providing food, shelter, cloths , medical aids to the poor daliths, hindus and Christians but not to give the billionaire Swamy who is always against other communities including daliths.
Next time you can do kola and parba too...
Innaa Lillaahi Wa Innaa Ilaihi Raajiwoon
NAUZUBILLAH
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