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
Kirann....you mean to say whoever speaks against any religion to be beaten?
Does it apply to people like kalladka and a guy from pumpwell?
@ Kiran
Very Funny comment by brother Kiran....Brother As you said this cleric speaking against Hindus in the Masjid..Brother what about Prabhakar Bhat,Shakshi Maharaj,Thogadia,Muthaliq,Pumpwel,Sathyajeeth Surathkal,all are speaking Publicly against
what your saying by showing Elder women in photo # 5 ?
Karanataka government, now this is the right time for you to ban bajrangdal.....no one should be allowed to take law in their hands....if they got any issues with moulana, complain it to police...not unnecessary beating in the public...we are not living in jungle raj....
Kiran......that means we can beat anyone who speaks against any religion................we have a list of fanatics like Togadia...katiyar...kamalesh...etc
put them behind the bar for lifetime, goonda act should claim on them.
i dont think so that bajrangdal attacked, look at the property damaged,
very worst place in padil area, faizalnagara, veeranagar, nobody likes to purchase property there. worst people leaving there
Whatever these devils agent do .. They will never succeed.. The Zionist with the help of their masters doing hatred job since long time and they are not able to keep the muslims and Islam in the corner.. RSS & BD are jujubi who are following the zionist deceivers...
Muslims are not worried about this attacks. Fear yourself when Cheddis will kill you guys after all this just like Prashanth...
If U did not study ISLAM ... Dont take panga...its a Waste. and YOU are fools who bring their own destruction and becoming scape goat to the cheddi Gandhi killers...
BD members should help many Dalit research scholar instead of creating a menace in the society.
simply blame on bajrangdal, look at the property damaged by PFI people.
Is it not intolerance.
if not then what else is it.
Where is the media, which does not show it to whole India what has been happening, while blaming Aamir and Sharukh.
British rule was much better than the present name-sake independent India
Simply making non sense in the society.
resident of padil : i know this cleric always speaking against hindus in the masjid thats why he is beaten.
dont know why this people are fighting like this.
AB KI BAARRRR MADHI SARKAARR.....
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