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.
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Thank you so much Lyvia for the clarification.
This is indeed a good initiative. Let us unite and unitedly let us strive for the development of our city.
All the best moms!
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group. We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on caste, religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts. Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Hi Everybody... I am one of the members of this group. I see there are a few things that we need to clarify . This is not an \ELITIST\" group.We could entertain only the first 30 requests.. We also encourage mothers to have their own meet ups. We have thousands of mothers in the group from different back grounds who are utilizing the selfless services provided by many of the mothers in our region. There is no bar from joining this group based on cast religion economic standards or any other parameter . Our sincere belief is that mothers can and have been making a change in this world and we want to facilitate this in our home in a more evident way, ie Coastal Karnataka. There are a lot of well wishers in our region who do a lot of charitable acts. But unless we personally see it we dont get involved or motivated enough to carry on such acts .Getting people to our roots before the advent of social media of meeting each other, talking to each other to get more connected and have a personal and human touch is one of the ways to a more integrated and understanding society . Please let us now if you have more queries."
Rich Mothers of Mangalore
What about Fathers of Mangalore.
Pity for Poor fathers.
Good one. Let it continue to be non-religious, non-political and non-profitable...
The meeting invite was open to all the 9000 mothers on the group regardless of their family backgrounds. However the first 30 registrations were suposed to be part of the meet up.
ONCE PROPHET MOOSA CLIMBING THE MOUNTAIN
ALLHA TOLD TO MOOSA (AS) MOOSA BE CAREFULL NOW ABOUT URSELF BECAUSE
U DONT HAVE HAND TO PRAY FOR U BEC UR MOTHER IS ALREADY DEAD...
MORAL WEN MOTHER PRAY TO SON OR DAUGTER ALLHA WIL ACCEPT THE DUA VERY SOON....
MOTHER IS EVERTHING...
A man asked Prophet Muhammad pbuh who is more entitled to be treated with best companionship by Me?
The Prophet pbuh said \Your MOTHER\"
The man asked again who next?
The prophet pbuh said \"Your MOTHER\"
Then he asked again who next?
The Propeht pbuh said \"Your MOTHER\"
The man asked for the Fourth time \"Who is next?\"
The Prophet pbuh said \"Your Father\"
If the mothers did not read about prophet muhammad pbuh - They are missing a lot in this life."
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