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
Hats off to the above teamwork
A wonderful selfless act. He must have been a compassionate person.
Oh, my heart breaks for the family. My family also had to make the decision to donate my niece's organs. For me personally it was one of the most healing things knowing she had saved so many lives but I do often wonder how/where these people are.
Selflessness - the stuff of real heroes.
As a recipient of a heart just over two years ago I am eternally grateful for those who make this decision. I can continue to be a son, a husband, and a father to two small children.
My brother passed unexpectedly on 24th February 2015, he too donated his organs. His selfless act has helped us, as a family to know he breaths through another & has assisted at least four other recipients & their families last year. We would love to reach out to the recipients on his 1yr memorial but understand the sensitivity for some and respect their privacy but it's hard.... I know it would mean the world to mum & dad to meet them & would greatly assist in their healing. I wish there was a 'tick box' option to opt in for communication between families.
My deepest condolences to his family and friends on his passing. Organ donation is a befitting gesture to honour this young man. With much love to you all at his difficult time.
Feel sorry for the man and his family...life is unpredictable.
RIP!!! You r a real hero buddy...
these idiots will construct green corridors with lot of potholes. do practical and proper work rather than bs talk
Why drones flying at low heights in some Specific colour can not be used for Organ Transportation?
At times the Mangalore Police makes us proud and kudos to the team that coordinated with the transplant team of one and all.
Very good. Appreciated the good work Police department
he has shown that humanity does still exist in India. well done,. May Almighty Bless him , this deceased Son as well as the patients who received the organs. Kudos ot medical fraternity along with police who made this happen
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