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
All that is on earth will perish, but face of your Lord will abide (forever) full of majesty, bounty and honor - Holy Qur'an 55:26-27
Nobody like rulers, bureaucrat or any citizen is bothered or cares such accident specially in Mangalore.
Human lives have no value specially for 2wheelers.
We are talking many projects in our area.
This is daily disaster. If we wish we can prevent such accidents with some good planning.
Such accidents are not UNPREVENTABLE.
If we want to allow our people to use 2wheelers, first we should plant to prevent and how to escape from these accidents.
Otherwise we all should by law or by force avoid using such vehicles.
At least our leaders in the city like DC, SP, RTO, MP, MLAs, Ministers, all those who use 2wheeler, please wake up and do the doable thing to save our people's lives.
Sad incident....... RIP
RIP... Feeling very sad... :-(
we CONDOLE but anybody thinking about death and do GOOD and stop evil... those who do good & recognise the true CREATOR, and submit to him to find the everlasting heaven.. which is the gift that God gives those who recognize him & follow his & his prophet's command..
My heartfelt condolences to you and your family. I will surely miss the presence of a truly loveable and kind person.
I am deeply saddened by the loss that you and your family have encountered. My condolences
It’s terrible to hear about, my sincere sympathy to your family.
this bus drivers are very rude on the road, put him behind bar for atleast 20years. he is a real murderer.
You and your family are in our prayers. Sorry to hear of your loss mam.
Our hearts are saddened by your loss and our thoughts and prayers are with you
My deepest condolences for your family's loss.
really sad, she s one of the good lecture in our college, we really gona miss her a alot. love u mam
Heartfelt condolence to the family, nobody can pay the loss to the family.
JESUS SAID :
The father is greater than I - John 14:28
The Lord our God is ONE LORD - Mark 12:29
By myself I can do nothing - John 5:30
I ascend to my Father & Your Father - John 20:17
PAUL SAID :
Jesus is equal to the father
God exists as 3 persons
Jesus is all powerful
Jesus is the only son of God..
Recognize Who speaks WHAT? A thought for the thinking Soul.
Really Tragic ! just before 6 months she joined as a lecture in agnes all her dream went in vain because of this half finished road.
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