PM Narendra Modi visits TCS' all-women IT centre in Riyadh

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.

Kalaburagi, May 4: Migrant workers stranded in different parts of Karnataka arrived in buses at Central Bus Stand in Kalaburagi on Monday morning and are being sent to their home towns.

The Kalaburagi City Corporation has made the requisite arrangements for labourers and their thermal screening is also being done.

"Food packets and water bottles are being provided to all. Buses carrying migrant workers started arriving from 5 am. We are expecting around 70 buses. This process will continue for the next 3 days," Rahul Pandve, Kalaburagi Commissioner City Corporation, told news agency.

"We have made arrangements for registration. And all arriving at the site are undergoing thermal screening," he said.

Karnataka Chief Minister BS Yediyurappa had on Sunday allowed labourers to travel to their hometowns in the state on KSRTC buses free of charge for three days starting on Sunday.

Chamarajanagar, Feb 7: Health authorities in Karnataka have constituted a mobile team of doctors to monitor villages sharing a border with Kerala districts.

Strong vigil is being maintained by the health authorities in Karnataka after three confirmed cases of Coronavirus was detected in Kerala.

Kerala Health Minister KK Shailaja on Wednesday had informed that three positive cases of Coronavirus were found in the state and other suspects were being monitored in isolation.

The virus originated in Wuhan in December and has since then spread to various parts around the world.

China has imposed quarantine and travel restrictions, affecting the movement of 56 million people in more than a dozen cities, amid fears that the transmission rate will accelerate.