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
Nothing to say ! Everything is in the name of Dargha fights route cause is Un-Islamic.
Wrong people of the RIGHT-RELIGION.
Desecrating grave and Ullal Kazi khoora Thangal and SSF electing a rowdy who spending night at bar as Darga president against majority wishes
these two example enough for how low people can go for Darga business
lock down darga to save people from hell fire
really inhuman incident. must be hanged whoever made this crime.
These people trying to take advantage of Minister's patience. May Almighty Allah rest in peace his parents. Aameen
either minister or common people , writings on graves , building permanent structures not allowed in islam, muslims should avoid it... people can not show their anger by destroying such things, or degrading graves... only fools and ignorant muslims only can do such things... those fighting for power, should understand that you are fighting for unlawful money , dargha itself is un islamic thing for muslims... Prophet Muhammed (pbuh) ordered to destroy such dargahs, muslims also follow that way only...
what UT Khader did now, this people fighting for dargah's president ship. and damaging ut khader's parents graves is different issue.
as Monu Borkala said,
the above incident clearly says Dargah business is very profitable and it does not have any islamic background, and i must say that for money this type of people will kill anybody and do above incident further,
inhuman can do this crime. totally i must say its wrong. for all of us parents means its like a god to us, for the memory we build their grave, it feels like they are with us, damaging grave is like playing with emotions.
Whoever did this job is highly condemnable at the same time being a well wisher of U.T.Khader we are expecting our Minister to act fairly in the trouble unfolding in Ullal dargah. He is taking wrong side by siding with SSF people against the wishes of people of Ullal. It was clear by recent election to Dargah Committee majority of 27 out of 49 members elected a president instead of supporting people verdict sending government official of waqf at mid night to lock the Dargah chamber is highly condemnable.
UT Khader's big Fan, this must be a work of SDPI, if dog bark on the street let them bark, we should not think about it.
khader sir we are with you, whatever damage they have done to you the same in other way they will go through it.
Dont worry khader bhai, not a big deal to build a newer one. let this dogs go to the hell.
sad news, whatever the issue is touching someone's grave is totally wrong. i can proudly shout \humanity lost\"."
the above incident clearly says Dargah business is very profitable and it does not have any islamic background
catch those mad dogs and grave them in road.
UT khader's father was a great man he sacrificed so much to the society. this is clearly a horrible violence.
this is totally wrong, the politician or common man. should not touch the grave of the parents, some mad dogs did this
Devotees? These are humans with the worst order. And they want to take iver management of a dargah... obviously for corrupt purpose. #Shame
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