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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.

Kasaragod, Jul 22: An accused in a POCSO case jumped into the sea at Kasaba Coast near here on Wednesday.

Sources said the accused Mahesh (28), resident of Soorlu Kanhangad, was brought to the groyne ('pulimuttu' in Malayalam) at the coast for collecting evidence.

He escaped from the police and ran around 200 meters towards the sea and jumped into it. The effort to rescue him also failed.

Police, Fire & Rescue officials and fishermen are searching for the body of the accused.

Mahesh was arrested on charge of capturing the video of a minor girl in a washroom on his mobile. 

During interrogation, he had told the copse that he had hidden the mobile, which was used to video record the act, near the groyne. Accordingly, the police had brought him to this place.

Kollam, Mar 27: A young IAS officer in Kerala has been booked by police after he left the state violating instructions to remain under home quarantine following his recent return from honeymoon abroad, officials said on Friday.

A First Information Report has been registered against Kollam sub-collector Anupam Mishra, who hails from Uttar Pradesh, based on a report from the Health department about the violation, Kollam Superintendent of Police T Narayanan said.

Describing the action of the officer as a “serious matter”, District Collector B. Abdul Nasser said Mishra had returned to Kerala on March 19 from his Malaysia-Singapore trip and was advised to remain under quarantine, as per the protocol for overseas returnees in the backdrop of coronavirus outbreak.

On his return to Kerala from the foreign trip, Mishra had undergone medical examination and did not show symptoms. His personal staff, including gunman, have also been kept under observation.

However, the officer had left for his brother’s place in Bengaluru without informing anyone, Nasser said.

When the Collector got in touch with him, Mishra informed him that he was in Bengaluru.

“He was on leave after his marriage and took permission to travel to Malaysia and Singapore. On his return I advised him to remain under home quarantine. Seems like he left to be with his family at Bengaluru,” Nasser told PTI.

However, police said Mishra’s mobile tower location shows Kanpur in Uttar Pradesh.

Authorities came to know on Thursday that Mishra, who had been staying alone in his quarters at Kollam, was not there after health department staff, who regularly visit people in quarantine, found the lights in his house switched off, police sources said.

“The officer has gone without prior permission or leave. He did not have any symptoms of the virus. Without informing us, he left. It is a serious matter, the collector said adding Mishra has been asked to provide his current address and travel details to Bengaluru.”

When an officer leaves his jurisdiction, he is supposed to inform the government, which Mishra did not do. He has also not taken prior permission for leaving the state, the later told reporters.

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The state government has sought an explanation from the officer in this regard.

A case has been registered against him under various sections of the Indian Penal Code including 188 (disobedience to order duly promulgated by public servant), 269 (Negligent Act likely to spread infection of disease dangerous to life) and 271 (disobedience to quarantine rule), police said.

Kollam, is the only district in the state, which has not reported any positive case of COVID-19 so far. A total of 176 positive cases have been reported in the state so far.