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
Is she not liable to be arrested for making such HATE statements and offering rewards for killing somebody. Is the police sleeping?
He should be crazy, kidnapping her and for what ?
She is shouting to get the government support to start a new business, like ramdev established patanjali company by using politics mantra. \Ghanda hain par dhanda hain\".
People are using Zakir Bhai s name to get the international attention on them. You will find some Non-Muslims and Muslims struggler against Zakir Bhai.
Zakir Bhai name is enough to get the bread and butter for all strugler."
She is fit to be Feku / dakus wife....
WHAT A HORRIBLE WOMEN
WHY DON'T YOU DO IT YOURSELF, YOU CAN SAVE 50 LAKH AND GET 15 LAKH FROM MR'S = 110%'S. YOU CAN BECOME A HERO.
WHY THIS CRAZY WOMEN, COMMUNAL HARMONY DESTROYER LEFT OUT TO STAY OUT OF BARS?
WHY THE GOVT BECOMING DEAF AND DUMB ON HER STATEMENT AND OFFERING MONEY TO KILL SOME HUMAN?
IN WHAT WAY AND PRACTICE SHE BECOME A SADHVI?
Whos is Sadhvi Prachi......Desh Bakth?
Manga kayyali Manikya Kotre ide gathi
We Love n support DR.ZN
Now every Peace loving Hindu should stand united against her and denounce her terrorizing speech. Say boldly she does not represent any peace loving Hindus.
Hinduism does not reflect in her. If people like her continues to live, they then spoil the Hinduism or the religion what they represent.
If the government is fair, they should take immediate action by arresting her and prosecuting under law of the land.
Now there is no any surprise for any peace loving person declares a bounty of 1crore for head brainless head, if the government does not take any action against her.
Oh peace loving Hindus and Muslims be united, live together follow whatever your religion says, but please use your valued brain for understanding the true teaching of God.
Look at her .........like shit....she represents. A religion...?
Again the drain is open.......may be because of rain...
Need some good man to please her....so she is satisfied with something.....
Dear Majoosi sect please identity yourself & Hussaini Tiger organization address before placing 15 lakh on Dr Naik. secondly implement your Ayatullah fatwa & award on Rushdi.
Sadhvi is on drug. She has no capacity to give birth to baby how can she behead someone like Dr. Naik. Too funny.
We need organization to file criminal case against these organizations & individuals scums in the court.
A Killer / Murderer in Sadhvi's clothing?
What are the criminal charges for supari killing?
Can police arrest her and put behind the bars.
VHP and its allies are feeding and nurturing few lunatic creatures in its terror camps and utilize them in such cirumstances which becomes mockery every time they tries. Arnav Goswami must be a frustrated joker at this moment.
look at her face... looks like an ugly pig.... thiti kaaladalli naayi tara bogalabeke???? I don know whether ths pig knjows d speeling of d word TErrorist,,, forget abt d meaning.....
This is th lab test for BJP govt hope Indian home minister n law ministers will respect our constitution and they will take firm action against this crap sadvi. Trace out, from where she got fund to announce such big amount.Either may rss or israely grours are supporting to spoil peace in INDIA.
Such persons should not alive in India.should hang in public.
JAI HIND!
Lie and lie more. Taqiiyya artists all of you
Now what shall we call this? Peace lovers? Is this not terrorism. Wher is arnab and party now, dont they have guts to question or interrogate her why she is promoting terror and hatred in peoples mind and encourage killing??!!!!
See her ugly face ..did she ever seen 10k rupee in her life ..first spend some amount in beauty parlour.
Zakir Naik s head is more costlier than kohinoor diamond. just by wearing orange dress an uncultured woman will not become sadhvi.
There are many scholars got defeated by zakir bhai in debate. They have tried all their scholars after getting defeat they are using terrorism weopons against him.
It shows their impotency .
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