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.
Last week, Mr Modi had not only urged the state governments to take action against those who take law into their hands in the name of cow protection, but also called them anti-social elements.
Comments
Cows need Z+ Security.....
Buffalo's will be worshipped on father's day.....ha ha.....
Can cow god mate on street? Please build Goshaalays before making Sauchaalay......other cow Vidhya balan......ha ha
Mr Pumpwell,,,,,Pls go to Bhatkal Police station, and find out ..who placed the Meat bag in the Nagabana recently..... All criminals.... They themselves do all kinds of anti social acts and blame the other community members...
All these RSS supported goonda gangs are worried of PM's statement. In the name of Gow rakshak they used to make
a very good money. They themselves used to transport the cow and sell the cow. They used to get the haftha from each truck or van who transports cow. Now they worried about their business.
This sharan is doing a lots of money in the name of \hindusm\". These are the real anti hindus. They are spoiling good religion name for their benefit. First of all intelligent department has to check these goons leaders , from where they get huge money and vehicle for their illegal operations."
Let first chaddi Indian army protect our Kashmir, later they are welcome to save your so called \GO MATHA\"."
I really dont understand why GOD need protection that too an ARMY.Being a GOD why can not he save himself.Then how can a GOD protect his beliver's like Sharan.
i thank D Souza but he is unaware that even in HIndu authentic scriptures eating cow meat is holy not an offense
these days criminals are heroes of the nation , definition of nationalist has been changed to RSS , HA HA HA
In Islam drinikg alchohol and selling is prohibited equally ,why you Govt export it without any cowraskshak firewall and restrict inside India , dont you think is a joke , its a created job to kill with licence the humans to save animal , this must be stopped
Pumpwell is partner with Somnath in beef exports ... May be he is losing his profit... but everything will be EXPOSED in near future.
mr sharan quickly go and break the leg of those bjp leaders who export your so called gou matha meat
Dear Sharan Bhai,
Also write him to stop exporting beef to worldwide....
Do you think that government of India exporting beef without killing the cows, in such case it is more painful to Gomaatha, Please don't be stupid stop making drama in the name of cow...
In foreign countries every hypermarket and supermarkets selling Indian beef..from where these beef coming could you ask Mr. Modi about it and to order for a inquiry on it....or let him announce that flesh of Gomaatha only for export not for self use..
If you need more information... we will start a photo campaign of the Indian beef counters in different countries of the world...
We need soldiers to protect cow meat export from various airports and seaports.....
I think SHARAN PUMPwell is ignorant of his own scriptures...
The Aryans of the Rig Veda did KILL Cows for purposes of food and ate beef in abundantly clear from Rig Veda itself. In RV (X86.14) Indra says : They COOK for one 15 plus twenty OXEN.
The RV (X91.14) says that for AGNI were sacrificed horses, bulls, oxen, BARREN COWS and rams. From Rig Veda (X.72.6) It appears that the COW was killed with a Sword or AXE.
He is also ignorant of the indian law too..
How can people follow this IGNORANT & Dig their own hell to themselves as well as their families (Just lyk NAMO leader who was on the run and now behind bars without any bail.. He may getaway but his family is suffering also the family of the victims are suffering. How come these intelligent people does not recognize the evil in this?????????
Mr. sharan,
DO you agree law and order is equal for all. Even if you belongs to rowdy dal or a common man, who gave you permission to assault or humiliate someone in the name of cow.. Be human first then be a rakshak to humans first other animals comes in later stage. Think like a man not like animal.
Dont make your own rules. be cool man..
who are u to protect the cow and take law in your hand
police will take care, why u people behave like goondaas in mangalore karnataka
if cow is holy ... then it is only for ur hindhu religion not applicable for others
need to protect our country and women from rapists then go for special cow , u request to bring the army to karnataka for saving cow.. u r good joker of mangalore
Dear Brother Sharan,
Cows as you were described as 'GOD' need food not the ARMY. Please visit north India and see how your GODS Been treated. Dear Sharan please send some food stuffs to Rajasthan so that we can save your GODS.
Let's stop consuming the cheap Indian exported cow meat
also reminded the PM of an existing provision in section 40 of CrPC that empowers citizens to arrest those who commit cognizable offences.
So Mangaloreans have the Liberty to Arrest Mr Pumpwell for Attacking Muslims and committing many offences in Past as per his crpc40 section?
Viren.. good to see you against Modi...ha ha..
Sharan ....will this letter reach the pm...?
Since govt. has failed to protect minorities from RSS terrorism due to shortage of police force in the state/country then according to Pimpwell logic Muslims should form Minority Army to protect people from RSS terrorism.
He said, It's holy animal. Can some one elaborate how it is HOLY????
Mr pump well if you feel cow is God then better make a round to panambur or baikampady area and see how cows are lying on the road. With food ,
I request all muslims to stop eating beef. Big full stop. We can survive in other ways.
But if we do it..
Will the so called cow protectors promise us they will stop this violence and mess.?
Will the govt stop exporting cow meat?
Will they agree that they will not being another animal as holy god after this?
Lets finish it totally in a decent wAy.
I am in gulf, the indian beef is on cheap offer price now, but still i dont buy it. Its my way of protest against indian beef exporters and govt. any indian meat i dont buy.
Viren Kotian, Udupi,
You need to protect? Do you have any idea about those protected cows in Rajastan and Gujrat? Cows are dying there without food, dead bodies are stinking there and your Gau protectors are not to be seen taking care of them.
Tell your pumpwell to send his Dal to those place to clean up the mess.
A day will come when all these Bajrangi/Hindutva street fighters will teach a lesson to their own masters. That will be the end of RSS.
Good move by Sharan Pumpwell. Why we need to protect? let the centre send Army and shoot down cattle transporters. Anti nationals will start protesting. Let the Army curb the protesters too just like they did in Kashmir.
As per ICRA, Indian Buffalo meat(read as Beef) exports from India to reach to Rs.40,000/- crores in five years reported Business Standard newspaper. PM Modi has to look after the interests of exporters mostly upper caste Hindus and Jains.
Wait a minute....1st of all which law says not to kill the cow...Karnataka govt. Or central govt. Never banned the cow slaughter...... If the law is from ur religious book then it only apply to those who believe in it.... Not us........don't bark anything in media.......youngsters r watching u
First let them protect our women from rapist, law also don't permit to rape or take law in your hand, then what law are you talking about.if you are really worried about the law then allow the police to their work instead of you guys taking law in hand and torturing the innocent.
First let them protect our women from rapist, law also don't permit to rape or take law in your hand, then what law are you talking about. if you are really worried about the law then allow the police to their work instead of you guys taking law in hand and torturing the innocent.
Can any one explain the income of Sharan Pumpwel? what is his monthly income? what is his business? How he earn money?
Eligible for next PM post.
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