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
Mr.Bajarangi,Mr.Modi declared 80%of cow vigilantes as hooligans.Hope you know his address so that you can go to his home if you have damm.
It is sad to read some of the above comments. There should not be such low level comments.
Every Hindus are not fake gow rakshakas and every muslims are not cow smugglers.
I request all brothers of DK and Udupi to respect each other and we should live peacefully in our beautiful land.
These cow protectors do not have ba**s.....
@kiran bajarangi nikh popunda maga
Kiran Bajrangi ..... I know that is your DNA... Not a surprise ... Barking dogs do not bite .... There is no need of my address,, Give your address I will come to your home, to make your job easy....
@ kiran bajarangii
u people are good for these type of work only,
naam patha dehta tho thu ayenga kya .. u wil come wen liquer enter ur stomach... dar pok thuu be
We can feel the frustration in Kiran bajarangi's comments. Calm Down Bajarangi. Before you attack Slaughter house please make sure that no one from your group work their as a KASAI.
Kiran Bajrangi,
Gidad ki jab maut aati hai to wo sheher ki taraf baghta hai. Bajrangi Kasai khane ki taraf.
All these self styled gau rakshaks are un employed, uncultured goons
And they always attack one person in a group of 30-50 people... bcos they actually dont have guts to attack in small numbers for fear of their life ...
Congress is in power. Yet they can't take action against cow terrors.??? They are only limited to issuing press release and petitions, then who is controlling the govt.administrations??? CongRSS or BJP..??
Kya hum bewakoof hain..??
Mr.SK pura naam patha bejo darr pok, will come to your home and beat u.
@ Kiran Bajarani Bhaijan,
What a JOKE. We would like to see you in Slaughter House. Sharan Pumpwel please bring your Ambulance not the ARMY to protect your Bajarangis. All the Best. Abb ayega real Maza
abey saaley me dikatha hoon kithna dum he bolke samne ake dekho kuthe.
Kiran Bajrangi......Pls go ahead ....all the BEST.....let us see, who is your real MATHA....
KIran thumare gaand me dum hai tho slaughter house ko attack karkre dikana. Your 10 people attack a single person.
thanks for the information ivan, Next time we will directly attack slaughter houses.
Ivan at his best, agree this is what happening in india,
mainly this bajrangis are eating 90% of beef in india,
all beef business contact should be given to bajrangdal, then they will be happy.
yahh rightly said MLA saab 'Cows ‘rescued’ by vigilantes in coastal Karnataka end up in slaughterhouses'
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