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.
"People of the country are demanding a Ram temple, but how will a Ram temple be made if there are no Ram-bhakts in the country," he said while addressing a programme at Devbad area of Saharanpur district.
Comments
PUTTIDINA JOKULEG YER NINNA AMME TUPENA
Let us start with Ur Master.
This KKB again started to B--k
Why people cast their valuable vote in favor to this uncultured mannerless creatures. Most of the elected mp's are with same attitude and mind set. For our unite India all should kick them out from country like India.
KKB - KUTTE KA BACCHA.
during partition muslims in India was 36% and part of them migrated , so now decreased to 15%.. hindus in pakistan migrated to India , still migrating , hindu population might have decreased there also....even then minority hindus enjoying reservation in politics , education . etc
Here is one more....these BJP leaders are out of mind. Someone is saying change the religion (Ghar wapsi) and someone is asking to go to pakistan someone wants hindus to show their mardangi. Rubbish ppl with fools followers
good news for modi and baba ramdev......
U start the lead, let followers take your step
Vegans are deficient in many important nutrients like Vit B12, Creatine. Studies shows that Vegetarians have much lower levels of Testosterone than their meat eating counterparts
There was a time when the enemies of mankind spread the LIES of accessive Population is harmful to earth and they spread the fear & introduced \hum do hamare do\". --- We see the results that most of those who never read about \"the revelation of God who gave the life\" have been trapped in this depopulation situation and NOW they are forcing their community to make children... without any financial aid.
ALLAH the creator of all that exists speaks about the life and death of every thing that he created..
one ayat of quran below: (17:31)
Do not kill your children for FEAR of POVERTY. We will provide for them and for YOU. Surely killing them is a great sin...
Those who trusted God never fall trap to such fear....
At that time and even now Many abortion took place to live a worldly enjoyment but in their old age people desired that they had many childrens... which they regret of not having 3 or more children..
Dont forget, India and China with most population are the most fast growing economy today.. Nothing to feel ashamed... only the ruling few will put fear on the people to control their evil agenda.."
have beef consumption .....for population increment
Raj Takre did not oppose our players to play against Pakistan hokey match in KL....HYPOCRISY....
India's population is 1.5 Billion......can India afford another 1.5 billion....to build Ram Temple....these are politicians gimmick to cheat poor innocent voters....very sad....
First eat madam posts and cashews....ha haa.....and ask for strong guns....
Giri babu
How many children U have or How much children U planned? Let the Cheddi members know that ...
It is hard to follow cos most of our leaders are just barking and no action..
our PM needs to reconcile with his partner
Cheddi Bachelors club - needs to search for partners even in old age to reach this target...
We need some leaders with action not blah blah...
If 76% Population is of Hindus, 24% Muslims!!! which is = 100%, then what about christian, Jain, Sikhs, Buddhists & Atheist?????
Mathematical Error Mr. Giriraj Singh.. You don't know simple maths and you are the Union Minister for the State.!!!! STRANGE....
Dikhao yaar. Mardaangi hai to.
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