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.
Responding to queries of media persons regarding the anti-hijab agitation in some colleges in the state by Sangah Parivar backed students, the minister said thathijab' should not be identified with any religion.
Comments
Sreenivasa for you if u say all muslims goto GCC country to follow the rukes of islam thn were you will send the to the rajsthani women everyone cover there head even we cant see there face until they show there face and even many hindus also use to cover there head with there saree and were you will send thm can you tell me whn you people do pooja u also cover your head with ur saree or duppata wht abt tht were you will send GCC or the other country do u have dont blame other religons they do wht they blive india is not made only for RSS and hindus india is of maltiple religon and maltiple caste and multiple festivle dont blame others b like a brother if u cant let others live like brothers dont try to do brain wash of good hindus ok
@shrinivas.
That means Sita mata is Muslim. we can see that Sita Mata is wearing hijab in all her pictures and idols.
Dear Srinivas, the comments from your side shows how much childish you are. If eductaed, they will utter these type of words. India Is the country for all religon and practicing their faith is given to every one by constitution. If you think that you are not happy with this , you can search for the place of your choice , where you can practice your faith. So don't try to misguide the people. Simply relcoate yourself to the place where you can practice your religion. India is not suitable for people like you. Because in india every one want to live togtehr. If we united we can develop. If we devided we will perish. That what otehr countries want with india.
@ Srinivasa, why you people are wearing threads around wrist and Panganama on foreheads.... Any one is opposing... that is your culture and ideology .....Dear Sini, have you checked the reality... have you seen girls covering their faces in the CLASS ROOM
@srinivaasa. If Hindus want hindutwa and blah blah blah let them go to Nepal. India is the country of Muslims, Hindus, christian, and many more .. in short it's the country of Indians. And coming back to sharia.. it's the constitution rights what Muslims
whether you take it as positive or negative, my comments upon the subject is: Dear non hijab ladies, Kindly don't start to wear hijab. you want to expose your figures to public and public simply enjoys it. i too feeling lot of things in my mind. it just because of you only force me to think such manner. specially young ladies (College Students) whoever not wearing hijab please don't wear. if you start wear it is very boring to come out from the home.
Good move from the education minister, thank you sir. India is a secular nation and anyone can follow their own tradition and custom.
@Sreenivas, dont provoke the matter, instead of wasting your time in getting yourself provoked please understand with any good muslim person about Sharia Law by that you will come to know what Islam is and what it teaches, you said to follow sharia we should go to muslim countries (LOL). Everywhere you find Islam you will find sharia law. My brother please dont provoke any matter and dont come to conclusion soon.
Such issues began only after communal force came into power,
If sita mata can wear hijab. Then all hindu womens should wear hijab.
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