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.
Shabina Khan Nazneen (25) resigned on Wednesday, accusing her senior of forcing her to remove burqa and hijab (headscarf) during the teaching period. She cited that it was "not worthy to compromise with her religious sentiments."
Comments
practice madidre full madabeku ...sumne shoki ge haakondu barodalla ...let her go and teach in Islamic university or madrasa ...avra community nalli ondu school and college quality education kodalla ..so heegagi illi bandu ..build up bere ....as per Islam ...non Muslim men should not look at Muslim women ..this lady has not covered face and hands ..high time hijab tax must be put .
Well done....
Good decision since she has trust on Creator... she is not going to die if she left this job... she may get better one...
Divine rule says it is better for the women to wear Modestly.. The women who use their god given intellect will recognize this blessing and follow it.... May ALLaH have mercy on them and protect them ... & May ALLAH guide those who are ignorant of this blessings.
Some of them without verifying the issue are ignorantly opposing it... It is for their benefit & protect oneself when the whole world is going god less... and living worst then animals now a days.
ALLAH is most merciful and most compassionate.. People should read the QURAN which is the manual for whole of mankind and a blessing for the LIFE ... Those who are missing it are really in DARKNESS of their LIFE ...
People heedlessly living their life and without proper knowledge, they come to conclusion & attack those who follow the divine rule.
For ME God's law is the best and it will protect me from the evil eyes of todays world..
Thank u True indian. U opened my eyes.
Ur absolutely correct. I prefer my sister or mom to wear hijab and cover her body fully. Instead of wearing mini skirts.
@bopanna
That means u don't respect Sita mata. Can't u see hijab on all sita matas pictures and idols
SISTER a great salute to you as you follow islam and imaan . with the heart
Even muslims respect Sita mata. Because on her all the pictures and idols. We can see her head is covered with hijab.
I think all women should wear hijab. It protects from evil eyes.
Keep your religion at home .... dont show off to hindu students
if u see Sita mata's Photo. She wears Hijab in all her Pictures.
Will they remove Sita Matas Hijab on all her idols?
O People of INDIA ....remember one thing ...many civilization has brith and death according it dealing with GOD and his rules.....so never late just repent and be good to every one . or else Aad and thamud will be reminded on this earth .
forget INDIA ....even country like USSR were destroyed by GOD using small groupf of unarmed and unskilled fighters from backward country ....so becarefull do not cros the border of aggression ....
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