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. Udbhav,
Please mind your own business, we are demanding a flag for whole state not for any extremist group like shivasene.
Religion, : Everyone should know clearly about the basic of religion.
1)What is religion,
2)Why is it required.
3) What will happen if not followed it.
1) The religion is not invention of mankind. It is set of instructions prescribed by the creator of this universe.
2) It is required how to lead the entire in this world. Also to succeed in other part of the life which is after the death.
3) If not followed, the God should say clearly what is the consequence of violating its teaching.
It is mostly believed by most of the religious people.
the question is which is the right religion.
People might think is there another life after this life. Yes definitely there is. If not why the God has created this world. He has not created for his fun. there is a strong reason, the people will understand if they really read and understand Quran.
Therefore I strongly believe, no need to make new religion.
Also there can not be more than 1religion. Because all of us believe without any dispute there is only 1God. Then how is it possible to have more than 1religion. This is common sense. But people should have patience, wisdom to find the truth.
study some existing religions.
All of them are not true for the reasons above.
Choose the religion, which is the right religion.
Dare to know and follow it. This is your right.
Please dont react Chaddi Naren...Let him do bla, blaaa, blaaaa...when there is no reaction one day he will stop....wuffff....
Modiji thoda yahan bhi dhyan dijiyoo.... instead of giving attention towards cow issues, 3 talaq issues and Women rights in Islam could you please turn towards to improve the quality of Indian Airlines..During the rainy season, to travel by AI or Indian Airlines means, feeling like we are going to committing suicide.
The more someone hate Islam, Islam grows more ,
Alhamdulillah
viren dont b upset ,your statistics are wrong , b a truthful and NIA is busy now wil try later
Every state should have its right to practice whatever deems to be right for them.
Nobody should impose, dictate to say what should they choose for
Food habits, eat, drink, practicing religion, language, etc.,
IT is their right. They have free choice as long as it does not hurt others.
Flag is not a big issue. It can be a symbol of identity.
This man is talking exactly like our Eshwarappa. These people became leaders not on merit, it is at the cost of stupidity of their followers.
Innalilahi wainna ilaihi raajivoon..
A big shock, and unbelievable news.
'Ya Allah' grant him place in jannah Aameen...and grant him magfirat and sabr for his family members..
Exactly Viren...its not a big loss for Hindus
But its a proof that Islam continues to be fastest growing religion
In school assembly they tell us to say...
All Indians are my brothers and sisters... then why we marry Indians.
Teaching us wrong things..
That's why Rajiv Gandhi married a foreigner. But why did Modi married a Indian women.
Masha Allah..... May Allah give Hidaya to Viren Kotian....
Hinduism is fast growing religion in the world or terrorists growing rapidly in Hinduism, please make sure what you have written is correct and in conscious stage?? Apart from India where you can get the majority of your religion viren.. be matured and talk sensibly!
ALLAHU AKBAR FOR GOOD NEWS..SUBHANALLAH
FIRST TELL THEM THE MEANING OF IT. WHICH GOES AGAINST ALL RELIGIOUS BOOKS
Dear Viren,
This is not a fake religion or man made religion.
ISLAM is the TRUTH
YOU should verify by all means to know the TRUTH.
QURAN is a guidance to MANKIND not just Muslims.
Not just indians thru out the world ISLAM will grow day by day...
It is not acceptable in ISLAM to force anybody to become muslim. ALLAH knows what is in our HEART.
Muslim means one who submits to the will of God ALLAH.
There is no God but ALLAH and Muhammad is the messenger of ALLAH who conveyed to Worship One God ALLAH.
Allahu Akbar. If they kill one, Allah(swt) replaces with 13! You plan, but Allah(swt) too plans, and HE is the Best Planner.
Good thinking.
When you are thinking of new religion, don't hurry.
The selection of Religion should have valued criteria and basis.
Otherwise it has no meaning.
What is the religion, not by changing name, temple. You are not dictating the religion. The religion is dictating your entire activity of the life from creed to grave.
The religion is a guidance from the God. You have to search for the right thing around you, which is already existing. When you believe in God, you should also believe the God has sent you guidance to you. It is your duty find where is that guidance.
You don't need to invent the wheels. Just look for the right thing already available around you.
Also please don't look into the people of any group, study its ideology. There are many people who represent the religion but they don't know what to covey and reach it.
May God help and guide properly.
May Allah rest Brother Bashus soul in peace.
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