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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.

Kasaragod, Apr 24:  Stricter measures have been enforced in more places in this district, as part of intensifying efforts aimed at containing the spread of Covid19.

According to District Collector Dr Sajith Babu, the new norms of intensified lockdown would be enforced in Kumbala, Mogral-Puthur, Chemmanad, Madhur, Muliyar and Kumbala grama panchayats, being identified as new hotspots in the district.

Earlier, door-to-door police patrolling at regular intervals have been implemented in Thalankeri, Choori, Kalanad and Nellikkunnu, where more positive cases of Covid-19 has been reported.

Bengaluru, Apr 9: The Karnataka government is currently engaged in discussions with experts, specialists and other stakeholders to decide on its lockdown exit strategy and would take a final view by April 13, a key Minister said on Thursday.

"Day after tomorrow we have a VC (videoconference) with the Prime Minister," Medical Education Minister Sudhakar K, who is in-charge of all matters related to COVID-19, noted when asked about the States strategy.

He said a task force of specialist doctors on Wednesday submitted its report to the government, giving its recommendations.

"We are meeting lot of stakeholders of the society taking their views," the Minister said, adding, the Cabinet would also hold discussions.

"Finally, day after tomorrow, after discussing with the Prime Minister during the VC, the government will take a view on this by April 13 or so. As of now, we have not taken any view on it. We are studying all the reports," Sudhakar told PTI.

The Minister observed that the COVID-19 cases were slowly spiking in India but not multiplying the way they have in some other countries like Italy, Spain and the United States as the government had declared 21-day national lockdown early and taken other strict measures. "Let's see for one week and see."

"We need to fight this out collectively and by strictly following the quarantine methods and social distancing," Sudhakar stressed.

The Chief Minister B S Yediyurappa had on Wednesday said his government was in favour of lifting lock-down in districts which remained free from COVID-19 after April 14 subject to approval from the Centre.

"If the Prime Minister suggests to States to take decision (on lock-down) based on the situation in their respective States, my position is to take a call (on roll- back) in districts free from COVID-19," he had said.

"This is to allow people to go about their business and move about within the district and not from one district to another, after April 14, after taking the approval of the Prime Minister."

According to State officials, as many as 12 districts continue to remain free from COVID-19.

The task force has recommended continuation of lockdown at "hot spots" beyond April 14.

It has suggested that schools and colleges be shut till May 31, while non-air-conditioned shops can be opened.

Also, IT/BT companies, government offices providing essential services and factories can function with 50 per cent staff, the task force said in its recommendations for 15-day period after April 14.