SC suspends triple talaq for 6 months, asks Parliament to make a law

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.

Dubai, Jul 8: The Directorate General of Civil Aviation (DGCA) has revoked landing permits issued to UAE-based private jets flying Indian expats who are willing to fly back to UAE. With this the operation of private jets from India to the UAE has stopped.

The development comes days after DGCA stopped UAE airlines from chartering repatriation flights to India. 

The DGCA’s decision has come as a huge disappointment for desperate expats who are trying every means possible to return to the UAE, and were shelling out up to Dh15,000 per ticket.
 
All charter flights were operating with the appropriate permissions and clearances for the specific mission, route and destination, said the charterers.

DC Aviation Al-Futtaim, the only integrated VIP handling and hangar facility in DWC, said in an official statement: "As a result of the DGCA suspension of flights into India, our Challenger 604 aircraft which was scheduled to land in Dubai today has been affected."

Afi Ahmed, managing director of Smart Travels, said he has received news from official sources that all approvals for operation of private jets have been barred until July 10.

"Even the flights that had been given approvals stand cancelled. Some flights organised on July 9 have also been grounded," said Ahmed, who was also stranded in Kochi, Kerala, till July 4 but returned home in the UAE on-board Global 6,000, the largest business jet, organised by a Dubai-based aviation company.

Ganesh Rayapudi, a UAE-based businessman who has been trying to organise flights from India to UAE, said: "The government has kept on hold all charters. At least 52 passengers were desperately waiting to come back from Hyderabad on these flights and were willing to collectively cough up Dh400,000."

He added: "I agree that it is unfair to those who cannot afford these prices. However, UAE residents have commitments here; they were tired of waiting and willing to go any lengths, including taking the expensive route."

On July 3, India's DGCA announced via an official circular that scheduled international flights will remain suspended till month-end and only those on a case-to-case basis will be allowed to operate. These flights were suspended on March 22 due to the ongoing pandemic.