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
Rasheed Bhai......... No individual is above the Nation. Personal attitudes will not damage the whole NATION and its CONSTITUTION. But a Political Party as a whole can make a difference to the NATION. Being a citizen of INDIA, just evaluate the Nation under BJP rule and CONGRESS rule you will get your ANSWER. Thank God.... your family is safe and secure, but think about those families who were the victims of BJP workers. The intolerance in last 4 years has gone from bad to worse. For God's sake, please keep your difference away especially for this State election and for upcoming General Election in Year 2019. All the best to all the Kannadigas and lets give another chance to CONGRESS to keep the injurious political party BJP much far away.
i think muslims should vote for Ashraf . attitudes of U.T is dangerous than bjp , he is selfish , his last five years attitudes shows he may sell entire community for his personel gains... such candidates should be defeated ....
improve ullal means..... he had not done anytihng to his own place then how we can trust him that he will develop karnataka/India........ i am not anti congress dear. but those who did not work for the welfare of the society should not win this election.... anyone maybe...... staying as loyal, honest, visiting funeral is not that he is good MLA or Minister.......
Abbu , what is your thinking brother, to improve ullal, you will vote against congress, really sad with your thinking , thing about India and people of Bharat , if you divide vote against the situation will be same , vote congress to get good results
use common sense please dont vote any muslims indipendent candidate, vote only congress
Some selfish and jealous people are trying to misguide the community. Instead of supporting and guiding the community to the unity, they try to divide just because of their selfish motives. Community should be very vigilant and aware of what is happening. While all secular forces trying hard to stop this Communal party, this kind of selfish people are trying to divide. They harm the community indirectly. Its better not to give an opportunity to our enemy rather than harming our own community. So be aware of this kind of selfish people. Its very easy for all political parties to be communal but secular parties are struggling. Instead of supporting secular parties, these selfish people trying to divide the votes. Very bad. Need to reject him outright.
Under the current state of affairs, we need to think about the whole KARNATAKA STATE and our great nation "INDIA". This JD(S) candidate is BJP's agent and they are not bother about our STATE & NATION. Even though if he win election this time, I can challenge he will never improve ULLAL. He will just fill his pocket and share few penny to BJP. Let all the Kannadigas be SMART and vote for CONGRESS - because the current situation in INDIA had forced all the MUSLIMS to vote only CONGRESS. We all should think that its CONGRESS V/S BJP only. No other parties should exists at this moment of time. Lets build a very strong and smart INDIA.
better vote all muslims for ashraf ... then how there will be vote divide..... UT khadar has not done anything to improve his place ullal
Good news for BJP
If you vote for Ashraf it is like voting for BJP. Do you want Modi and Amit Shah to win?
Be smart and don't vote for Ashraf
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