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
If Owaisi compains for jds and bsp, he will lose the respect what we kannadigas have in him. He is being used by these parties only to divide muslim votes and alternatively support bjp. In case Owaisi did so, it will be very clear that he is hidden agent of bjp. If actually he needs betterment of muslims, he should keep away from Karnakataka elections. |this is our sincere advice to Mr. Owaisi otherwise we will support or respect him any more. Besides this if he comes to karnataka, i reqeust muslims to welcome him by rotten eggs and black flags. Let him understand that this is not Hyderabad. Why is he showing double standard? Why cant he stand in one boat. He should not try to be another Mir Jafar or Mir Qasim. I was a fan of him, but if he comes to karnataka on the hidden agenda of bjp, i will disrespect him for ever and will not consider him as a sympathisers of Muslims. He will do it for his own benefit. In every speech he speaks about unity in Muslims but he himself is going against it. I doubt he will keep on his popularity and may lose next election in his own constituency and AIMIM will also be thrown out. Hope Owaisi will understand the situation and take back his plan to visit karnataka to divide muslim votes.
Mr. Owaisi, try to follow one ideology. Dont spread your leg in two boats at the same time, you may fall down
He only denied the campaign offer before. Now again..
Double Standard guy, we know about you and we know about your dealing With BJP president Amith Shah close door meeting , do not try to fool Kanndaigas , we are very clear whom to vote ...........
Wonder land man from wonderland AIMIM looks not Indian degree, may be United Kingdom Degree after MIMIM this is Masters degree to the wonder Owaisi!!!!! any way he is the Gate way of "Devide and Rule" good money bai sabb, you divide or Sale no problem, we need our comission, he did in Uttarpradesh, Bihar now he came to Karnataka, no worries "Every Dog has its own day Bai sabb" I am sure Kannadians will not listen your stupidity
Jai hoo Siddaramanna
Add new comment