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
I was surprised with these people who run educational institutions since long, and the management not understand the rights of Muslims women, that is also simple wearing scarf as it is a moral and religious rightrs of muslim women,and girls, it covers the chastity and aura of a girl ,a mother , and as well all women, but why these nuns are discriminating with muslim community only, by the way why they cannot work without their scrafs inside school or college, Every muslim women is a spiritually religious to wear scraf or cover the chastity with the scarf ..complare to few nuns only wear scarfs since it is their religious rights.
I am asking the management of college to settle the matter peacefully .
No one is abusing her, but for the decision what she has taken is just showing her personality whether she is a angel or simply a common woman who is making a religious chaos between two Community. Respect each others community is what we learn from from Masjid and Church. But here this is going some other way.need to stop before the situation is worsened
I request all the muslim students to wear the same dress what the madam is wearing - problem solved..
Angle......... my foot!!!...if man can become angle then i would have been the first...
Shocked to read brainless comments from Muslims. Muslims cannot build an institution like St Agnes College in Mangalore. But they talk about their rights in Christian and Hindu managed colleges. What a tragedy. May Allah grant good sense to Muslims so that they realize their foolishness.
Never expected such a drity mind set opinion form a religious preacher. She can wear full hijab and Muslim students not permitted. It is well clear to understand what time of human being she is and what is her intention.
Check her passport how many times she visited isreal
Dear Management
When you are implementing any rule's, it should be such that you should be following it. If your principal herself is wearing then how ethical is that to stop the students wearing it.
Hijab is for to cover the modesty and not for exposing.!! Please respect each others propsective.
Sr Dr M Jeswina AC is not a divine woman. She is an angel. Those who mock her must be extremists or anti-social elements.
One more Threat for Indian Democracy by the Principal of St. Agnes College Mangalore, Sr Dr M Jeswina AC.
If the Principal can wear the Scarf, then why Shouldn’t the Students.
Again why its Double standard and what is the Method behind this policy.
Common, once again we all indian’s should BIGOT this policy of St Agnes College Mangalore.
i donno hu ur. but i felt ur comment on the issue of head scarf as funny. as hijab for men and women is farl or compulsory den u need to follow it. to be a citizen of a country u must follow the rules of that country. similarly if u want to be a muslim u need to follow the rules of islam. otherwise u r not called one.u can say that islam is in heart need not show in hijab. when imaan is in heart then definitly hijab will be der otherwise u need to check ur imaan not alter the rules of islam.
Principal Mam can wear fully covered headscarf. But students (muslim) can't...
Dear All
this is the height of hypochracy ..... she herself opt for it , and say you dont wear it ???// in Quran its mentioned ..''Do not preach unless you follow it ''
Dear Sister Dr. Jeswina
How can You prevent and take this decision being in a headscarf? Interestingly you preach this and practice proudly and roam around the world wearing such dress code which you and your institutions are opposing other community. May I ask you on behalf of society with all due respect to your valuable service to the education, what kind of justification you are putting forward to media and seeing students attend classes ignoring their constitutional demand. Dear Sister, will you implement and make it mandatory same rules for students who are wearing a similar dress which you are into? If not this approach will be called communalism or fascism (Sorry for using such words).
Dear Principal, Institutions are not at all allowed to restrict a students religious practice at any place inside the campus. In front of the constitution your college rules will fall down and your college rules should be modified. Look at the hypocrisy you are playing with the students. You will enter the class with your scarf on. And you want a particular community student to remove it? What kind of justice it is.No education institutions are even allowed to impose uniform system for students. We condemn your act. Just don't drag this issue more, please behave mature
Catholic run schools and colleges always do like this.
I am not sure whether there is male teacher in this college, if yes, then the women have right to observe hijab inside the classroom as well. No rules is bigger than the personal right guaranteed to individuals living in India. If this principal mam have right to observe her personal hijab inside her cabin, then Muslim women also should be given their rights.
easy solution, let Muslim students accepts the principal madam dress code, in this matter, let it teacher will be role model for students, accept it
dear college management and student,
as soon as i saw people discussing and sharing the views regarding the ban of women scarf in the college auditorium, i too wants to share some views and ideas related to this. as far as college rules and regulation is concern ban of scarf is acceptable. but if we follow the rules and regulation of my lord it is unacceptable.
student should first contact pricipal regarding whatever issues they. and it the liability of the management to solve the issue in favour of the student because whatever issue they are raising it is the issue to uplift the women rather degrading. hoping the maangemnt to solve the issue in favour of student.
In Islam, men have an obligation to God and to women to observe hijab. I imagine a conversation between someone teaching the Quran and a guy as follows:
Teacher: Don’t stare at women.
Guy: But she’s wearing revealing clothing!
Teacher: Why are you staring? Stop.
Guy: But it’s revealing.
Teacher: Why-are-you-staring?
Guy: Uh…
It’s that simple.
If a guy chooses to accept Islam, Islam says he must observe hijab. The Prophet Muhammad’s directives further affirm this view. He admonished men, “Be chaste yourselves, and women will be chaste as well,” again putting the primary burden of hijab on men.
This point was again illustrated when the Prophet rode with his companion Al Fadl bin Abbas. A woman described as strikingly beautiful approached the Prophet to seek his guidance on some religious matters. Al Fadl began to stare at her because of her beauty.
Noting this, the Prophet Muhammad did not scold the woman for dressing immodestly or revealing her beauty. Instead, he “reached his hand backwards, catching Al Fadl’s chin, and turned his face to the other side so that he would not gaze at her”. Thus, the Prophet Muhammad once more established that the primary burden to observe hijab rests on men.
Ughhhhh. Individual choice yes. But college has certain rules. You don't want to follow the rules, you don't join that particular college. Also, Islam is a very beautiful religion. Let's not make it all about the Hijab.
All students (irrespective of religion) should obey collage or school rule.
missionary school management are allowing sisters to wear their dress similar to Principal dress but they are restricted to hijab.
There is no comparison between student and principle..
Rules are only followed by the students.
Prici mam… whatever u are wearing is a perfect Hijab in Islam. Kindly allow Muslim girls also to wear the same in classroom.
Hahahahhah.. what a pic!!!! She can wear headscarf but Muslim students can’t wear!!!
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