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
Always when government wants to cover up some scam or issue which will affect its credibility they will divert the attention of the public to some other non-issue. They have the media in their hands and can use it to their advantage.
There was a issue of Rs 45,000 crore which came up just when Zakir Naik issue was highlighted. Most of the people did not read about this big scam.
RSS terrified by the huge number of non-muslims reverting to Islam due to Zakir Naik's propogation. Ravi Shanker also trying to take vengence on Naik when he was clean bowled at a public debate by honourable Naik. Now they are using every means to finish him since their govt is at the helm. Nevertheless truth always prevails regardless of the intensity of falsification.
Aranab earlier called JNU students and Kanayya anti nationals and some of them terrorists. The majority of Indians (excluding RSS) spit on his face . Now he is barking against Dr. Naik. He thinks that he is a reputed journalist. He is a barking street dog.
Thanks to Mr.Go swami for Advertising Honerable Dr.Zakir Naik
We love you ....GO Swami.
The biggest terrorist is \Arnab Gosami\""
The good here is more people came to know about zakir Naik and will hear his speeches and more to accept Islam....like it happened in US and Europe after 9/11...... inshallh
Was waiting for Deoband's reaction, I Have heard Dr. Zakir Naik Speeches and the way Zakir Naik preaches Islam is questionable BUT, never has he promoted Terriosm or Suicide Bombing, false allegation from the Media, This is Indeed DEEP \CONSPIRACY\". Salafism & Wahabism way of Islamic teaching should be stopped or else this will have greater Impact on the Islamic World.
Thank you Darul-ul-Uloom for your Support."
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