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
Narrow minded Mr. Shetty, in gulf countries somany Hindu girls are working under Arabs/Muslims for the sake of money. Why don't you term them condition to work under Hindus in India.
need job in muslim firm in ramdhan time many hindu womens weariing burka and coming to collect zakat money are you bother about tiz know because need money what a joke ramesh shetty
For your kind information most of all muslim firm many hindu relgious girls working and aslo many bachelore hindu girls working in gulf country tiz is allowed ,what you called for tiz love jihad or love jihd in gulf country shame on you uncultred people....
Rakesh Shetty : people like you are called narrow minded..... Grow up.
i dont understand why people like Rakesh Shetty are so much worried about popularity of Islam.
if they can track who is visiting whom in the locality, I wonder why these goons didnt reach sister Bhavani's house, who died at Janavasati Colony in Puttur taluk’s Vidyapur , and not a single saviour of hindu religion came forward to cremate her.
i wish these goons help their own hindu Koraga families living in shambles in Kulshekar.
And hope the police exhibit same proactiveness to stop moral.policing, drug menace, rapes and control law and order in the district.
looks like police dept is only interested in supporting moral.policing and protecting cows
Non-sence statement given by One Mr. Rakesh Shetty. Why that one sided policy? There are many cases of "Kesari Jihad" by the Saffronists in the recent days. Open your narrow-mindedness before you give such statement.
ಶ್ರೀಯುತ ಶೆಟ್ಟಿಯವರೆ,
ಇಸ್ಲಾಂ ಸೃಷ್ಟಿಕರ್ತನ ಧರ್ಮ. ಈ ವಿಶ್ವವನ್ನು ಸೃಷ್ಟಿಸಿದ ಏಕೈಕ ಜಗದೊಡೆಯನನ್ನು ಆರಾಧಿಸುವುದು ಮಾತ್ರವಾಗಿದೆ ಇಸ್ಲಾಂ ಕಲ್ಫಿಸುವುದು. ಅದಲ್ಲದೆ ತಾವೇ ಸ್ವತಃ ನಿರ್ಮಿಸಿದವುಗಳನ್ನು ಪೂಜಿಸುವ ಗತಿಗೇಡು ಮುಸ್ಲಿಮರಿಗಿಲ್ಲ. ಯಾರಾದರೂ ಹಾಗೆ ಮಾಡಿದರೆ (ಶಿರ್ಕ್ ಮಾಡಿದರೆ) ಧಾರ್ಮಿಕವಾಗಿ ಅವರು ಮುಸ್ಲಿಮರೂ ಅಲ್ಲ. ಇನ್ನು ಬಲತ್ಕಾರದಿಂದ, ಹಣದಾಸೆಯಿಂದ ಯಾರನ್ನಾದರೂ ಹಿಡಿದು ಧರ್ಮವನ್ನು ಅವರ ಮೇಲೆ ಹೇರುವ ಗತಿಗೇಡು ಮುಸ್ಲಿಮರು ಮಾಡಿಲ್ಲ, ಮಾಡುವುದೂ ಇಲ್ಲ. ಈ ಧರ್ಮದ ಸುಂದರ ಆಶಯವನ್ನು ಕಂಡು ಆಕರ್ಷಿತರಾಗಿ ಜನರು ಇಸ್ಲಾಮನ್ನು ಸ್ವೀಕರಿಸುತ್ತಾರೆಯೇ ಹೊರತು, ಮುಸ್ಲಿಮರನ್ನು ಕಂಡಲ್ಲ. ಅಲ್ಲಾಹನು ತಾನು ಉದ್ದೇಶಿಸುವವರನ್ನು ಸನ್ಮಾರ್ಗದಲ್ಲಿ ನಡೆಸುತ್ತಾನೆ. ಆದ್ದರಿಂದ ನೀವು ದಯವಿಟ್ಟು ಖುರ್ ಆನನ್ನು ಕಲಿಯಿರಿ.
ಇಸ್ಲಾಂ ಇಹಲೋಕ ಜೀವನ ಮತ್ತು ಮುಸ್ಲಿಮರ ಜನಸಂಖ್ಯೆಗೆ ಯಾವುದೇ ಪ್ರಾಶಸ್ತ್ಯ ನೀಡುವುದಿಲ್ಲ. ಬದಲಾಗಿ ಪಾರತ್ರಿಕ ಜೀವನದ ವಿಜಯವೇ ಅದರ ಉದ್ದೇಶ. ಅಲ್ಲಿ ವಿಜಯಶಾಲಿಯಾಗಬೇಕಾದರೆ ನಮ್ಮೆಲ್ಲರನ್ನು ಸೃಷ್ಟಿಸಿದ ಆ ಅಲ್ಲಾಹನ್ನು ಮಾತ್ರ ಆರಾಧಿಸಬೇಕು. ಇದರಲ್ಲಿ ವ್ಯರ್ಥವಾಗಿ ತರ್ಕಿಸಿ ಯಾವುದೇ ಫಲವಿಲ್ಲ.
This is a case of Love jihad, Great Job by Bajrang Dal. we dont have any problem if muslims girls visit our houses. but we condemn hindu Girls visiting Muslim houses. Muslims will do Taqiya to convert hindus by hook or crook,
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