Implement loan waive in transparent way: CM Kumaraswamy

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.

Hubli, Feb 17: A local court here on Monday sent three Kashmiri students who were arrested on charges of sedition to judicial custody till March 2.

They were arrested for allegedly raising pro-Pakistan slogans and posting a video of the same on social media, told police.

All three were taken into custody by the police on Sunday night and were produced before a local court on Monday.

Bengaluru, Mar 5: The Karnataka government has advised city-based companies to allow their employees to work from home if they have flu-like symptoms.

"Those employees having flu like symptoms may be allowed to work from home with advice of standard hand hygiene and cough etiquette," the Health Department said in its advisory.

The advisory asked people to avoid non-essential travel to COVID-19 affected countries and refrain from travel to China, Iran, Republic of Korea, Italy and Japan.

"Employees other than those restricted countries arriving directly or indirectly from China, South Korea, Japan, Iran, Italy, Hong Kong, Maccau, Veitnam, Malaysia, Indonesia, Nepal, Thailand, Singapore, Taiwan, the UAE and Qatar must undergo medical screening at airport entry," the advisory read.

The government advisory also mandated employees arriving through all international flights entering lndia from any port to furnish duly filled self-declaration form, including personal particulars - phone numbers and address in India, and travel history to health officials and immigration officials.

It also appealed to promote regular and thorough hand washing at work places and keeping sanitising hand rub dispensers (alcohol-based) in prominent places and provide access to places where staff can wash their hands with soap and water.

Companies have been asked to promote good respiratory hygiene and ensure the availability of surgical masks and paper tissues at workplaces only for those who develop a running nose or cough at work along with closed bins for their hygienic disposal.

Meanwhile, the Bruhat Bengaluru Mahanagara Palike Commissioner B H Anil Kumar chaired a meeting on Wednesday regarding the preparedness to deal with coronavirus.