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
Ya ya rightly said bopanna...90% of rapes world wide done by them only ..mustapanna ...piece kabab country kananna adu ...
Third rated person from third rated community ...he must be sent for 5 years jail...in their community women are treated as property ...no voice and no respect for opinion ...jail that rapist ..ley sheikh koorappa saaku ...u don't have any rights to say that. .....frustration yaargappa sameee...jihadists are highly frustrated across the globe ...India dallanthu ..burnol sales day by day jaasthine agtha ide...Russians are banging kaali plate of Islamic state ...Islamic banana republic of porkistan are banged up by RAW ,Chinese are banging third rated in people and asking them to shave their beards ..turkey itself getting banged front and back ...no need to say about Israelis ..haha ..Israel hesru helidre ...loose motion suru Agathe jihadi galige ..haha ..adu bidi maarre ...papa the Jana Myanmar navaru jihadi gala attahaasavannu end madlikke rohingya galanna odistha iddare ..mostly bunder nalli iro bunder galige artha agalla ..yaake Andre avakke tale ne tirgalla ..tale yaake tirgalla Andre mallya juice haakalla ...haha...baa maams siddu has brought down on tax on wine...neenu hodi .sheikh GU haaksu ...burnol ge haako dudnslli swalpa karch maadi aitha ?...haha
.... But still, islum has more rapists and thrives per 100 of population .....
Aslum gussa mat Ho ! Islam is full of peas ! Happy ?
Bopanna,
Just shut your mouth, in each religion, each city, each country there is good and bad people, it doesn't mean what you barking!! Senseless fellow...
At what age did wish a get married ?
BhaiLog, sach kadva hots hai.
Why u lot barking when u hear the truth ? Look at most rapes who is behind it ? In Kerala one girl killed by whom ? ANWAR UL ISLAM !!!
Bopanna is your name is named by your parents? or r u shamed of your name which your parents named you and you changed yourself? Dont be shamed show your identity so all can know wich material ur made up from.. May god give you some knowledge and peace.. follower of frustated party... haha
Bopanna: be matured, go through all the crime incidents and please dont try to climb for religious status. Mr Bopanna(its not your real name) might you are working and getting salary from religious of peace people's country) why cant you get out from KSA??? BE WELL MATURED BEFORE COMMENT.
@Bopanna. If you judge a BMW car by the driver of it, then your perception is not correct.
follower of piece is namo naresh !
The minute I read the heading I was thinking that this guy must be the
Follower of the \religion of peace\". As expected from you guys anyway"
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