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.
Writing on his Facebook page, Justice Katju demanded death sentence for the cops involved in the encounter.
Comments
saudi bopanna ka bap ka hai. And who are you to say whether it is a muslim country or not. boppa
Saudi tere bap ka hai Kya ? Saudi is NOT Muslim country,.
YES WE ARE WITH YOU
Exactly. this is the fake encounter and cops deserve the death penalty.
Katju rightly said. Murderers along with masterminds deserve it.The trend of fake encounters has to be stopped in future.
Yes, many Indians believe that it was custodial killing/fake encounter, and a good majority also agree with Katju. All these Indians, including Katju - A former supreme court judge, are Anti-Nationals.
Sanghi chappars calling a qualified Rtd. chief justice of supreme court \Desh Drohi\". I mean why do people even respond to such comments and trolls.
None the less, Katju is also against many Islamic values and practices. But in this case, he has raised his voice for justice."
#2 Bopanna, KSA
What are you doing in KSA? It is a muslim country and is it allowed to you to work there? How can you feed your family in the wealth which is earned in muslim country. You hate Ummah then in this case you are a hypocrite.
Remember this soon or later truth will prevail and that time you will be sad. In your view if Justice Katju is desh drohi then what about Praveen togadiya, Karnal purohith, sadhvi prajna, Swami asimanad and other all sangi terrorists??
You are right Mr.katju. Guys look @ video, and suspects prisoners were raising hands for surrender. But cops deliberately fired at them. And if you watch last night debate with bloody BJP spokesperson the way of answering was very shameful. Just they were struggling to answer the TV anchors questions.
Bopanna, if it had happened to you or any of your family member you would have felt the same thing.....no one has proved them guilty....they were under trial...police are not doing their job...instead encountering them by putting Simi tag....it is not good for a democratic country like India.....
How much does the Ummah pay you for such statements?
This guy is a Desh drohi
Death penalty for COPS in India !!!!!!!!!.....Forget it man
Add new comment