Kasaragod’s newly named 'Gaza Street' on the radar of IB, NIA

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.

Mangaluru, Jun 27: The second flight chartered by the Karnataka Sports and Cultural Club (KSCC) to repatriate stranded Kannadigas in UAE landed at Mangalore International Airport at 6 p.m. today.

The Air Arabia flight with 171 passengers took off from Sharjah international airport around 1 am (UAE Time). The flight had 18 pregnant women, 9 children, 3 infants, 8 senior citizens, 20 people with medical emergencies besides those have lost jobs, stranded visit visa holders and those who had reported deaths in their families.

KSCC had set up help desk to finalize list of passengers and guide them throughout the process. All the legal procedures were carried out smoothly.

KSCC president Mohammed Ismail accorded a warm welcome to all passengers. Rapid tests for Covid-19 were conducted before departure. Mandatory quarantine for all the passengers was arranged in three hotels in Mangaluru for a period of seven days.

KSCC office bearers Ismail, Javed, Safwan and volunteers were present at the airport during the time of departure. KSCC has expressed its gratitude to Consulate General, DC of DK district, Umar U H and Ataullah Jokkate for their support.

New Delhi, Mar 7: The Supreme Court on Friday stayed the bail granted by Karnataka High Court to 21 Popular Front of India (PFI) members accused in connection with violence that erupted during the protests against the Citizenship Amendment Act (CAA) in Karnataka's Mangaluru in December 2019.

On February 17, the High Court had granted bail to the accused on the bail petition filed by Mohammed Ashik.

A bench consisting Chief Justice S A Bobde issued notice to the accused on Friday after taking cognisance of the plea filed by Karnataka government against the bail granted by the High Court.

Appearing for the state government, Solicitor General Tushar Mehta criticised the High Court's order stating that at least 56 policemen sustained injuries during the violent protests.

Two persons identified as Jaleel (43) of Kudroli and Nousheen (49) of Bengre had died at a private hospital following the bullet injuries they sustained in an alleged police firing during a protest against CAA 2019.