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.
The comment posted from the Facebook account of Shankar Prasad read:?“Sattavarella Christaralla, Namagenu Bidi” (All those who died are Christians, why should we bother?).
Comments
now innocent children are also not spared by hindutva
These kids are like clan flowers not seen the world. Very innocent.
How a person can have hatred OR enmity with such innocent kids.
This guy does not represent all Hindus, this is his own corrupt ideology. However his fellow Hindus have responsibility to correct him, to change him by hook OR Crook. One guy spoils the name of entire community is not acceptable in the civil society.
We are with the saddened parents and friends of these kids.
Uneducated goons and their leaders.....expected......when this guy dies please notify in media so the whole world can comment....Sattadu ondu naai alla ....municipality garbagige haaki....
shame on him no matter what he is or which religion he belongs to, he is not worthy of being human.. if he has no mercy for humanity.. put those aside, we have more people from different community who prayed for all those blessed souls.. today i attended juma in one of masjid.. and there was dua after prayer including these children's n all those who passed away in such tragedy. #beahumanfirst #humanityismypriority
RSS and Bajrangi has become more dangerous for human. They started to think like animals.
After worshiping stone for many years their heart has became stones permanently.
WHAT one can expect from this inhumans, cruel communal minds,even animals have mercy to each others and they express it some forms, but these so called chad.....is are now proved to be worse than that.. may the almighty creator protect the people of our nation from such ANTI HUMANS..
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