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
He is a crazy without having any knowledge of islam. He only knows Talaq but does not know how to implement or follow it. such people are bringing shame to muslims and Islam. He should apologise for this great mistake and ask for pardon from Allah. May Allah give him right knowledge of Islam.
Rikacha ....idu democracy kanappa ....sumne avara paadige avaranna bidakke agalla ...crimes ge nimge non sharia beku ...kabbaddi adakke personal laws beku ...haha......hogappa ...eradu peg haaki ...bidko ...ohh ivattu yaava college hathra nu beat hogilla anths kanuthe raja Alva adikke....
I don't understand why non Muslims are more interested then Muslims to discuss about this subject. Mind your own business guys....don't disturb Muslims...they know what is good for them....
Very bad ...women are considered as property and I met one divorcee but well educated ..her husband left her just becoz she had baby girl ..he is roaming freely in India and she was in trauma ...later one good hearted married her ..of course he is a Hindu ...now they stay in Singapore only ...to send sexual abuse and polygamy ..govt must bring strong rules ....
Request everyone to watch video on triple talaq by Br.Imran. https://www.youtube.com/watch?v=MwNAgNNE-lI
This is an ignorant act to Claim a divorce, Divorce, in Islam is the most uncalled act for any man or women. The conditions and procedures are highly thoughtful & very clearly mentioned in Quran. A short example of one of the conditions: A triple Talaq doesnt mean reciting the word thrice & done, but, Giving a waiting period of 1 month to resolute and try to improve in between each claim of Talaq.
I would wish the commentators here just go through what the Quran says from the right source and understand the integrity of Justice given to both gender. This holds good for generations that's passed and for future to come.
When such incidents happens..
its a way Non Muslims & Some ignorant Muslims will know the reality of the divine law.
We Muslims know that Devils are most happy when couple part...
So a true Muslims will try to stay together as much as they can save their marriage form splitting each other.. and There is an option for the couple who could not go along with the partner.. (For eg : if the husband is dunkard and wife have a chance to give khula (talaq) or if the wife is dunkard and husband can have the option of giving talaq despite several warnings to quit the habit)
WE see compared to other religions, Muslim divorce rate is very less...
I would request the Non Muslims and the ignorant muslims who misuse this divine law to look the answers from the source or please check below video
\Br.imran Answering About Triple Talaq To a Non Muslim Sister\"
Well EXPLAINED .."
I don't know why the other part of women's right in Islam is not highlighted to public....they forgot how sita was left back in the jungle with luv and kush....can we know the reason please.......
If there is rift between couples, if every ways of compromise failed to unite them... is there any other solution other than divorce ? whether he proclaimed thru phone or writing letter or any other valid means , discussion on 'way of talaq' is second option.. discussion on 'condition of couple's relationship' should be first option for discussion...
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