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
Zakir naik quotes from Vedas \NA TASYA PRATIMA ASTI\"... there is no image of God... (I found out its truly mentioned in VEDAS and to my shocking there is severe punishment for idol worshipers in VEDAS)
IF U use your intellect... then U will agree with him and U will stay away to get God's blessing rather than making your own idol and worshiping the Stone.
ZN spoke the truth and it is your ego that U dont want to follow the VEDAS which mentions NA TASYA PrATIMA ASTI...
Worship the CREATOR and not Man made Creations.."
Venki, first can you show any one of his video where he hates any of the holy book of any religion. He says people are not following the religion. Did you read veda? It says not to perform Idol worship. But do we follow? No. Same thing he says. If some one of our community person is doing wrong , we need to show him the mistake. But our community leaders are not doing this. Instead they show others who shows our mistake as wrong. If person is psycho, he never understand this.
Oh my God Modi\s chaddi is slipping..."
Dear Venki,
That means you are not follow or not belive in vedas!! ZN is quoting page no's from the vedas and other holy books. If he says anything wrong show with proof of page no he says. Don't blame any one without proof. Please follow own books instaed of hating other religion. I have gone thorh his speaches after these blames. What he says true. He says follow your holy books. What is wrong in this?
here comes the funny face of saffron, muhh kala
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