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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.

Mysuru, Mar 13: A state-of-the-art viral research laboratory in the city has been identified as one of the testing laboratories for the detection of COVID-19, official sources said here on Friday.

The samples of suspected cases could be sent to the lab for analysis and it would take about three hours to get the results.

The Viral Research and Diagnostic Laboratory (VRDL), which was set up from Central grants and functions at the Microbiology Department of K.R. Hospital, has been authorised to carry out the tests. This lab in Mysuru is among the 52-plus laboratories in the country.

Though the VRDL is equipped to carry out the tests, the sole authority of confirming the virus lies with the Indian Council of Medical Research (ICMR)-National Institute of Virology (NIV) in Pune. VRDL is also the sole agency for collection and transportation of suspected samples of COVID-19 to NIV.

VRDL, which is part of the Mysore Medical College and Research Institute, functions on the advice of NIV.

According to the guidelines issued by ICMR, the results of the tests done here have to be shared with NIV the same day and the labs are not supposed to disclose the results since the NIV is the only authority to declare positive cases. Also, confirmation from the NIV should be awaited in case the samples test negative for COVID-19. The ICMR, in the guidelines made available on its website, has advised clinicians at labs to isolate the patient tested positive for COVID-19 in the identified facility and follow bio-safety precautions.

VRDL is a part of a network of labs established by the Department of Health Research, Government of India. The rise in the number of viral outbreaks and the resultant mortality had been cited as key reasons for the launch of network of such hi-tech labs in the country.

The NIV and the National Centre for Disease Control, Delhi, are the top laboratories for the network, while the National Institute of Epidemiology, Chennai, is the supervising authority for the data generated by the network of labs, sources added.

Udupi, Jan 25: The accused, who planted a crude bomb at the Mangalore International Airport on January 20, was brought to Udupi on Saturday, to collect information, as part of the spot investigation, police said here.

According to police officials, accused Aditya Rao was brought to Karnataka Bank Kadiyali branch, where Rao had a Safe Locker. The team opened the locker and seized the documents, along with a Box.

They said the seized documents, along with the Box, will be sent to the FSL for investigation.