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
@#14 Mohammed Saleem, Sharjah,
You have a block in your mind blocked the of evil. Once made a shahadah the evil enters your heart and mind to go to Madrassa.The Madrassas are teaching against Hindus, Christians, and Jews. Are you kidding, Islam
After many messengers were sent... and conveyed the message of ONENESS of God... ALLAH sent MUHAMMED pbuh as the last and final MESSENGER to the people to convey the same one MSG of WORSHIP the creator not his CREATION .. WE should not worship EVEN prophet Muhammd pbuh...
ALLAH Revealed QURAN to Muhammad pbuh as BIBLE for JESUS and TORAH for MoSES...
Mohammed was not the first but he was the last messenger of ALLAH... Hope this might help dear PREM PRASAD unless YOUR HEART is not HONEST to know about the CREATOR who created all that exists.....
BE sincere and honest, ALLAH guides those who truly look for him.
Prem Prasad
If you don't understand something it doesn't mean it not exist.
Islam means Peace aquired by submitting your will to God. .
It exists right from beginning
Prem Prasad.
Islam means Peace aquired by submitting our wills to God.
And it exists from beginning of mankind.
If you don't understand something. It doesn't mean it don't exist
Islam is not just Arabic word. It means submission to God and obey his commands. Adam, Moses, Jesus and Mohammed peace be upon all submitted their will to God. Islam exist from beginning. Don't make God so cheap. He is lord for all from beginning till end. No other like him. Don't make image of God and compare to anything
@#11 Mohammed Saleem, Sharjah
You have to argue without logic in a circular manner. World was unknown to the word Islam Prior to 1400 or prior to 1st century. Why did you threw out the 10 commandments of God from O.T. Where was the Term Allah prior t
The only religion is accepted in front of God is Islam.
Islam means total submission to God.
To live according to commandments of God, which he sent time to time in each area through his messengers.
Islam started from first person in earth prophet Adam PBUH.
What was the name of your God prior to 1st century. The word Islam was not prevalent prior to 1400 years. Name Islam prevailed after Arabic was invented in the 1st century. III caliph Uthman is the editor of Quran. He destroyed all the manuscripts given by so-called Gabriel. To which place you were facing and praying prior to 1400 and had you been fasting prior to 1400 years where there was no month called Ramadan. The last prophet to humanity was Joseph Smith of the Mormons religion. 124000 prophets are illusions including false prophets. Don't tell me to read Quran. No need to read any book if a person is living a righteous life.
@Prem Prasad. Islam was not created 1400 years ago. It is a big mis-conception among many non-Muslims. 1400 years ago it was the final installment of the series of prophets (peace be upon them all) and revelations sent to human being by Almighty God. We b
Dear Brother Ahmadi / Asi...
Please make following Dua, U will understand everything...
O ALLAH, make what you teach me beneficial, teach me what is beneficial, and increase me in knowledge...
Allaahumma-nfanee, bimaa allamtanee, wa allimnee maa yanfaunee, wa zidnee ilmaa (Attirmidi # 3599)
Ramadan is the month in which MUSLIMS all around the WORLD fast for 29/30 days from dawn to dusk.
Fasting is the fourth pillar of ISLAMIC FAITH
The fast is an act of deep personal WORSHIP to get closer to ALLAH (God Almighty)
It is the month in which the QURAN was revealed to Prophet Muhammad pbuh.
QURAN chapter 2 Verse 183 says : O believers! The fast has been prescribed upon YOU just as it was prescribed for the followers of the Prophets BEFORE YOU, So that YOU may attain TAQWA (Piety)
Prophet Muhammad pbuh said, ALLAH said \All the deeds of man are for himself except for FASTING, which is for ME and I shall reward it Myself...
May ALLAH accept our Fasting and reward as he promised... ALLAHU AKBAR...All praise is to ALLAH, the Lord of all that exists.."
ASI DUBAI sawal acha hi but unfortunately till date no one answered for this question from last 10-15 years.
Where the Moon is sighted ???
Arabic was invented in the 1st century. Prior to 1st century to wich place you were facing and praying. Prior to 1400 which book you were reading and what was the name of your God before the 1st century.
Happy Ramadan and may Allah (SU) Bless us all in this Holy Ramadan....
\Allahumma ballighna ramadhaan\"
O allah makes this ramadhan easy for us\"
Join us to say aameen...."
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