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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.

As part of the Indian Overseas Congress Mera Bharat Mahaan NRI Series, a Facebook live Global Conference was facilitated by Dr Arathi Krishna, Dy. KPCC NRI Chairman and Mr. Mohammad Mansoor President IOC Bahrain on 30th May, 2020.

In the one and half hour live interaction, questions and answers were addressed by DK Shivakumar, President of PCC Karnataka and attended by hundreds of participants, accumulating an impressive 300K people viewing the live broadcast across the globe.

The event was inaugurated with a welcome address by the inspiring and innovative IOC chairman Sam Pitroda followed by the motivational speech of AICC Secretary Shri Himanshu Vyas, IOC US President Mr. Mohinder Singh Gilzian and former KPCC NRI Dy Chairman Dr. Arathi Krishna by whom Shivakumar was introduced.

The event was remarkably successful with maximum interaction of global congress family members and straight forward answers by Shivakumar. 

He emphasized on the present political issues in India and the Indian government's negligence in handling the crisis related to Covid-19 and the indefinite lockdown. He added at present, that the Congress is playing a frontline, constructive role by addressing and articulating the Covid-19 issues and offering critique-based solutions to the government as a responsible opposition party.

The insightful meeting covered the congress strategy and the rebuilding of the KPCC, as well as discussed counter corrupt and hatred politics of current regime along with the role of constructive opposition, etc.

IOC Bahrain President Mr. Mohammad Mansoor thanked IOC Chairman Sam Pitroda, AICC Secretary  Himanshu Vyas for their role in strengthening the party and motivating the team; former KPCC NRI Dy Chairman Dr. Arathi Krishna for introducing the guest; IOC global IT Cell Chairman Manoj Shinde, along with Dananjay and Vinay for professionally managing the event;  IOC US President Mohinder and  Karnataka Chapter President Gauri Shankar for emphasizing the guest of honour; Ms Sofiya Sharma and Ms Vijya Nadela for beautifully moderating the event and all the distinguished guests and Presidents of IOC and KPCC wing Leaders from Saudi Arabia, Bahrain, Kuwait, UAE, Germany and other countries who were present on the online meeting and especially  Mr. Althaf,  PA to DKS and Mr. A.N.Nataraj Gowda in charge of KPCC IT Cell for helping facilitatethe online meeting.