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
Ram Naik India is not belongs to you there is a COMMON constitution to
all INDIANS. The seat which you holding is a respective ONE. Don't misuse or try to pollute. If you people not respecting the constitution then your same policy will destroy you.
cheddis are missing here also....
O armed cheddis show u r stamina against most wanted BABA's..
Beliye Eddu Hola Meidanthe
Where are Mulla Mulayam, his son akilesh and their wazeer azam khan ?
and bargain king Shahi imam ? All are using minorities as vote Bank. AAP is best solution for all the problem in the current scenario.
hahahaha muah what a word rama naik ji ... saabis are burning ... obba thirdrated saying we have guts only when we have drinks .. ofcourse even their ummah gang that is ISIS , uses drugs to fight . one slum shaiekh saying one verse .. hahaha ... just 2 million millitarised jewish army , 56 muslim nations cannot do anything .. they are doing mujra infront of israel .. just imagive if hindus are millitarised ... pinkaan and gaddakke benki hatchiteevi rashtradrohi. galige .. jai sri ram ... even pakistan has 200 million muzzies and 200 nukes .. but they cannot stop drone attack from USA in their country .. pakistan claims they are the protectors of holy sights ... hahaha ... first to take weapons are jewish ,then christians now hindus along with buddhists . who wants these rogue irrtitating culture ... hara hara mahadev , arm hindus for the protection of bharath mata , which is under threat from jihadists and islamic mercnearies ...
narendra Modi govt compliments to hindu terrorist......
I request muslim organisations to provide same arm camps to all of their members...
It is the duty of Governor to maintain Law and order in co-ordination with state govt. instead it supports this kind of illegal activities.
If people are allowed to take Arms what will be the future of Inida..
It is shame to the democratic country like India and going back to the old age where there was no Law and order.
It is the Duty of the governor to maintain Law and order with co-ordination of State Govt. and instead supporting sangh parivar to violate Law and order in the name of self defense!!!
If the Ruler itself is supporting this kind of activities just imagine what will be the future of India....
terrorists are trained and government is defending it.
They only have guts to fight someone wen they drink alchohol....
Let them practice or get trained!! Remember one thing - \ Jo bhi hota hai, Manzure khuda hota hai!! Maarne wale se bachane wala bada hai wahi hamara Parwardigar hai!!"
Add new comment