PM Modi dedicates Kochi Metro to the nation

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.

Bengaluru, Jun 18: The Karnataka police has arrested a German national wanted for kidnapping and causing bodily harm to a person in his home country, an official said on Wednesday. The person was also found to be overstaying on an expired visa, which police said that it appeared that the visa had been tampered with to look more current.

"On receipt of credible information by the CID Interpol Division officers, the Red Corner Notice subject, the German national Alexander Bruno Wehnelt, was traced at Hulimangala village," a police official told media persons.

Hulimangala is on the outskirts of Bengaluru city.

Alexander, 55, escaped from Germany and took shelter in Bengaluru.

The Interpol Division of CBI NCB (Central Bureau of Intelligence, Narcotics Control Bureau) in New Delhi had communicated to the Interpol liaison officer in Karnataka's Criminal Investigation Department (CID) about Alexander, directing extensive search measures to trace the criminal at large.

The Narcotics Control Bureau of Wiesbaden in Germany was on the hunt for Wehnelt for the crimes he committed in 2015, and have finally found him five years later.

"A special team of officers was constituted by the CID - Interpol division under the supervision of ADGP (Additional Director General of Police) B. Dayananda and the Interpol liaison officer and efforts were made to trace the subject," said the official.

On Monday, the police received credible information leading to his arrest.

"It was learnt that his visa had expired in 2016 and he tried to show a visa which was issued in December 2019 which had expired on Saturday, June 13," said the official.

Prima facie, it appeared that Alexander had tampered with his visa and the police are probing on that front as well.

He was handed over to Hebbagodi Police Station in Bengaluru Urban, for his overstay and a criminal case has been registered against him, under the Foreigners Act.