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
First of all this hypocrite leaders of BJP are instigating violence in peaceful DK
Ayyo Shobha ....nimde sarkara iruvaga nimge madakaglilla ....hagantha helthidda V.S Acharya ne gotak andbittru ....RIP
anyways ...to ban anything . you must have the right reason which you people do not have ....and court is not that much weak that any one can do anything
viparyasa enandre ....Ashraf koleyadaga ildidda sittu sharath koleyadaga ummalisi horag bandbitthu
hahahaha shobakka, read the statement from our home minister of karnataka, that communal tension in DK is creation of bjp not police.
#stop vote bank politics#
Ban PFI ? Is it a solution? They are lakhs of PFI members in Karnataka alone leave alone India.
They will join or make a new group or name.
Provocative speech by RSS leaders, Gou BD lynchers , arms carrying terrorist camp organiser Sri ram sena . If the police and the political camps had taken care of them long time ago , our beautiful Mangalore would remain peaceful.
Lack of political will from Congress banning and barring hateful speech is the main cause. Don't let Karnataka turn into hinduvta laboratory.
Take care of RSS, PFI also will disappear.
Idondu bere jaati illa mata illa
Madam include Bajrang dal also in your letter and remember you represent s all community
Shoba aligning on pfi & kfd without any proof I am asking shoba you are leading this rss terrorist and its ruthless branches of bajrandal.vhp ect.. they killed Mahatma Gandhi. And now ur pm narendra modi when he was cm in Gujarat state he is leading to kill more than 2000 innocent Muslim's brutally and killed pregnant women's children's and raped elder, younger without any age limit at that time where you slipped ur eyes and ears are dumped. And all over India communal crisis and killed thousands of Muslim your godfather lk advanis rath yatra. And demolished Babri Masjid court accused most your senior leaders where are you that time and in the name cow so many Muslims killed brutally your tongue not uttered a single statement. we well know u & ur terrorist RSS organize this is not an enemy of Muslims its enemy for humanity. go enjoy with yeddi useless politics. chair heaters.
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