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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.

New Delhi, Jun 1: Prime Minister Narendra Modi on Monday sought a discussion on advances in telemedicine, the use of "Make in India" products in the healthcare, and the use of IT tools in the medical sector for a healthier society.

Addressing an event at the Rajiv Gandhi Health University in Bengaluru via video conference, he sought a discussion on whether new models can be conceived that make telemedicine popular on a larger scale.

Referring to the "Make in India" program, he said the initial gains made in this field make him optimistic. "Our domestic manufacturers have started production of personal protective equipment and have supplied about one crore PPEs to those in the frontline of fighting COVID-19.

Modi said IT-related tools for healthier societies can be of great help.

"I am sure you have heard of Arogya Setu. Twelve crore health-conscious people have downloaded it. This has been very helpful in the fight against coronavirus," he said.

Thrissur, Feb 11: The latest test result of the woman medical student, who arrived here from China's Wuhan region and was the first positive case from India for the novel Coronavirus (nCoV), has come out negative, health officials said on Monday.

Her condition was "stable", they said.

According to the state health department as of now, 31 people are in isolation wards across various hospitals in the state.

"The blood test result of the first patient from Thrissur, from the National Institute of Virology (NIV) testing centre at Alappuzha, shows a negative result.

But we need confirmation from the NIV at Pune," a senior medical officer told news agency.

After the first positive case was reported from Thrissur, two other Keralite students from Wuhan, the epicentre of the virus, had tested positive in Alappuzha and Kasaragod districts.

The health department had earlier said those in isolation wards of various hospitals in the state have come down to 34.

"A total of 3,367 are under observation across the state, of which 3,336 are under home quarantine," a release issued by the health department said.

The department has already sent at least 364 samples for testing at the NIV at Pune and so far 337 results have returned negative.

The ''state calamity'' alert, which was declared on February 3, was withdrawn on Friday after no new positive cases of infection were detected.