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
No need to point thier members, they all are the wings fo desh drohi RSS. In Karnataka all will epxerinece their
communal and hate speeches only for vote bank. They might think by the name of cunning religion and caste polcy they will succeed to devide our Great country. In INDIA normal citizens will never accept RSS groups policy to accept their upper caste and lower caste Hindu policy and targeting other religion.
Rest of the Nations are living peacefully with all religion why can't we .
India is the only country in the World fight against dirty british invader with Non Voilance. For that we all to salute the great man Mahthma Gandhi. RSS criminals never supported or they parcitipated during nation freedom strugle with dirty britishers. Now they are looking to devide our Nation but never, hence we all have to stand together ; be unite to save our NATION form these evils. Then no time very shorlty their organization and their criminal institutions will be vanished from all corners of NDIA.
Jai Hind! Jai Karnataka !
These disgraceful caste based un secular Muslim appeasing Sid Ra Miya of Conning-ress, is equating Bajrang Dal & RSS with some of the parties (A--i Na---al) which it sponsors, RSS has proved for many years that it is a party doing many social services, this cheap fellows will be in power for barely another 4 months
CM has problem in a mental stablity ot he is drunk should we call for ban for Congress Muslim party who looks for their votes
Sid RA Miya, Conning-ress, & Parakasha Rai/Raj are already Hob Nobbing with PFI, SDPI, & many similar organizations directly & clandestinely
@Mangalurean. Very few sane, Hindus, have such guts. Others all are chameleons..and turn color whenever get a better chance.
I wish, he was not in Congress, which helped RSS grow into such a giant organization and now a school of teaching hatred to innocent common Hindus.
Salute. Many common Hindus feel the same way, unless they are in politics.
So the President, Vise-President and the Prime minister are terrorists? India is a terrorist country now then. This idiot will be shown his place in the next election.
BIG sallute to Siddaramaih!!
HE the CM of Karnataka has guts to speak the truth of hidden Agendas of against our nation as well Karnataka...!
in fact who killed the BOMBAY POLICE CHEIF of Mumbai, its RSS becouse very soon he wanted to open mouth of big shots who are enjoing the government protocol and security today..
Almost all leaders and prominents in India are THUGS but some also TERRORISTS.
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