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
ya kis ki hadiis lay kai ahyai hi. lanaat laanaat laanat ho Fatima a.s kay qatilu pai. maavya pai lanaat. yazeed par lanat aur ius ka chanay waloo pai lanat
Because there is om and moon star sign in a flag. People like viren kotian. Wont comment.
No real Muslim will hurt himself or hate others.......this is act of terror and cowardness
This practice is non-islamic and started by enemies of Islam.
THEY DEFINITELY DON'T REPRESENT ISLAM.
WE THANK ALLAH FOR GUIDING US TO HIS STRAIGHT PATH.
MAY ALLAH GUIDE THEM TO. AMEEN YA RABBAL ALAMEEN..
Really a pathetic. Uncultured way of behavior. No one can advice them. This is not ISLAM. None of the religion is having this type of act. I feel sorry about innocent children participating this type of worship. May Allah (swt) guide them in true path.
PEOPLE OF HELL.
Allah Ke Momin Bando, ye hamara farz hai ke hamain inko is jahalat se bahar nikale. Aaj ke tatrik me Islam ko hamse hi katra Hai. Jitna ho sakte utna Dawah ki kaam karo, Baki sab Allah pe chod do.
Aur media ko Asli Islam ki Robaro Karvao, take e propoganda nahi kare.
People are shedding the blood and the women are taking photos of the same. Really pathetic. What happened to their intellect? The non-Muslims thinks that this is part of Islam, and if this is the way people does, then they never want to come closer to Islam.
It is unislamic....and shirk.....very bad people
Really stupid. Is there any leader among them who can teach them about this evil practices? Why only martyrdom of grandsons of Prophet (pbuh), why not martyrdom of so many sahabas (p.b.u.t)???
Of course we have to mourn on the death of sahabas (p.b.u.t) but not this way, neither the sahabas (p.b.u.t) never did this way when their compatriot passed away, neither Prophet (p.bu.h) advised to do this way. Then where did these people get the idea of observing martyrdom in this way that we cannot find in the teachings of Islam? Obviously from other religions, may be from Judaism? Really shiaism is a black dot on the face of Islam.
Shaheedon ke naam pe Maatam Nahi manaya jatha hai ye sarasar galath hai
these are black dot on Isalm. Utterly Nonsense.
Prophet Muhammad pbuh said to fast on these days. it is better in the sight of ALLAH. and he never mentioned to harm ourselves as the shia do now a days.
Those do worship as per their desires and not keeping the word of Prophet Muhammad pbuh are a deviant sect.
Muslims believe in all prophets including Moses pbuh...
This day is the day when Moses defeated the mightiest army of his time with the miracle of ALLAH. the parting of the sea.
It is the better for a true muslims to FAST rather than following their own desire in worshiping the man made rituals.
Utter Nonsense!!
One piece of Advice, donate your BLOOD to the Blood Bank on this day instead of spilling it on the road, at least you could save a life or two, which make more sense.
Cheers!!!
Masjid ya Mandir!!!????
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