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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.

Mangaluru, Mar 25: A full-fledged control room was set up at the Deputy Commissioner's office in Mangaluru to collect all information about the suspected patients.  

The control room will function under the guidance of KIADB special land acquisition officer.  

All the details on those who arrived from foreign countries via Mangalore Airport, via airports in other districts, primary and secondary contacts of the people who arrived from foreign countries are being compiled at the control room.

Bengaluru, Feb 25: Infosys is all set to announce a cyber defence centre in Indianapolis to complement its technology and innovation centre inaugurated early last year.

This will be Infosys' seventh global cyber defence centre. According to its recent cybersecurity report titled 'Assuring Digital Trust,' 83 per cent of executives view cybersecurity as critical, yet 67 per cent are still struggling to have security embedded.

The cyber defence centre will provide end-to-end, real-time, 24x7 cyber security monitoring and protection services to support and guide American businesses in their digital transformation journey, it said.

The facility is dedicated and organised to prevent, detect, assess and respond to cybersecurity threats and breaches.

Client environment will be monitored round the clock, adopting a follow-the-sun model to deliver services like 24x7 security monitoring, management and remediation, threat hunting, security analytics, incident discovery and response, compliance reporting and malware analysis.

Vishal Salvi, Chief Information Security Officer and Head of Cyber Security Practice at Infosys, said the cyber defence centre is staffed with expert security analysts with niche skills around threat research and intelligence gathering to deliver best-in-class services to customers.

"Additionally, advanced data analytics and machine learning models are deployed to detect zero-day threats by unknown threat actors. This supports our commitment to helping our customers build a resilient cybersecurity programme that operates at scale while increasing operational efficiency and reducing costs," he said in a statement.