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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.

Bengaluru, Jun 24: Karnataka Chief Minister BS Yediyurappa was all praise for a sixth standard student from Kallianpur in Udupi district for joining the fight against COVID-19 by stitching Face Masks with one hand for SSLC students writing examination beginning from Thursday.

Mr Yediyurappa took to Twitter and wrote, “Proud of this young COVID warrior Sindhuri. Her smile as she stitches that mask inspires all of us to go beyond our limitation and strengthens us to fight this battle together. God bless you!”

Sindhuri, daughter of Sudhir and Renuka is currently studying in the sixth standard in Mount Rosary school and Bulbul in Scouts and Guides as well.

Bengaluru, Jun 24: Karnataka Minister of Medical Education Dr K Sudhakar said on Tuesday that the directors of institutions will be held responsible if any there are any complaints and lack of facilities in the treatment of COVID-19 patients.

'Since a couple of days, there are reports in media regarding the admission of COVID-19 patients, lack of hygiene and the supply of sub-standard food to patients. The country is appreciating Karnataka and Bengaluru for controlling the spread of coronavirus. This was possible due to tireless efforts from past several months and these kinds of reports emerging now cannot be tolerated," Sudhakar said.

He added, "There can be no compromise in the treatment of COVID-19 patients. It must be ensured that these kinds of complaints will not be repeated. Directors of hospitals will be held responsible if there are complaints."

The medical education minister further said that asymptomatic patients will be kept in COVID-Care Centres and if they develop symptoms in the care centres, they will be shifted to hospitals for further treatment.

"Since the COVID-19 cases are increasing, private hospitals have been roped in to treat coronavirus patients. Officials have to ensure that beds are reserved and all arrangements are made as per the government order. Guidelines will soon be issued for monitoring asymptomatic cases in COVID care centres," he added.

Karnataka on Tuesday reported 322 fresh COVID-19 positive cases and eight deaths.
According to the state health department, the total number of positive cases has mounted to 9,721 and 150 deaths. So far, 6,004 people have been discharged.