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
Vinaasha kalakke vipareetha budhi
I dont understand, why media giving attention to this rubbish speech.. He just wanted media attention. and also he wanted to thrill his followers..
Nalin Kumar Kateel is no. 1 terrorist. Once he told, he wanted to burn entire Mangalore.
Shakha trained bhakt ! Modi & Shah are very happy on his comment on CM. Nalin Don't worry you are eligible represent educated Mangalorean (?) in forth coming Parliament election -2019.
This kateel is delivering an election speech or mocking himself?
An uneducated goon who threatened to set entire Dakshina Kannada district on fire is a desh bhakt. And a farmers’ leader turned politician who upheld the concept of Kalnaya Rajya is a terrorist. What a joke.
Katilanna.. First learn language. The meaning of Sultan is King. You are hailing him as king. King will be terrorists for only terrorists.
I think politics of this region is a curse. There is no boundries to the wild allegation and lies that these politicians utter. I think we have to play back some of his terrorism speeches including burning of DK speech.
The only way we can stop BJP getting back to power in Karnataka is to switch to ballot system.
What they think they can fool all Kannadigas, as they did in North East, UP.
Unfortunately the people in that regions are very innocent. They don’t understand how they are being fooled by their leaders specially Modi and Amit Shah.
Now their own people are fed up of them. Many secular leaders left the BJP and jointed Congress.
Kateel is very lucky to be a MP who really does not deserve to be Grama Panchayat member.
The cleanest CM is Siddaramiah, in the recent generation, like very few CM s we had in the past like Nijalingappa, Kadidal Manjappa. He never indulged in single bribery or corruption.
He is Very straight and strong leader, who has always worry for the people. But our stupid opposition want to destroy him for their selfishness at the cost suffering of poor people.
May God almighty help our people to understand the fact and elect the best leaders.
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