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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, Jul 22: Congress MLA Priyank Kharge has questioned the Karnataka government on the alleged breakdown of oxygen in the intensive care unit (ICU) at ESIC hospital in Kalaburagi, saying he had got complaints that eight persons who were on ventilators had died.

He asked the government if it is "deliberately" hiding something about the patients that were admitted in ESIC.

"I have got complaints that eight people who were on ventilators are dead in ESIC Kalaburagi because there was oxygen breakdown in ICU. ESIC has not been admitting patients as the issue has not been resolved. Nobody is confirming or denying it. Is the Government deliberately hiding something?" he asked.
Kharge also accused the government of not having adequate facilities to combat COVID-19 in different parts of the state.

"I hope I am wrong, but if it is a fact, this ascertains that the administration has lost control over Corona pandemic in the district. No addition testing centre. No beds are available. PPE Kits and medical waste is thrown in Gulbarga Institute of Medical Sciences (GIMS)," he added.

According to the Union Health Ministry, there are 67420 COVID-19 cases in the state.

Udupi, Jun 2: As many as 150 persons tested positive for COVID-19 in Udupi district on Tuesday. This is the highest spike in COVID-19 cases in a single day in the district.

According to the district administration, all the 150 persons have travel history from Maharashtra. The number of COVID-19 cases has more than doubled when compared to June 1, when the district recorded 73 cases.

Deputy Commissioner G. Jagadeesha said here that of the 150 persons who tested positive, 120 were male and 30 female. This also included nine children aged less than 10. All these persons had been shifted to the designated hospitals for treatment.

He said that since 2,000 persons were tested in the last two days, 150 persons were found positive. Earlier, about 200 to 300 persons were being tested daily and about 10 to 15 used to be found positive. Nearly 10 % of persons coming from Mumbai/Maharashtra tested positive for COVID-19.

“We have 1,120 beds to treat COVID-19 positive cases in the district. Even after including these 150 persons, we still have 800 beds left. Hence, people need not panic. We will provide treatment for all affected persons,” Mr. Jagadeesha said.

With 150 cases on Tuesday, the total number of persons who have tested positive in the district since March has touched 410. There are 345 active cases.

As many as 63 persons who had recovered had been discharged from hospitals. There was one death due to the disease on May 14. The test reports of nearly 5,400 persons are still awaited.

The district had recorded only three COVID-19 cases from March 29 to May 14. But the number of COVID-19 cases started increasing from May 15.