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
This is the Result of Fear for Police & Sangh, So for we got good publicity for the Program, All the best for the program, Good luck for all the cadets.....
probably some political outfit of Ullal assembly constituency feared of PFI progress may have misused power to deny permission.
Rss and police affraid of PFI jai ho. Zindabad zindabad popular front zindabad.
Freedom from Hunger Fredom Fear...............
No Matter how you try UNITY MARCH will succeed by people's support and participation
DK Dist police is working for RSS only providing full security for their march. Police with not object while RSS terrorists are marching with najked sword and lathis in therir hands whereas PFI cannot take out peace march. Why Karnataka Govt is so soft on sangh parivar. Hate mongers from this organisation can give any speech whereas other cannot make any speech.
Now Saffron forces do what ever they can...............but how much you try to oppress Popular Front will emerge more powerfull
this is not Shimoga or Mysore that you can Play
When ever POPULAR FRONT wanted to go for UNITY March 60% and so called secular parties comes Hand in Hand to try to avoid.................but all fails........
''ILLEGAL'' its impossible from Organization like Popular Front of India ....as all these Years we have seen Polpular Front of India a Well Disciplined and visionary approach towards building positive youths ..................
60% in police are in full force....................UNITY March created fear in Kalladka's Heart
Disgusting, Purely Double role Police Dept.
Denied permission to PFI Unity March means they destroyed Indian Constitution Law.
WHEN INJUSTICE BECOMES LAW RESISTANCE BECOMES DUTY
PFI GO AHEAD WITH MARCH
Paradox of the budhivanthara jille: No permission for unity march. Police protection for Sangh Parivar'? division march. RIP DK district administration.
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