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.
“Why should you snatch away the poor's meal?” asked Bhimrao Dhonde, who represents Beed's Ashti, during a discussion on the state's agrarian crisis.
Comments
It is better for government to impose ban on beef as it is not at all good for health.....Moton is a good meat and healthy...
Without distributing the Ambani wealth to poor you cant impose ban on anything. Poor people are suffering because of rich Fadnavi who has easy access to all sort of food. I'm used to mutton now. Even if you allow me to eat beef i wont.
There intention is not to snatch snatch away the meat of export from their leaders.
Beef ban increased beef export. Hence, my guess, the farmers must be selling cows to the exporters. It is very clear that the present administration is anti poor. Election in the corner will woke him up now.
dear avish, the loan burden and no food make the people to sucide. Do you say that the life of cow is more important than the human being? he can sell the cow if he want he can save his parents and family. If not all them should be opt for sucide. So parents sake and family sake he is ready to sell the other things which is not necessary at that moment. But people like you who think that more educated ( not being a human) think another way. It will be understandable only when your are in same situation
Dear Kumel are you educated? how the cow becomes your mother. Please check your DNA. We have never seen even in any holy books that the human being is born by Cow.
Another prime example for dirty politics from BJP since Assembly electioons are on the corner, please do not react or comment
Mr kumel,Who you are to feed 17 cr people. Who is parasitic?.mind your language.
Any action in this regard to be implemented immediately before beef eater communities are used to alternative diet, most of them now used to mutton and chicken, After that if we want sell we will never find anyone to buy it.
I think we have to ask all farmers to bring all their spent cattles to Mr. Kumel Chang house. He will look after these mother cows.
I guess he'd be willing to let go of his parents and family as and when they become nonproductive. What a loser!
So parents are cattle? People like you will use any analogy to stick to your stand. Don't impose your ideas on the rural folks. They know exactly what they are doing and what to do with their life, diet, animals, crops etc. India is a non vegetarian country. Get used to it
If we can feed 17 crore parasitic population of jihadis, surely we can feed the holy mother cow
Very well said, I came from an agricultural family too and they have similar practice. I remember Bangalore in the 80's and the menace of cows roaming on the road. Then the IT boom happened and \ban\" we dont see them anymore and they are now sold as beef."
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