ISF urges Indian govt to address the woes of Indian expats in Saudi Arabia

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 2: Karnataka Chief Minister B S Yediyurappa on Monday claimed 70 per cent of the people of the country want Narendra Modi to not only complete the current term, but also want him as the Prime Minister for the next term.

He also called PM Modi "iron leader" for scrapping Article 370 that terminated special status to Jammu and Kashmir.

"70 per cent of the people of this nation want Narendra Modiji not only to complete this term, but also want him as the Prime Minister for the next term, so that he can find solution to the problems faced by this country. This is the aspiration of the young India," he said.

Mr Yediyurappa said PM Modi has successfully completed one year of the second term and the country is surging ahead in the path of progress under his "exceptional and far-sighted leadership."

"The Prime Minister is leading the country forward towards development with his Sab Ka Saath, Sab Ka Vikas, Sab Ka Vishwas principle and inclusive schemes," he said, adding that PM Modi is spearheading the cause of building a "strong and self-reliant Bharath."

Speaking to reporters in the backdrop of the one year of the Modi government''s second term in office, the chief minister said Modi is recognised as an exceptional leader not only in India, but also at the global level, through his mantra - Vasudaiva Kutumbakam.

Mr Yediyurappa termed the PM "iron leader" for scrapping Article 370 that terminated special status to Jammu and Kashmir, and formation of Jammu- Kashmir and Ladakh as Union Territories.

He listed the key decisions of the BJP-led central government such as banning the practice of triple talaq among Muslims, the Vande Bharath Mission, the Citizenship Amendment Act, one country-one ration card scheme, new Motor Vehicle Act, besides also "finding solution to Ram Mandir issue" , among others.

Mr Yediyurappa said PM Modi's decision has played a decisive role in dealing with the COVID-19 situation in India. He has competently handled a huge challenge of combating the coronavirus in a country with a population of 130 crore.

"He implemented the most stringent lockdown restrictions in the world to control the spread of COVID-19 and achieved remarkable success," he said, and lauded the Rs 20 lakh crore package that has been announced to revive the economy amid the pandemic.

"Modiji also supported the State during the devastating floods last year.....the state government is determined to develop Karnataka deriving inspiration from our Prime Minister''s efficiency."

Mangaluru, Mar 25: The Indian Council of Medical Research (ICMR) has so far given nod to three private laboratories in Karnataka for testing COVID-19. The ICMR comes under the Department of Health, Government of India

The three labs are KMC Hospital Manipal, Shankar Research Centre's laboratory, and SRL laboratory on Bowring Hospital Road at Shivajinagar, Bengaluru.

Eight private labs from Maharashtra, two from Haryana, three from Tamil Nadu, four from Delhi, and three each from Karnataka and Gujarat have been given permission. 

These labs have over 15,000 collection centres all over the country. Blood samples and throat swabs of coronavirus suspects can be given at these centres.