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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.

Mangaluru, Apr 19: District-in-charge Minister Kota Srinivas Poojary said that Rs 2000 each has been deposited in the bank accounts of 6,122 construction workers, who are registered with the labour department in the Dakshina Kannada district. The amount will be deposited in the accounts of other registered construction workers at the earliest.

The state government had announced Rs 2000 to construction labourers who are registered and have lost their livelihood due to the on-going nationwide lockdown to curb the spread of the coronavirus. The curbs, which were imposed on March 24, have been extended till May 3. "The labourers were reeling under hardship after construction activities came to a halt," said the Minister.

Supply food

Local bodies should make arrangements to supply food for stranded labourers, destitutes and beggars in all the ULBs in Dakshina Kannada district, Poojary said. 

"No one should starve during the lockdown period. All the ULBs should identify destitutes, migrant labourers in their jurisdiction and arrange food for them. In case of necessity, the help of NGOs can also be taken," he added
The minister announced that Asha workers and health workers would collect information on people's health by visiting the houses in the district and submit a report within 10 days.

Mangaluru, Feb 28: BJP Corporator in Mangaluru's ward number 46 (Cantonment), Divakar, has been elected as the Mayor of the city on Friday. While Janaki aka Vedavathi, Corporator of ward number 9 (Kulai), has been elected as the Deputy Mayor.

Divakar secured 46 votes including that of MLAs D Vedavyasa Kamath and Dr Y Bharath Shetty.

Regional Commissioner V Yashwanth conducted the election at the Council Hall of Mangaluru City Corporation (MCC).

Two nominations were filed for the post of Mayor. Congress had fielded Keshav, representing ward 37 (Maroli) for the post of Mayor. Keshav secured 15 votes including that of MLC Ivan D'Souza.

Congress had fielded Zeenath Samshuddin of ward number 44 (Bunder) for the post of Deputy Mayor and secured 17 votes.

Two Social Democratic Party of India (SDPI) corporators remained neutral for the post of Mayor while they supported the candidature of Zeenath Samshuddin of Congress for the Deputy Mayor post. Janaki aka Vedavathi of the BJP secured 46 votes.

The BJP had swept the elections to the 60-member council held on November 12 by winning 44 wards, while the Congress won 14 wards. Social Democratic Party of India won two seats.

Election to the post of Mayor and Deputy Mayor was conducted as per the reservation roaster for the 21st term dated September 3, 2018. Accordingly, the Mayor's post was reserved for candidate from BCM ‘A’ category while that of Deputy Mayor for woman general.