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.
Mr Basha went to Saudi Arabia 14 months ago. In a video message sent to his friends on WhatsApp, he has alleged that his employer had not paid him so far. The video has gone viral.
Comments
Kotiaan brothers did not see the carrot saffron shakes video of aseemanada and Nithyananda rapes....ha ha...he loves Arab porn...like all sangheez even watch in Parliament....
Piece loving nation ..haha. ..I also saw the video where Arab milk shakes raping indian women maids from Hyderabad ..
Dear Satya Vishwas...
U are right but what We muslims need to Present the TRUE message of ISLAM to the public as well as the cheddis .. cos they are carrying in their mind the ISLAM which is taught by the Cheddis.. which is dumping them deep into darkness (hate, jealousy, crime, looting, lies and etc) as well as the society.
So we should educate whatever way to spread the real msg of ISLAM to the cheddis as well as the non muslims ...
When we present the true message atleast few may reflect who are honest.. in their hearts. ALLAH guides those who are honest in looking for God.
Why CD readers bother about this Phycho person;(Phycho Viren) this man must be admitted Kankanady hospital for his brain wash in Vande dot CLOREX muthram.
dear all CD readers : please do not react , or comment to viren kotian just neglect him,BECAUSE HE IS DEPLOYED by RSS to ignite and provoke minorities, so if we react to his inhumane comments he and his dirty mind followers enjoy it.And they are successful in their mission, and also he get highlighted , so why to give him unnecessary (un) popularity.
REMEMBER THAT IF YOU THROW A STONE AT LOOSE SHIT (VIREN) IT SPREADS ALL OVER .
so lets not waste our valuable time by arguing with the inhuman viren.
Viren Kotian , seeing your comments i understand that a deluded understanding is giving such a buncombe, please understand such swaggering appears unarmed for a rational discussion.
kindly refrain
Vande matram means cheddis bow down to the mother land...
What islam says
ALLAH is the lord of all that exists, U me and all that is in between the earth and the skies..
We Muslims bow down to ALLAH alone and nothing else , Even not to our respected prophets or our mother who gave birth to us...
We love our prophets,
We love our mother
We love our mother land
but we will never worship our mother land...
ALLAH created us and We bow down to him alone.. Please dont ask me to bow down to the motherland which is also a creation of ALLAH...
ALLAH forgives every sin with true repentance but associating partners with him is the biggest SIN... which is a way to hell and Please dont drag us Muslims to that destination... Sorry I believe ALLAH as my lord, Muhammad pbuh and all the prophets as my messenger and Islam as my religion....
Please VIREN when U worship the mother land, U actually denying the TRUE GOD ... I request U to look who is our CREATOR which VEDAS also mentions \NA TASYA PRATIMA ASTI\" there is no image of GOD...
IF you are honest in looking for the CREATOR , God will Guide U ... Atleast make some effort to look for the creator of all that exists.. Dont just worship the man made creations and animals and live a life unaware.. QURAN challenges mankind to bring a book like it... Please go thru it."
No one can become patriot just saying vande matram, this is crazy....we Muslims cannot do that...its against our religion...but in fact we will fight for our country without any hesitation.....and save country from our enemies.....
Hello joker Viren......a lot of bharat maa ki jai sons are also living happily with their family's in Muslim countries and they respect and are thankful to those people. Some goons like you will let Islamic nations kick them out of there.......you sick-minded will let people hate each other...saffron pillas....why don't modi offer job and respect to the people who say jai jai and are still working in Islamic nations.......u don't belong to a democratic nation.......go to your country Nepal....ha haa
Viren Kotian, how could you say, the person who doesn't sing Vande Mataram is not be Indian!!!
You must know its not our National Anthem and its an individual personal choice.
I don't understand why CD post such nonsense Viren Kotian comments!!
Viren, I think you don't have any knowledge of our Indian constitution!!
Bharat Mata har ek Hindustani ki hai, aur Akbar ek hindustani hai, apne desh se madad maang raha hai, samajh is baat ko. and
don't ever bring communal things in humanity!!!
Mr. Kotian why so much hatred on muslim relegion, we are human beings, remember that.. we are indians here we don't treat each other as HINDU's or MUSLIM's.. Try to be peace lover My Dear Friend..
Bharath kisi ke baap ka nahi. The slogan made purely illogic for any religion including hindus which is against the holy scriptures. Will you and your millions of hindu brothers say La ilaha illallah mohammedurrasulullah while entering in arab countries to earn their bread and butter.
Dear viper kotian if u sing vande maataram r u getting 15 lac from your govt? Then why u r singing r u mad?
Viren kotian.
Its haraam to say vande mataram according to vedas. Hindu is not a religion. Arabs gave the word hindu. U should be thankful to arabs.
Rama couldnt save his own wife sita from kidnap. How can he save u.
Ask any pandit. He will runaway from u.
The religion is sanatan dharm. Nowadays nobody knows a single word of it.
Habeebi viren, dont worry we will try to help him out.. If you are not sleeping then try to see the problems of those who sing vande mataram and still not came out of it. I doubt the govt helps them.
Indian govt should help this guy.
Viren - stop talking nonsense ( as usual )
What is Indian embassy doing around.....they got a lot money of expatriates collected during passport renewal time....millions of them...couldn't they use part of it to get this person come out of his ordeal...
You are not ready to sing 'vande mataram' but when you get stranded in a Muslim country you need bharat maatha's hindu govt's help. Funny people.
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