‘We know to set afire like Hanuman’: B L Santhosh warns beef eaters

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 20: Amid calls for boycott of Chinese products in the backdrop of Indo-China border face-off, former Karnataka chief minister HD Kumaraswamy sought to know from the BJP government in Karnataka the status of the "Compete with China" policy brought during the previous JDS-Congress rule.

Boycotting Chinese products was not easy like sloganeering but required a creative policy and the coalition government's initiative was a model for it, he said in a series of tweets.

"After the border skirmish, some people got the realisation to boycott the Chinese products but during my tenure (as chief minister) a serious thought was given to it," the JDS leader said.

He was apparently referring to growing clamour for boycott of China-made products after a violent clash between Indian and Chinese troops in the Galwan Valley in Ladakh left 20 Indian Army personnel dead early this week.

Mr Kumaraswamy said he had brought the Compete With China policy to effectively deal with the neighbouring country.

"My government's objective was to offer jobs to the local residents, snatch away market opportunities for China and discard the Chinese products."

"However, what has the present government done to our scheme? It is not known whether it is still continuing or not," Mr Kumaraswamy said.

The Kumarswamy government had identified clusters and earmarked Rs 2,000 crore for their development.

Bengaluru, Jul 17: Bruhat Bengaluru Mahanagara Palike (BBMP) Mayor, M Goutham Kumar on Friday called for an extension of lockdown in the city for one more week due to rise in the COVID-19 cases.

"It will be better if we get more time to tackle COVID-19 cases, we wish for the extension of lockdown for one more week. We have given the proposal to the government," said M Goutham Kumar, BBMP Mayor.

"After the number of cases increased in Bengaluru, BBMP started antigen test in containment and hotspot zones of Bengaluru to tackle the cases which have crossed 2,000 mark," he added.

Along with Mayor, BBMP Commissioner Anil Kumar has also proposed the state government to extend lockdown in Bengaluru for one more week.

"The number of cases in Bengaluru increasing in Bengaluru rapidly. BBMP has inaugurated more than 200 vehicles in Bengaluru for the use of the antigen test," said Anil Kumar, Commissioner BBMP.

According to the Union Health Ministry, there are 51,422 COVID-19 cases in the state.