Left Menu
Development News Edition

No More 5-7 Business Days for Refunds, Razorpay Launches Instant Refunds

No More 5-7 Business Days for Refunds, Razorpay Launches Instant Refunds

Bengaluru, Karnataka, India (NewsVoir)

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, Netbanking and UPI within a minute of initiation.

India is one of the fastest growing online retail markets today. About 71% 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 - one, a delay of 5-7 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) and two, 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 its customers, build trust through an improved hassle-free payment experience and 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.

Shashank Kumar, CTO & Co-founder of Razorpay says, “Instant Refunds are the new normal and central to a 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 fintech 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 ecommerce companies where CoD has become an expensive option with more than 50% online transactions made through cash.”

He added, “Our Instant Refunds feature ensures that the refund is processed at a 3600x faster pace than the normal expected time of 5-7 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 take customer experience a notch higher, help brands create a competitive advantage, and even make them more profitable.”

Razorpay’s growth has been uphill, particularly in the last two years. With a 500% growth in 2019, the company has been witnessing a healthy growth rate of 35% 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.

About Razorpay Software Private Limited

Razorpay, a neo-banking company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment journey for any business. Established in 2014, the company provides technology payment solutions to over 800,000 businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Tiger Global, Matrix Partners, Y Combinator, Sequoia India, Ribbit Capital and MasterCard have invested a total of $106.5 million through Series A, B and C funding. Around 33 angel investors have invested in Razorpay’s mission to simplify payments. Known to be a developer oriented payment gateway, Razorpay focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences.

Image: Razorpay



(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...


Latest News

UPDATE 1-Rugby-Griffiths steps down as Saracens interim CEO

Edward Griffiths has resigned as interim chief executive of Saracens with immediate effect on Tuesday, days after the club accepted their imposed relegation from the top flight at the end of the season.Griffiths, who was Saracens chief exec...

UPDATE 2-Crowded Lagos to ban motorbikes from most of Nigerian metropolis

Nigerias business capital Lagos will ban commercial motorcycles from nearly the entire city, citing overcrowding and safety, authorities said on Monday, a move that could change the commute for thousands and threaten ride-hailing startups. ...

UPDATE 2-Ryanair warns of more job losses as 737 MAX delivery date slips

Ryanair has warned pilots it may have to cut more jobs and close bases because the delivery date for its first 10 Boeing 737 MAX jets has slipped into the autumn.The Irish airline had originally planned to fly 58 of the jets this summer but...

Iraqis rebuild wrecked protest camp as violence escalates

Anti-government protesters in the southern Iraqi city of Nassiriya say they will not back down despite the destruction of their camp by gunmen in an attack that left at least two people dead. Unidentified gunmen in four vehicles tore throug...

Give Feedback