NEW DELHI: Newly crowned fintech unicorn, Razorpay, has announced its plans to achieve $50 billion TPV (Total Payment Volume) by the end of 2021. The company launched a string of products, aimed at empowering the digital growth of small businesses in India. These products were launched at the third edition of FTX, its fintech conference.
With most of the country slowly coming back to normalcy, it’s encouraging to see 75% SMEs recognising the importance of going digital to revive their businesses. Even the freelancer economy is flourishing, a recent study revealed that India saw a 46% increase in new freelancers. Razorpay’s new products are aimed to help SMEs bounce back quickly.
Vernacular Languages on Checkout
To deliver a localised payment experience to customers, the company has introduced a multilingual checkout page for thousands of non-English speaking merchants and customers from tier 3 and 4 cities. Most of these merchants are adopting digital payments for the very first time and this feature will help reduce the number of failed transactions. The Indian languages offered on Razorpay are Hindi, Kannada, Tamil, Telugu, Marathi, Gujarati, and Bengali.
Trusted Badge
Due to lack of trust, new merchants usually see 30% higher cart abandonments on the checkout page as compared to established merchants; and over 90% of overall orders are typically COD (Cash On Delivery), which hurts the merchant’s profits. The Razorpay Trusted Badge will help customers know that the business is credible and trustworthy. This badge will be displayed on the Checkout and will be available to select businesses who are deemed trustworthy by company and its customers.
Vendor payouts
Traditionally, businesses have been following manual processes like using spreadsheets to track vendor invoices. This is then followed by manual payments on bank portals and long hours calculating and paying taxes. While processing vendor invoices, businesses make errors 50% of the time. RazorpayX Vendor Payouts solution will help businesses reduce this friction by automating and centralizing the process with minimal human intervention, empowering businesses to process bulk payouts, disbursals, refunds instantly via UPI, IMPS, RTGS and NEFT at any time of the day.
Group Health Insurance
Less than 10% of millions of Indian businesses can afford health insurance for their employees as the process is tedious, lacks transparency, and is expensive. This problem is magnified further for startups with less than 20 employees, especially when health insurance is key during this Covid era. To ensure they no longer have to struggle with this, RazorpayX has launched Group Health Insurance, in partnership with Plum and ICICI Lombard, covering teams as small as two employees. Businesses using Razorpay Payroll can now avail benefits within 60 minutes.
B2B App Store
Razorpay’s App Store will empower the developer community to build solutions beyond fintech. With its network of five million SMEs, developers can create flexible solutions and target a million businesses through the company’s developer friendly APIs. The app store has applications like Shopify and WooCommerce to help new businesses build an online store, manage accounts with Quickbooks and Zoho Books to raise donations through Crowdera.
Razorpay has also announced a fund of Rs 1 crore to give as grants to developers, encouraging them to build unique solutions that will further strengthen the fintech infrastructure.
In a statement, Harshil Mathur, CEO & Co-founder of Razorpay said, “We are going through one of the biggest digital transformations in the history of fintech. SMEs, startups and freelancers of the future will be very different from the businesses today. If businesses like us don’t prepare and equip the ecosystem now with intelligent forward-looking fintech solutions and partners, these underserved small businesses might lose the race. I believe fintech is only 1% finished. With continued innovations like these, we believe together, we will change the way payments and business banking has been done in India.”
“Digital Payments have brought about an economic and social transformation this year. Together with our developer community, we are committed to fostering innovation to lead the digital financial inclusion wave, by building technology solutions in India,” said Shashank Kumar, CTO & Co-founder of Razorpay, in a statement.
In the last six months, Razorpay has witnessed a 40-45% month-on-month growth. The company recently became an unicorn. Its powering companies like Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential and others.
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