Razorpay Launches New Products to Escalate its Digital Payment Volume

Fintech major Razorpay has announced that it has seen strong growth in business over the past few months and eyeing to clock $50 billion in total payment volume (TPV) by the end of 2021. The company also announced few solutions, that include offering a multilingual checkout page that will help non-English speaking customers to complete transactions in vernacular languages.

Harshil Mathur, Razorpay CEO, and co-founder states, "We are going through one of the biggest digital transformations in the history of fintech and the adoption has been accelerated further amid the pandemic. He added that the number of online sellers coming on board has been growing but in the past few months, many offline retailers have gone digital and adopted our solutions to complete transactions."

Currently, the company processes payments worth $30 billion, and this number is set to touch $50 billion by the end of next year. He further adds that the company has been working on providing solutions that could aid the businesses, especially small and medium businesses (SMBs).

These solutions bring in agility and flexibility in business's financial operations and cater to their payments and business banking needs, he added. The first solutions will help deliver a localized payment experience to customers with a multilingual checkout page for completing financial transactions.

The company is also offering a 'trust badge' that would help customers know that the merchant is genuine and credible.

Harshil says, "Due to lack of trust, new merchants usually see 30 percent higher cart abandonments on the checkout page as compared to established merchants; and over 90 percent of overall orders are typically COD, which in turn hurts the merchant's profits."

The Razorpay Trusted Badge helps customers know that the business is credible and trustworthy, and can have a drastic impact on customer's payment experience, in turn, leading to higher conversions for the merchant, he added. This badge will be displayed on the Razorpay Checkout and will be available to select businesses who are deemed trustworthy by Razorpay and its customers.

Harshil states, "This will empower the developer community to build solutions beyond fintech. With Razorpay's network of 5 million SMBs, developers can create flex developer-friendly target a million businesses through Razorpay's developer friendly APIs." He added that the company has also established a Rs 1-crore fund to give as grants to developers encouraging them to build unique solutions that will further strengthen the fintech infrastructure.