Razorpay announced on Thursday that the amount of payments handled on its network has increased significantly, and it forecasts its total payment volume (TPV) to reach $90 billion by the end of next year.
Unicorn Razorpay, has announced the launch of three new products aimed at streamlining payment management processes for businesses, particularly small and medium-sized firms (SMEs).
The Chief of Razorpay says “We are confident we will continue to make a meaningful and impactful contribution to the growth of the industry.”
Indian Fintech Companies have shown enormous promise in recent years – Razorpay Chief
The fourth edition of the company’s flagship FTX event, Chief of Razor Pay said that Indian fintech companies have shown enormous promise in recent years by utilising new technology to simplify and accelerate the needs of businesses and customers.
“Today, we are the fastest-growing fintech market in the world. Fintech in India has crossed China and has become the second-largest fintech economy after the US with the highest adoption rate globally…India is leading the pack in the APAC having registered around 25 million transactions in 2020, followed by China and South Korea,” Razorpay CEO and co-founder Harshil Mathur said.
“We have helped increase outreach, improve customer experience, reduce operational friction and foster adoption of digital payments,” Mathur added.
Mathur highlighted that Razorpay has registered over 300 per cent growth for the second consecutive year and has achieved a $60 billion TPV as of early December 2021 – 20% more than its goal of $50 billion TPV that was announced in December last year.
“We plan to achieve $90 billion TPV by the end of 2022. This growth is a testament to the significant digital adoption by small businesses in the last 2 years. I believe that there is really no growth for us unless there is growth for our customers first,” he noted.
Razorpay CTO and cofounder Shashank Kumar said the company has always strived to ensure that every SME in India embraces digital and automates every aspect of their financial operations, so that they can focus on growing and scaling their business, while Razorpay takes care of the rest.
Razorpay has launched Magic Checkout that securely saves shoppers’ information once during a purchase, and automatically prefills that information at all stores within the MAGIC Checkout’s network for all current and future purchases.
This is aimed at helping retail businesses that often see customers dropping off at the last step of the transaction, abandoning their carts. The primary reason for this is often complex checkout pages with multiple hoops expecting users to remember passwords and manually enter card details, addresses, and OTPs to complete a purchase.
With this checkout experience, shoppers can checkout 50 per cent faster while retailers can expect a 20 per cent increase in conversions, Razorpay claimed.
The company has also unveiled Tax Payment Suite, a one-stop platform for all tax payments needs of small businesses, be it TDS, GST, TCS or Advance Tax. Further, the RazorpayX dashboard provides businesses a single, transparent view of all disbursals for seamless collaboration between finance teams, external accountants, and business owners.
Besides, Razorpay has launched RIZE – a launchpad that will help startups right from the initial incorporation to filing their first tax, paying their first payroll, and providing the tools to cater to their sales, marketing and finance needs.
RIZE will also help entrepreneurs acquire their first loan or funding. RIZE has partnered with over 50 product companies including AWS, Freshworks, WeWork, Zoho, Shiprocket, WebEngage and others to create a comprehensive toolkit, along with benefits worth half a million dollars on Razorpay and its partner products.
RIZE is also a community of well-renowned founders and product experts that will support India’s upcoming innovators and disruptors. RIZE aims to incubate 1 lakh new businesses and entrepreneurs.
In addition to the launch of the three flagship products, Razorpay also announced several new products and features for businesses, including an upgraded RazorpayX mobile banking app for internet SMBs, allowing business owners to make and approve payments on the go, saving businesses at least 8 hours a month.
The other products announced include a ‘RazorpayX and RBL Co-branded Business Debit Card’, which is optimised for the needs of internet-first SMBs and ‘Instant Settlements For Marketplaces’ for Amazon sellers.