Omnichannel payments, and business banking platform, Razorpay has achieved an annualized Total Payment Volume (TPV) of $150 Billion. With this milestone, Razorpay gains a majority market share, making it India’s market leader in the Digital Payments Processing category.
Over the last year, the brand witnessed significant growth via industry-first innovations, strategic acquisitions, and expansion of its footprint in the Southeast Asia region.
Furthering its efforts towards making the entire money flow in an organisation simple, scalable, and secure, Razorpay at the 5th edition of its flagship event, FTX, launched four key India-first innovations.
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"I'm really excited to see our team launch a few crucial and fundamental, India and industry-first innovations, as these products will disrupt Indian Fintech industry like never before," said Harshil Mathur, CEO & Co-Founder of Razorpay.
Razorpay has launched a new standard of payments in the country, Payment Gateway 3.0, making it India’s only Payment Gateway (PG) that solves not just the payment journey but the whole buyer journey.
Powered by its proprietary AI engine, AI Nucleus, this reimagined checkout will help businesses expect more than 30% higher conversions, translating to higher revenues, the company said.
Secondly, with an intent to build payment efficiencies in large-format retail stores, the company has announced India’s First UPI-led Enterprise Ready Dynamic QR (DQR) Device, the all-in-one device which supports QR-based payments and contactless tap card payments (NFC). Unlike today's devices, which are card-first, this is a UPI-first device with cards also enabled.
At one-third the price of a standard PoS terminal, Razorpay believes this will fundamentally change the way enterprises accept UPI payments and help drive huge UPI adoption in organised retail stores.
Razorpay forays into Marketing & Growth category
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Razorpay has now forayed into a new territory - Marketing & Growth, to help businesses acquire, retain, engage, and revive customers sustainably. This foray was announced by launching ENGAGE, a full-stack intelligent marketing growth suite, powered by the country’s payment infrastructure.
As per the company's findings, businesses are constantly facing challenges in acquiring & retaining customers. Traditionally, CMOs end up spending 40% of their Average Order Value (AOV) to incentivise customer’s first transaction and then 15-20% on repeat transactions, thereby impacting revenue growth and profitability.
"Razorpay Engage allows businesses to take charge of their end-to-end customer engagement and growth, starting from- knowing who their customers are, generating and distributing customised gift cards and coupons, creating personalised incentives from 5,000+ inventory and all of this in a single integrated platform that connects businesses to customers through WhatsApp, Google, or Meta, and via Razorpay’s business and bank network," it highlighted.
RAY- AI assistant for payments and payroll
Driven by the AI engine that powers the company’s payment infrastructure - Razorpay AI-Nucleus is an integral part of nearly everything the company builds.
"Leveraging the AI-Nucleus powerhouse along with the company’s commitment to offering unmatched convenience and efficiency for businesses, Razorpay today launched RAY - India’s first AI-Assistant for e-commerce businesses that will resolve all things Payments, Payouts, Payroll, Vendor payments, and much more," it said.
Additionally, the company has also launched two new AI-powered products that will reduce chargebacks and safeguard businesses from potential frauds and RTOs, namely Razorpay FraudShield & AI-Powered RTO (Return To Origin) Suite.
“We are heavily leveraging the true power of AI in our products, right from chargeback protection to RTO fraud detection to DoclessAI integration that enables businesses to go live in just 10 minutes, Razorpay is all in for AI," said Shashank Kumar, MD & Co-founder, Razorpay.
- By ETBFSI Staff ,
- ETBFSI
- Published On Feb 23, 2024 at 01:59 PM IST
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