Fintech unicorn Razorpay has crossed the total payment volume on the platform (TPV) to $60 billion in 2021, the start-up’s CEO, Harshil Mathur said during the annual flagship event Razrorpay FTX, 2021. This is almost a 2.5x jump from the payment volumes last year, which stood at $30 billion, indicative of the prowess of India’s digital financial ecosystem. The platform now claims to process over 5 per cent of India’s IMBPS payments.
Razorpay has also announced the launch of new products aimed to tap India’s 63 million small businesses by providing them easier, simpler interfaces for quick payouts which will help in improved customer acquisition, Mathur said. While citing a recent study done by the IDC, he said that Indian businesses stand to lose Rs 67 lakh annually due to traditional way of financing and manual errors, which is where the payment gateway ‘s new product offering aims to disrupt the market.
“The study done by IDC also indicated that the businesses are 45 per cent more prone to the risk due to the traditional banking methods and that manual processing is prone to errors. The Magic checkout platform we are offering will help any business to take advantage of quicker customer checkouts with minimal clicks,” he added.
Razorpay’s CTO, Shashank Kumar added that Razorpay also seeks to make tax payments for businesses -- whether it is GST, TDS, or any other payments --- simple and process them within 30 minutes.
“The legacy processes, as per the studies, cost the businesses 250 hours every year . This is where we want to simplify the tax payment operations for them,” Kumar said.
The fintech leader has also announced an initiative, called Razorpay Rize, to help support the entrepreneurial journey of early-stage start-ups. Razorpay’s top leadership said that the programme received interest from 500 applicants out of which 100 start-ups have been selected. The founders of these selected start-ups will be provided with product development, mentorship and fund-raise support under the new initiative.
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