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 next phase of digital growth for Small Businesses in India. These products were launched at the Third edition of FTX.
“With most of the country slowly reeling back to normalcy, it’s encouraging to see 75% SMBs 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. While the potential for MSMEs and freelancers continues to grow, businesses still lack an intelligent financial infrastructure to scale,” Razorpay said in a statement.
“Razorpay’s new products launched at FTX are aimed to help SMBs bounce back far more quickly. These solutions bring in agility and flexibility in business’s financial operations and cater to their payments and business banking needs,” adds the company.
Here is the suite of products launched at FTX:-
A. Products Launched to Enhance Customer Payment Experience
Razorpay goes multilingual, Launches 7 Vernacular Languages on Checkout
India already has nearly 700 million internet users, of which more than 300 million prefer to interact in local languages. 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.
Razorpay Trusted Badge to Help Improve Conversions for New Businesses
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 in turn hurts the merchant’s profits. The Razorpay Trusted Badge helps customers know that the business is credible and trustworthy. A first-of-its-kind among payment gateway providers, the Razorpay badge can have a drastic impact on customer’s payment experience, in turn, leading to higher conversions for the merchant. 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.
B. Products Launched to Amplify Banking Experience for Businesses
Launch of RazorpayX Vendor Payouts to Help Businesses Scale-Up
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 helps 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 and not restrained by fixed banking hours.
Razorpay Forays into Insurance – Launch of RazorpayX Group Health Insurance for Teams as Small as Two Employees
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 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 and affordable premiums within 60 minutes – premiums start at Rs. 2 per day and cover pre-existing conditions and maternity.
C. Investing in India’s Digital Future
Launch of India’s First B2B App Store
Most of the product innovation has primarily happened on the B2C side but hardly any on the B2B. In a bid towards fostering innovation, Razorpay’s App Store will be the first B2B app store for the fintech industry, empowering the developer community to build solutions beyond fintech. With Razorpay’s network of 5Mn SMBs, developers can create flexible solutions and target a million businesses through Razorpay’s developer friendly APIs. The Razorpay App Store ranges from applications like Shopify and WooCommerce to help new businesses build an online store to managing accounts with Quickbooks & Zoho Books to raising donations through Crowdera.
At the event, Razorpay also announced a fund of 1 Crore to give as grants to developers encouraging them to build unique solutions that will further strengthen the fintech infrastructure.
Commenting on these innovations in a post-covid India, Harshil Mathur, CEO & Co-founder of Razorpay said, “We are going through one of the biggest digital transformations in the history of Fintech. SMBs, Startups & Freelancers of the future will be very different from the businesses today. They’ll have very different personalities, different payment & banking needs and a different set of consumers and markets to cater to. 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. The products that we’ve launched at the FTX event is an effort towards helping businesses with new possibilities to scale their business not just survive the pandemic.”
He added, “I believe Fintech is only 1% finished. There is so much more to do! With continued innovations like these, we believe together, we will soon change the way payments and business banking has been done in India.”