Razorpay also took its POS business to the next level with the launch of Dynamic QR Soundbox (DQR), India’s first enterprise-ready QR device with card support
Bengaluru, NFAPost: At the 5th edition of its flagship event, FTX – Razorpay, India’s Leading Omnichannel Payments, and Business Banking Platform, today announced that it 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.
Continuing its commitment to making the entire money flow in an organisation simple, scalable, and secure, Razorpay launched four key India-first innovations to future-proof India’s growing digital payments and banking ecosystem. The FTX event brought together 30+ thought-provoking speakers and saw the participation of over 2,000 Founders, CFOs, Product Managers, and executives from the banking fraternity across India. It was also virtually attended by 20,000+ fintech enthusiasts from across the globe.
As per the Union Finance Ministry’s latest monthly economic review, India is set to become the world’s third-largest economy with a GDP of $7 Trillion by 2030. With over 91 Billion digital payment transactions in 2023, India is also the fastest-growing Fintech market in the world. The Digital India Stack is now a global benchmark for most countries, providing a competitive advantage for growing businesses.
Razorpay believes the Digital P2M (Person-to-Merchant) Payments market in India will continue to grow exponentially and reach $4 Trillion by 2030! Recognizing the ever-expanding potential of Startups, Freelancers, and Enterprises, the company believes businesses today require an intelligent real-time financial infrastructure to scale with evolving payment and banking needs and diverse consumers and markets. The four new products launched today at FTX are founded on Razorpay’s mission to power the financial infrastructure of businesses so that they spend less time worrying about managing the entire money movement and more time creating new products, building on new ideas, and thinking scale.
Here is the suite of products launched at FTX’24.
- RAZORPAY PAYMENT GATEWAY 3.0 – India’s First PG Built for 600 Million Users
From 10 Million online shoppers in 2015, India has now grown to over 250 Million shoppers. In the next 5-10 years, India is going to have over 600 Million online shoppers! Currently, only 10% of online shoppers cross the barrier of deciding what to buy, and only 1/4th of these potential buyers make a purchase!
Addressing these barriers, Razorpay, today, 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.
Designed to cater to the anticipated 600 Million online shoppers over the next decade, the new PG 3.0 offers a plethora of features like:
- Razorpay Trusted Badge and Razorpay Buyer Protection helps position the brand as a trusted business, guaranteed customer service and dispute resolution
- Reserve Online & Pick Up In-Store widget allows online shoppers to discover nearby offline stores to check the product out and peacefully make the purchase
- Quickbuy Technology makes the payment flow a 1-step process instead of the traditional 6-step checkout
- On-the-fly Coupon Codes offer shoppers the best deals right there, rather than having the customer look up for it online
- Delivers Personalization to a whole new level with pre-filled addresses, auto-selected preferred payment methods, and personalised offers
- Offers COD with RTO (Return To Order) and fraud protection, powered by AI
- RAZORPAY DYNAMIC POS DEVICE: India’s First UPI-Led QR Stack for Enterprises
Today, India has over 27 Million QR stickers and more than 10 Million soundboxes. And 80% of in-store payments happen via QR, however, out of this, only 2% is from organized retail. In organized retail stores, traditional QR codes in POS devices aren’t user-friendly, leading to longer transaction times and queues at the checkout counter. Additionally, SQR (Static QR) devices require frequent servicing and cashiers need to do reconciliation manually, leading to leakages!
With an intent to build payment efficiencies in large-format retail stores, Razorpay, today, 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. The DQR stack offers a unified dashboard, empowering retailers with AI-powered reconciliation, remote diagnostic capabilities, and digital bills that will drive customer engagement. Razorpay’s rock-solid UPI infrastructure ensures high success rates and no hanging payments at the point of transaction, thereby ushering in a new era of seamless, omnichannel commerce. 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 STACK WITH ‘ENGAGE’ – India’s First Full-Stack Intelligent Marketing Growth Suite
After the acquisition of PoshVine, the Loyalty & Rewards Management Platform, in 2022, Razorpay has developed a deep understanding of consumer behaviors in the last 15 months. Razorpay found that 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.
Just as Razorpay simplified payments and banking for businesses, it has now forayed into a new territory – Marketing & Growth, to help businesses acquire, retain, engage, and revive customers sustainably. Razorpay today announced this foray by launching ENGAGE – India’s First Full-Stack Intelligent Marketing Growth Suite, powered by the country’s payment infrastructure.
Razorpay Engage allows businesses to take charge of their end-to-end customer engagement and growth, starting from:
- Knowing who their customers are, both in-store and online & targeting them with the right incentives
- Generating and distributing customised gift cards and coupons
- Creating personalised incentives from 5,000+ inventory
- A single integrated platform that connects businesses to customers through WhatsApp, Google, or Meta, and via Razorpay’s business and bank network
- INDIA’S FIRST AI-ASSISTANT FOR PAYMENTS & PAYROLL – RAY
At Razorpay, AI (Artificial Intelligence) is the backbone of its product stack. 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, thereby making payments faster, safer, and more robust.
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.
For instance, businesses can ask RAY any question like “I initiated this refund to the customer. Where is it stuck?” or something more complex like integrating into a PHP website. Instead of writing the code yourself, businesses can ask RAY “Please generate an integration code for my website in Python”, and it will generate the code and show it to you. The text and voice-based AI-Assistant RAY currently answers questions in English and Hindi and will soon be offered in regional languages too, as language models get built around those.
Additionally, Razorpay has also launched two new AI-powered products that will reduce chargebacks and safeguard businesses from potential frauds and RTOs.
- Razorpay FraudShield: Razorpay estimates that chargebacks can cost businesses up to 2-3% of their international revenue. Fraud chargebacks add cost and revenue pressure to the business. For a scaling business, this means fraud chargebacks can quickly balloon bringing a business’ growth to a halt. To tackle this ongoing problem, Razorpay launched a chargeback protection program – FraudShield, and if businesses opt-in, the company promises to reimburse businesses of any amount accounted towards fraudulent chargebacks.
- AI-Powered RTO (Return To Origin) Suite: Another common fraud for businesses in e-commerce marketplaces is RTO orders, causing them multi-crore losses every year. To stop RTO frauds much before they happen and protect businesses from fraudulent RTO orders, Razorpay launched an AI-powered RTO Suite. The company also boldly promises businesses RTO Protection – that if businesses opt-in to this feature and if they suffer a loss due to fraudulent RTO orders, Razorpay will take care of that cost.
Speaking about Razorpay’s mission to disrupt Indian financial services ecosystem and prepare it for the future, Harshil Mathur, CEO & Co-Founder of Razorpay said, “Razorpay’s growth is an index of India’s digital economy. From a kirana shop in Kashmir collecting payments on our POS device to a textile exporter in Kanyakumari accepting dollars through our International Payments product, we have revolutionised how businesses have traditionally transacted and interacted with money. Today’s event marks yet another turning point in the Indian fintech industry as we transform age-old complexities in the money movement ecosystem of small and large businesses and deliver real-time intelligent payment and business banking solutions.”
Harshil added, “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. With our foray into building an intuitive marketing stack through Engage, we have today established India’s First Full-Stack Intelligent Marketing Growth Suite! We believe through Engage, we are empowering businesses to take full control of their end-to-end customer engagement and are completely changing how they have acquired, retained, engaged, and revived customers till now. Today, we are also India’s First Fintech to have developed an AI-Assistant designed for e-commerce businesses, one that promises to resolve all things Payments, Payouts, Payroll, Vendor payments, and much more. We at Razorpay are changing every known paradigm of money movement for disruptive businesses. I believe we are not stepping into the future. We are creating it.”
Commenting on the launch of Razorpay’s latest array of products, Shashank Kumar, MD & Co-founder, Razorpay said, ‘’Innovation is at the front and center of everything we do at Razorpay. Having built India’s only full-stack financial services platform over the years, we believe it is our responsibility to create an ecosystem where businesses are supercharged to, and in turn, transform the lives of their end-customers. The host of products and solutions we have launched today are a result of this mindset.”
He added, “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. With the launch of PG 3.0, we have built a new standard in digital payments and completely changed the way India thinks about commerce. And with the launch of Dynamic POS Device, we will empower large retail stores to accept UPI payments through QR codes as their primary payment method because that’s what India is moving towards. We are truly excited for businesses to experience them in action and slingshot their way through their growth journeys.’’
As Razorpay gears up to embrace the next wave of growth, it reflects on its remarkable journey over the past 9 years. Throughout this time, the brand has consistently led the way in digital payments and financial technology, not only as a leader but also as a pioneer who redefines industry standards.
