Newly minted fintech unicorn, Razorpay on Friday said it plans to achieve $50-billion TPV (total payment volume) by the end of 2021 up from $30 billion at present, cementing its position as one of the largest full-stack fintech companies in the country.
The company, which raised $100 million in October, launched a string of products aimed at catering to the payments and banking needs of small businesses in India, which were announced at the third edition of FTX, its flagship fintech conference.
To enhance customer payment experience and reduce the number of failed transactions, Razorpay launched a multilingual checkout page in seven vernacular — Hindi, Kannada, Tamil, Telugu, Marathi, Gujarati, and Bengali for thousands of non-English speaking merchants and customers from Tier-III and -IV cities. This feature is expected to bring 300 million new merchants onto Razorpay, who are adopting digital payments for the very first time. The company provides technology payment solutions to over five million businesses today.
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New solutions
To improve conversions for new businesses, the Razorpay ‘Trusted Badge’ has been introduced. Due to lack of trust, new merchants usually see 30 per cent higher cart abandonments on the checkout page as compared to established merchants. The Trusted Badge will be displayed on the Razorpay Checkout and will be available to select businesses who are deemed trustworthy.
The RazorpayX Vendor Payouts solution was launched to help businesses process vendor invoices, which are largely processed manually. This solution helps businesses reduce errors by automating and centralising 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, unrestrained by fixed banking hours.
The launches of RazorpayX Group Health Insurance for teams as small as two employees as well as Razorpay’s App Store — the first B2B app store for the fintech industry, empowering the developer community to build solutions beyond fintech — were also announced. Razorpay has set up a fund of ₹1 crore to give as grants to developers encouraging them to build unique solutions that will further strengthen the fintech infrastructure.
Harshil Mathur, CEO and co-founder of Razorpay, said: “SMBs, start-ups and freelancers of the future will be very different from what they are today. They’ll have very different personalities, different payment and 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. I believe fintech is only 1 per cent finished. There is so much more to do.”