Thursday, September 21, 2017

Razorpay 2.0 to Double Merchant Count to 90,000 by 2018; Rolls Out New Products

With an aim to revolutionize digital payments for businesses, Razorpay unveiled its new avatar, Razorpay 2.0 and launched a gamut of new products and payment solutions today. Having disrupted the payment gateway industry over the last 2.5 years and being the first to support every new mode of payment for businesses, the Company has successfully evolved as India’s first converged payments solution company.

In its new avataar, Razorpay 2.0 is effectively equipped to resolve all business problems related to the payments ecosystem. Today, payment acceptance is not the only problem. There are other big challenges, such as managing cash flows, disbursement of money, automating NEFT and bank wires and collection of scheduled payments  among others. Only a comprehensive and innovative solution built over robust technology will address the entire length and breadth of the payment journey for any business.

The event unveiled four new products, Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices - all these will solve for managing the entire money movement for India’s huge under-served business community and embrace cash-rich traditional sectors such as Education, Government, Insurance and new age e-commerce companies.

Says, Harshil Mathur, CEO and Co-Founder, Razorpay, “It’s an exciting evolution for us from being a pure payment acceptance layer to a holistic and converged payments solution. We now manage the what, when, where and how of payments, right from the moment a payment is initiated to the point it is fully reconciled and disbursed to the final destination.”

“Throughout this evolution, I believe what has helped us the most is being open to feedback from our merchants, we like to keep them as our centre of commerce, and enable convenience and ease. We aim to make payments accessible to any business with a bank account and a phone number.”

In an exciting new journey to follow, Razorpay is geared up to double its merchant count to 90,000 by the end of next fiscal year. The company has clocked in a healthy growth rate of 40-50% month-on-month and aims at impacting lives of 25 million end consumers by 2020. Razorpay expects more than 10x growth in volume & revenue by next fiscal year and predicts the newly launched product suite to contribute 30% of its revenue.

Shashank Kumar, CTO and Co-Founder, Razorpay shares how technology has been Razorpay’s key differentiator from day one. He says, “We are looking to solve all pain points related to the flow of money for businesses in India. We aim to marry intelligent technology solutions with the payment needs of businesses to deliver a sound, cohesive and comprehensive payments experience.

Harshil concluded stating, “As far as I can tell, we are the only fintech company that can manage the entire flow of money for a business in India.”

According to a recent report on Digital Payment in India 2020, the total payment via digital instruments is expected to touch $500 billion by 2020. To supplement this growth, digital inclusion and sustained growth is a priority. With payments forming the lifeline of any business, it is key to innovate and evolve with a choice of solutions. For Razorpay, it's not just about launching a suite of products, but about how they are bundled together to create an intrinsic value in a simplest form to any business.

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