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India’s Razorpay launches faster checkout feature, tops $60 billion TPV – TechCrunch

Razorpay is driving India’s leading payment infrastructure giants to win a larger portion of the world’s second largest internet market, allowing users to pay their businesses with faster checkout options. It’s convenient.

A new feature called Magic Checkout is when a shopper saves information such as passwords, card details, addresses, etc. on the first purchase and when dealing with the same business or other businesses that process payments using Razorpay. Enter them in advance.

Magic checkout is similar to the service offered by Bolt and Fast in the United States, but Razorpay says it’s trying to help merchants avoid the 70% drop-off commonly seen in the last steps of the trading process. The startup says.

The feature supports all payment methods, including cash on delivery, and requires minimal integration on the business side, the startup said. “This unique checkout experience allows shoppers to check out 50% faster and retailers can expect a 20% increase in conversions, which means a 20% increase in business revenue. I will do it. “

Magic Checkout is one of Razorpay’s series of announcements, counting Tiger Global, Sequoia Capital India, Y Combinator, and Salesforce. Among its supportersMade at an annual event called FTX on Thursday. Founded almost seven years ago by Harshil Mathur and Shashank Kumar, the startup says it has recorded over 300% growth for the second year in a row.

As of early December, the startup was processing more than $ 60 billion in transactions for its customers, exceeding the $ 50 billion target set in December last year. The startup, which has attracted more than 8 million customers, said it aims to process $ 90 billion in transactions by the end of next year.

Razorpay has established itself as one of India’s leading payment infrastructure companies, competing with PayU and Cashfree. Stripe, a global payments giant, hasn’t expanded to India yet, but has been in operation for several years in India.Two of its key executives, including the head of Stripe in India, earlier this year Start your own cross-border payment startup..

“Of the 42 Indian startups that became unicorns this year, 33 use Razorpay,” Mathur said in an interview with TechCrunch. “We continue to say that our growth happens with the growth of ecosystems.”

Razorpay also introduced a new feature called the Razorpay X Tax Payment Suite for today’s neo-banking customers. It acts as a single portal for tax payments. This feature allows businesses to import all filings from other sources to save time. “Tax and compliance are two of the most feared words for any business in India,” Kumar said.

“It’s a one-stop platform for all small business tax needs, including TDS, GST, TCS, and prepaid taxes. In addition, the RazorpayX dashboard is seamless among finance teams, external accountants, and business owners. For collaboration, we provide businesses with a single transparent view of all payments, “he said.

And finally, Razorpay said he’s also giving back to the community. According to Kumar, a lunch pad to help first-time entrepreneurs score important early-stage startup issues such as setting up a company and submitting their first salary, as well as guidance on securing loans and equity investments. Launched a certain RIZE.

Razorpay does not charge fairness or fees for incubation programs that seek to create a community that helps early-stage founders connect and interact with late-stage founders and other mentors.

For Rize, startups partner with more than 50 product companies, including AWS, Freshworks, WeWork, Zoho, Shiprocket, WebEngage, and more to offer Razorpay and its partner products $ 500,000 worth of benefits for free. He said he created a toolkit.

“India is different from the United States. You can’t raise money based on ideas. Financing requires traction and that part is complicated. So we help startups solve it. I want to, “Mathur said.

India’s Razorpay launches faster checkout feature, tops $60 billion TPV – TechCrunch Source link India’s Razorpay launches faster checkout feature, tops $60 billion TPV – TechCrunch

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