• An in-store payment solution that offers comprehensive affordability options, leading to a 17% higher customer conversion rate in stores
• With zero switching cost to upgrade from their existing payment systems

INDIA, Bengaluru, 28th August 2024: At the Global Fintech Fest 2024, Razorpay POS, the offline payments arm of the fintech major today announced the launch of ‘Razorpay DigiPOS’, an industry-first Point-Of-Sale software that is set to transform in-store payments at all Apple Premium Reseller outlets in India by leveraging the power of iOS devices to create a seamless and intuitive payment experience. By enabling Apple Premium Reseller stores to use their own iPads and iPhones to process payments, whether it’s card, no-cost EMI, or UPI transactions, DigiPOS eliminates customer queues and enhances the overall shopping experience. 

Apple Premium Reseller stores have been traditionally relying on Android devices for payments; now, with DiGIPOS, they can seamlessly process payments using iOS devices. With this launch, Apple Premium Reseller Stores will become the first retailer to adopt Razorpay DigiPOS, setting a new standard for in-store payment experiences at its outlets across India. The integration of Razorpay’s compact mPOS device ensures that payments are not only swift but also effortless, aligning perfectly with Apple’s commitment to providing a connected, end-to-end iOS experience.

Razorpay DigiPOS provides an in-store payment solution with comprehensive affordability options, resulting in a 17% higher customer conversion rate in stores. DigiPOS features:

• Seamless Device Integration: DigiPOS transforms any iOS device into a powerful billing and payment acceptance tool, ensuring a unified in-store payment experience
• Complete Payment Management: Manages the entire payment process from pre-payment offer discovery and cataloging to payment processing, digital charge slips, and post-payment tracking, voids, and refunds
• Universal Payment Acceptance: Supports multiple payment modes, including Card (Tap & Pay), UPI/QR codes, and link-based payments, across iOS devices
• Razorpay POS Device: The compact and sleek mPOS device pairs with DigiPOS to support card-based transactions, offering a portable solution that connects via Bluetooth, enhancing mobility and convenience

The Razorpay DigiPOS payment solution is available as a software upgrade for the existing POS devices and businesses do not have to make any fresh investments to access DigiPOS. If new innovative payment methods are introduced, they can be easily integrated into the device, ensuring the devices are equipped with the best of technologies and are future-ready.

Commenting on the launch of Razorpay DigiPOS, Rahul Kothari, Chief Operating Officer of Razorpay said, “With DigiPOS, we’re not just introducing another payment solution—we’re reimagining how in-store transactions should feel in today’s fast-paced world. By turning iPhones and iPads into powerful payment hubs, we’re merging cutting-edge technology with the simplicity and seamlessness that customers expect from Apple. Businesses no longer have to keep Android devices to receive payments and all new methods when introduced can be easily integrated into Apple devices, ensuring businesses are equipped with the best of technologies and future-ready. This is more than just a product launch; it’s a leap toward a future where payments are as seamless as the rest of our lives. We’re thrilled to have Apple as our first partner on this journey, setting a new benchmark for retail experiences in India.”

“At Unicorn Infosolutions, our commitment to delivering unparalleled customer experiences is at the heart of everything we do. By integrating Razorpay DigiPOS into our systems, we are elevating this commitment to new heights. DigiPOS not only enhances the efficiency and flexibility of our payment processes but also deepens the connection we have with our customers by making every transaction more seamless and intuitive. This integration allows us to offer the convenience, innovation, and superior service that our customers expect from Apple, ensuring that their in-store experience is as cutting-edge as the products they love”, said Jeethil Johny, National Head, Unicorn Infosolutions Private Limited, Apple Premium Reseller.  

Razorpay began extending its payment offerings for the offline world with the acquisition of Ezetap (now Razorpay POS) in August 2022 and evolved into an omnichannel payment platform for online and offline businesses. Recently, the company has introduced innovative products and features, such as Instant refund on Razorpay POS devices, the Dynamic QR Soundbox (DQR) – India’s first enterprise-ready QR device and Q-ZAP, a queue-busting solution that reduces billing wait time by 40% in offline stores. With these new offerings, Razorpay POS is enhancing the in-store payment experience by providing various touchpoints and continually reinventing the wheel of payment solutions. 

INDIA, Bengaluru, 14th August 2024 – In its constant endeavor to build innovative and resilient payment and banking solutions for businesses, Razorpay, India’s Leading Omnichannel Payments and Banking Platform for Businesses has been recognised by Forbes as part of the prestigious Cloud100 List for 2024. The company has been apprehended for its innovation and leadership in the cloud technology sector and for being one of the disruptors in the cloud and AI technology revolution globally. This places Razorpay amongst world leaders such as OpenAI, Databricks, Canva, Airtable, to name a few. The Fintech giant has entered this distinguished list for the third consecutive time and this year, the Nasdaq Stock Market in New York City celebrated each Cloud 100 honoree individually on Times Square Tower.

The Cloud 100 list recognizes standouts in the technology category from small startups to private-equity-backed giants. A panel of 25 judges, composed of a majority of public cloud CEOs, selected and ranked the top 100 companies using a combination of quantitative and qualitative factors. The evaluation process involved four factors: estimated valuation (30%), operating metrics (20%), people and culture (15%), and market leadership (35%), which the judging panel then weighed to select, score, and rank the winners. This year’s list highlights companies that have effectively harnessed the power of AI and strategically positioned themselves for potential IPOs, aiming to capitalize on their growth and market leadership in the near future.  

Expressing his excitement on being featured in this prestigious list, Harshil Mathur, CEO and Co-founder of Razorpay said, “Being featured on the Forbes Cloud 100 list for the third time is an incredible honor for us at Razorpay. To be one of the few Indian companies on this prestigious list is not just a proud moment for us, but a testament to the potential and impact of India’s financial technology sector on the global stage. Over the years, our relentless focus on building a business-centric platform has driven our growth, and this recognition reinforces our belief that we are on the right path. We’re more committed than ever to empowering businesses with innovative payment solutions that drive real value and want to continue setting a new benchmark for others to follow. ”

“Hearty congratulations to all the companies across the globe that have made it to this list,” he added.

Razorpay believes the Digital P2M Payments market in India will continue to grow exponentially and reach $4 Trillion by 2030! Recognizing the ever-expanding potential for Startups, Freelancer, and Enterprises, the company will continue to invest in building an intelligent real-time financial infrastructure, supported by next-gen AI technologies to help businesses scale and meet their ever-evolving payment and banking needs. 

INDIA, Bengaluru – 8th July 2024: With a commitment to safeguard customers and protect its brand identity against financial fraud, Razorpay, India’s Leading Omnichannel Payments and Banking Platform for Businesses, has secured a John Doe Order from the Delhi High Court. Effective immediately, this order mandates Facebook, WhatsApp, and Telegram to suspend accounts found infringing on Razorpay’s trademarks and conducting fraudulent activities. This step reinforces Razorpay’s commitment to combating financial fraud and protecting customers from scams undertaken in its name. 

The digital landscape, while offering immense convenience, has also become a fertile ground for cybercriminals. Scammers have been increasingly impersonating reputable companies like Razorpay to lure individuals into fraudulent schemes. Razorpay recently filed a lawsuit against unknown individuals who were misrepresenting themselves as recruiters from the company, offering part-time jobs for extra income against deposits and other false promises. These scams were being perpetrated through platforms such as WhatsApp, Facebook, and Telegram. The Delhi High Court observed that a prima facie case was established in favor of Razorpay. The favorable order from the court prohibits unauthorized use of the “Razorpay” trademark, thereby helping to prevent fraud against the general public, including financial scams. Razorpay has also placed a disclaimer on its website to caution the public against such frauds. 

Commenting on the court’s order, Shivli Katyayan, Head of Legal, Razorpay, said, “At Razorpay, we prioritise the safety of our customers above all else. We deeply value the trust our customers place in us, which we take very seriously. Throughout the years, we have dedicated ourselves to implementing robust security measures to safeguard our customers from financial fraud. This includes proactive steps like regular infrastructure updates and rigorous security protocols. This legal order reaffirms our commitment to transparency, accountability, and trust in our services as the Razorpay brand. We remain steadfast in our resolve to take decisive legal action against any misuse of our brand to protect our customers’ interests and maintain their trust in the brand Razorpay.”

The court’s directive includes several critical measures:

• Domain Name Suspension: Domain name registrars are ordered to block or suspend access to domain names operated by unknown entities involved in these scams
• Account Blocking: WhatsApp is required to provide basic subscriber information related to the accounts that are to be blocked. Further, both WhatsApp and Telegram are directed to block channels or accounts operated by the violators. 
• Bank Account Freezing: Banks are directed to freeze or suspend the operations of the bank accounts used by the fraudsters
• UPI ID Suspension: The National Payments Corporation of India (NPCI) is directed to suspend or disable the UPI IDs involved in these financial scams

The company’s commitment to security extends beyond legal action. Razorpay recently announced significant strides in its compliance initiatives, particularly in enhancing its regulatory adherence and security protocols. The company received a coveted data security and compliance certification, ‘System and Organisation Control 3’ highlighting the rigorous protocols in place for data processing and protecting sensitive customer data. This certification underscores Razorpay’s dedication to maintaining the highest standards of security and compliance in the fintech industry. By adhering to such stringent compliance measures, Razorpay continues to lead the fintech industry in fostering trust, transparency, reliability, and security. 

INDIA, Bengaluru – 24th June 2024:  With an unwavering commitment to simplify money movement for businesses irrespective of size, Razorpay, India’s Leading Omnichannel Payments and Banking Platform for Businesses, today announced the expansion of its MoneySaver Export Account for Freelancer Professionals. This makes Razorpay the first Indian Payment Aggregator (PA) to offer international payments for freelancers. 

This feature will now enable Freelancers to open a Smart Account in any country of their choice and accept payments locally via bank transfers on the Razorpay platform, all while benefiting from zero withdrawal fees. Razorpay aims to empower over 15 million Indian freelancers by saving them up to 50% in fees and commissions on international bank transfers. 

India stands as the second-highest contributor to the global freelancer market. They primarily seek work through social media or online freelancing platforms. However, the payment options currently available to them are not seamless and cost-efficient. International payments for exporters largely rely on International Bank Transfers, with SWIFT being one of the primary modes. However, these transactions come at a significant cost, as per RBI reports, with approximately $13 spent on SWIFT charges for every $200 remitted. For freelancers, the challenges are even more daunting. Direct bank transfers can incur fees of up to $30 per transaction, along with additional currency conversion charges. This results in Indian freelancers losing up to 25% of their income. 

To address the growing concerns of Indian freelancers around payments, Razorpay enables them to now open a MoneySaver Export Account in any country of their choice, completely free of hidden charges. This offers their global customers a seamless and cost-effective experience.

The MoneySaver Export Account adheres to the latest RBI guidelines, incorporating video KYC ensuring a safe and secure experience for freelancers. The account enables freelancers to receive international bank transfers from over 160 countries within 5 seconds, eliminating the need for additional paperwork. Additionally, the MoneySaver Export Account offers freelancers a single-click Digital FIRC (Foreign Inward Remittance Certificate) and incurs no withdrawal fees from online freelance marketplaces, unlike other solutions that currently charge $2 per withdrawal along with marketplace commissions of 20% for every $500 earned. This account can be created across the US, UK, Canada, Europe, and other priority export markets, enabling the use of preferred banking networks like ACH, SEPA, SWIFT, and FPS. 

Commenting on the development, Rahul Kothari, Chief Operating Officer, Razorpay, said, “While India continues to grow as one of the fastest-growing markets for freelancers, it’s crucial to have seamless and a cost-efficient method to manage international money transfers securely and support this dynamic community with immense potential.” 

Kothari added, “Freelancers face formidable challenges, particularly with direct bank transfers that can carry fees as high as $30 per transaction, compounded by additional currency conversion charges. As a result, they lose up to 25% of their income. By addressing these challenges, our solution aims to significantly reduce the burden of high transaction fees and currency conversion charges that freelancers often face, thereby empowering this community with the unparalleled benefit of seamless, border-free global banking. Our commitment to providing a reliable, hassle-free financial experience can now ensure that freelancers can focus on what they do best—delivering exceptional work to clients around the world.”

Razorpay has provided significant backing for export payments via its MoneySaver Export Account. Tailored specifically for exporters, the MoneySaver Export Account enables merchants to receive international payments through electronic funds transfer systems. This account, launched last year, has garnered substantial adoption, with over 15,000 exporters embracing its benefits so far. In addition, last year, Razorpay also introduced Forex Service for founders, which enabled Indian startups to effortlessly transfer globally raised funds to India, empowering them to navigate the international financial landscape with ease and thus maximize their Foreign Funding  Inflow (FDI) to India.

• The plug-and-play integration with 120+ billing partners speeds up solution setup significantly, from 4 weeks to 4 days

INDIA, Bengaluru, 29 May 2024: Staying true to its commitment to helping offline businesses unlock new levels of growth, Razorpay POS, the offline payments arm of the fintech giant, today announced the launch of ‘Q-Zap’, an intelligent payment solution for retailers, designed to facilitate faster checkouts and zero queues. With the help of Q-Zap, Razorpay POS aims to redefine the in-store customer experience by reducing billing time by 40% and helping retailers save up to 20% in annual operating costs.

How does Q-Zap help businesses?

When customers make purchases in a store, they often have to proceed to the billing counter and wait in line to complete their payment, even for the smallest purchases. These long checkout lines can be frustrating for customers and merchants, negatively impacting customer satisfaction and sales for businesses. Enter Q-Zap, an intelligent suite of queue-busting solutions that allows businesses to collect payments beyond the traditional billing counter. Using self-checkout kiosks or hand-held POS devices integrated with the Q-Zap solution, customers can complete their payments from anywhere within the store, eliminating the need to wait in long lines. Q-Zap also offers seamless Ready Plug-and-Play integrations with over 120 billing partners, accelerating solution implementation within 4 days as compared to the industry standard of 4 weeks. This integration with billing software streamlines tasks such as billing, payment collection, and the reconciliation of goods sold against payments received, making the process highly efficient. This user-friendly, and all-in-one solution enhances the customer experience significantly. Q-Zap seamlessly integrates Razorpay POS hardware and software, supporting all payment methods, including UPI, credit cards, and debit cards, across all major networks such as Visa and Mastercard for faster checkout. 

The traditional Point of Sale (POS) is rapidly evolving into a ‘Point of Service’, as customers increasingly expect enhanced experiences at every interaction. Eliminating the checkout line is just the first step in this transformation. Once staff members are relieved from stationary cash registers, they must be elevated to cater to additional responsibilities. To effectively manage these new duties, they must be equipped with the appropriate tools. This is where non-traditional checkout options, like self-service, can help businesses significantly. 

Commenting on the launch, Rahul Kothari, Chief Operating Officer, Razorpay, said, “At Razorpay, we are committed to empowering businesses with tools that ensure seamless payment experiences. Q-Zap, our queue-busting solution, aims to not only eliminate tedious checkout lines for customers but also to free up in-store staff’s time so they can be available to customers and provide them assistance, which could include answering questions or facilitating customer checkout. As India’s consumer market evolves dynamically, so do the needs of businesses. With the market poised for exponential growth, achieving the ambitious $2 trillion target by 2033 requires robust infrastructure. Razorpay prides itself on innovation, constantly developing agile solutions to address key pain points in the entire money movement journey of not just online businesses, but offline too.”

Razorpay began extending its payment offerings for the offline world with the acquisition of Ezetap (now Razorpay POS) in August 2022 and evolved into an omnichannel payment platform for online and offline businesses. Recently, the company introduced innovative products and features, such as Instant refund within 2 mins for failed UPI transactions on Razorpay POS devices and the Dynamic QR Soundbox (DQR) – India’s first enterprise-ready QR device with card support at its flagship event FTX. With these new offerings, Razorpay POS is enhancing the in-store payment experience by providing various touchpoints and continually reinventing the wheel of payment solutions.

INDIA, Bengaluru, 14th May 2024: In its commitment towards building a truly inclusive and healthy workplace, Razorpay, India’s Leading Omnichannel Payments and Banking Platform for Businesses has today unveiled its new Employee Health Insurance Policy which includes some thought-through benefits to cover all full-time team members, including all acquired entities, and their families.

With the reimagined policy, Razorpay empowers its employees to customise their health insurance plans according to their individual needs. This includes defining their own families, encompassing Live-in or LGBTQIA+ partners as spouses, and now extending coverage to Siblings. 

This Sibling Insurance inclusion is a rare provision that less than 1% of organizations in India currently offer, as per data from Prudent’s database. Also, the updated policy not only sets a new standard by incorporating coverage for HIV/AIDS and PCOS but also eliminates Co-Pays for employees, their spouses, and children covered in the policy.

In recent years, the landscape of employee benefits has experienced a significant shift. Once considered optional, occasional, and selective, it has now become the most indispensable component of a company’s culture. Highlighting this, a recent report, ‘The State of Employee Benefits 2024‘, recorded a remarkable surge in India, in FY’24, with a 110% increase in companies offering comprehensive healthcare plans. Pioneering this positive change within the industry, Razorpay’s insurance policy will encompass a wider spectrum of employee needs, reflecting the evolving priorities and expectations prevalent in today’s dynamic workforce.

The new Health Insurance Policy covers an array of benefits, including:

• Extended Coverage for a Sibling, Adopted, or 3rd Child: Enabling employees to craft their own ‘family’ definition, Razorpay has expanded its health insurance offerings to siblings, adopted, or 3rd child. This expansion allows employees to select the plan that best aligns with their family structure and individual circumstances. 
• Diagnosis for Critical Conditions: The revamped health insurance policy now encompasses vital treatments like those for HIV/AIDS, ensuring comprehensive healthcare coverage. Additionally, the policy extends support to conditions such as PCOS, addressing a broader spectrum of healthcare needs. 
• Exclusive Perks: Championing the overall fitness of Razors in the truest sense, this revamped policy will enable the employees to get exclusive access to discounted membership at Cult on Elite Cult membership.
• Prioritising the well-being of Expecting Mothers: Cognisant of the rising expenses women have to account for during pre and post-pregnancy, the policy has been redesigned to add enhanced maternity benefits, including an increased C-section limit of INR 1 lakh from the earlier limit of INR 75,000.
• Exempting all employees from Co-Pay: Further boosting financial security and promoting peace of mind among Razors, this policy will exempt all employees from co-pays for themselves, their spouses, and their children covered under the policy.
• Enhanced Health Benefits: To support Razors in odds of life, the revamped policy is chalked out to provide coverage against day-to-day medical expenses for doctor’s consultations, and diagnostic tests. The policy also provides up to 50% discount on OPD expenses for all employees. 
• Self-Health Checkups: To prioritise employee health and wellness, the new health insurance policy now includes regular health check-ups for all Razors as a new benefit.

Chitbhanu Nagri, Senior Vice President of People Operations at Razorpay, stated, “Our people are at the heart of Razorpay, and we believe in fostering an environment where every team member feels valued and supported. Today’s employees are seeking benefits beyond offerings like traditional health insurance and retirement plans. With a majority of our employees being bachelors, the conventional way of covering health insurance policy didn’t have a significant value-add for them. While our existing health insurance policy already included live-in partners and LGBTQIA+ partners, we’re now taking it a step further by extending coverage to Siblings, redefining how employee health insurance policies typically work. With this new addition, we intend to continuously keep expanding the scope of benefits for our Razors, enabling them to enjoy an elevated employee experience that truly aligns with their personal circumstances. At Razorpay, we aim to create an environment where everyone feels they belong because when our people are supported, they can achieve their best.”

As an employee-first organization, Razorpay has implemented several initiatives in recent years to reinforce its dedication to fostering a diverse, secure, and inclusive workplace. Facilitating equal opportunities after career breaks for women, Razorpay recently introduced the ‘Resume with Razorpay’ policy, a returnship program for female professionals on a break who are looking to return to the workforce. Other employee-focused initiatives such as ‘Bring Your Children & Pets to Work‘, Focus Hours’, ‘Open Hours of Counseling’, ‘Family Assurance Benefits Policy’, ‘Health Insurance Policy for LGBTQIA+, and Live-In Partners’, among others have consistently strengthened the foundation for an equitable work environment. 

INDIA, Bengaluru, 23 April 2024: From building India’s leading Payment Gateway (PG) to expanding into offline payments to introducing its first PG in Malaysia, Razorpay remains committed to its core vision of empowering businesses in India and globally through relentless industry-first innovations and solving for all things payments. Today, Razorpay launches its own UPI infrastructure with UPI Switch, a next-generation cloud-based innovation, in partnership with Airtel Payments Bank. Boosting success rates by 4-5%, the solution is designed to handle up to 10,000 transactions per second (TPS) at any given time. UPI Switch will also enable 5X faster access to UPI innovations for businesses. 

UPI (Unified Payments Interface) has become India’s preferred payment method, representing 70% of digital transactions. In January 2024, UPI transactions reached a record Rs 18.41 trillion, showcasing its rapid adoption. With the addition of new payment methods like credit cards, wallets, and credit lines, UPI is projected to reach 2 billion transactions per day by 2030. This evolution has turned UPI into a comprehensive payment platform, supporting various modes such as savings and current accounts, credit cards, prepaid wallets, and credit lines. This growth indicates a significant surge in UPI transaction volumes in the near future.

How does the UPI Switch work? The success of UPI transactions has a strong dependency on the UPI infrastructure deployed at the banks. Banks connect with the existing UPI infrastructure to facilitate seamless communication between core banking systems and UPI technology while processing a UPI transaction. This infrastructure is called a UPI switch and is powered by Technology Service Providers (TSPs) for banks. It holds the power to process UPI transactions at scale and enable new UPI innovations for millions of businesses to access. Currently, the existing infrastructure lacks customization features for businesses with clearly differentiated needs, or the capability to handle scale and enhance performance. This results in scalability issues, technical declines, and downtimes that impact overall customer experience. Additionally, legacy TSPs struggle to remain compliant, hindering their ability to innovate and meet the demands of new-age businesses. 

Addressing these challenges, Razorpay’s UPI Switch readies India for the future and provides a holistic infrastructure that solves all the above challenges and enhances the experience of businesses with its range of features. It excels in dispute resolution, resolving issues 7X faster, within 24 hours than the industry average of 7 days. Moreover, it can process refunds instantly compared to the industry standard of up to 3 days, ensuring a seamless customer experience. Razorpay UPI Switch will be the foundational platform that will drive all future UPI innovations along with powering current Razorpay UPI innovations such as Turbo UPI, and TPAP solutions.  

Commenting on the launch, Khilan Haria, Head of Payments Product at Razorpay said, “India has always been at the forefront of innovation in the digital payments ecosystem and its possibilities have compounded in the last few years, thanks to the versatility of UPI. As a result, the country has been able to set a global standard, emphasizing the need to continually raise the bar with each advancement. Razorpay’s UPI Switch is designed with a similar vision to provide scalability and the best performance to businesses. This venture into UPI Infrastructure marks a strategic move to manage the end-to-end merchant experience and provide the industry’s leading stack. With latency below 100 milliseconds, a 4-5% increase in success rates, and features customized to suit business needs, our switch is crafted to enrich the payment experience and ensure that businesses can now manage the surge in UPI transactions on any sale or non-sale day.” 

He added, “At Razorpay, innovation is at the core of everything we do. We are proud to be a driving force behind the transformation of India’s digital payments ecosystem and are committed to continuing to deliver innovative solutions that will change how businesses engage with their customers.”

Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank said “We’re thrilled to announce our partnership with Razorpay, aimed at providing our customers with a seamless, secure, and scalable payment experience. Our integration with Razorpay’s UPI Switch, a cloud-based infrastructure for the most advanced UPI Stack, ensures 99.99% uptime and enables up to 10,000+ transactions per second. As UPI transactions continue to surge, our collaboration sets a new standard for business payments, aligning perfectly with the vision of a digital India.”

Razorpay has been leading UPI innovation since 2017, starting with enabling payment acceptance, introducing the UPI Autopay feature, to enabling credit card payments on UPI, and credit lines on UPI. Recently, Razorpay also launched ‘Turbo UPI’, India’s fastest one-step UPI payment solution. This foray into UPI Infrastructure signifies a strategic step towards managing the entire merchant experience and offering the foremost industry stack.

Here are some key insights from The Razorpay Annual Payments Report titled ‘Wealth, Wellness, and Wanderlust’. All findings in this report are based on transactions held on the Razorpay platform between April 2023 and March 2024. Growth percentages are a comparison between FY’24 and FY’23 (unless specified otherwise). Offline data is from Razorpay’s offline payments platform, Razorpay POS.

• Securing Financial Future: From diving into mutual funds to planning the future, from securing tomorrow with insurance to seizing IPO opportunities, Indians went all out, investing in today and tomorrow! Mutual fund investments surged by an impressive 86%, insurance payments have seen a significant 56% growth and trading experienced a remarkable 62% jump in value in FY’24. With this, we witnessed the emergence of a new India. One that is mature, one that not only lives in the now but is also actively securing the future.
• Wellness Wins: In 2023, Indians demonstrated a profound understanding that true prosperity encompasses good health alongside financial wealth. While focusing on health, they didn’t just stretch their bodies; they stretched their wallets too! The data for 2023 reveals, Indians have increased their spending on dieticians by a remarkable 125% in FY’24, indicating a strong commitment to healthy eating habits. Health coaching has also seen a significant 45% jump in transactions, showing a clear interest in fitness guidance. A growing trend towards preventive healthcare was witnessed with sales of health products surging by 39% in FY’24.
• Jet-setting and Movie-mania: In 2023, the trend continues as Indians once again embraced their inner wanderlust and embarked on journeys to their favorite destinations! The data reveals payments for air travel surged by 2.4 times while spending on travel accommodations soared by 29% in FY’24. And if not jet-setting across the globe, Indians indulged in cinematic experiences, with multiplex transactions witnessing a staggering 42% increase in volume. Ticket agencies also reported a remarkable 2.7 times surge in sales. From blockbusters like ‘Jawaan’ to the whimsical ‘Barbenheimer,’ and from ‘Animal’ to the action-packed ‘Salaar,’ Indians embarked on a cinematic journey like never before! 
• Knowledge Bug Bites: Indians have a new love affair with learning. The year 2023 has been a testament to India’s thirst for knowledge. Statistics from the year highlight that E-learning witnessed a remarkable 33% growth by volume, showing a strong desire for digital education in FY’24. Discarding the geographies for upskilling and reskilling, India splurged 19% more on distance education thus proving its commitment to a better future. Payments to vocational schools grew 3 times last year, indicating a keen interest in gaining practical skills.
  

Razorpay dug deep into its treasure trove of in-store shopping data from Razorpay POS and online payments for the year and also found out the Five Days That Stood Out!

• 1st April 2023: April Fools Day hit a record high with In-store book transactions, surpassing the daily average by over 3 times! 
• 10th November 2023: Dhanteras came with gold dust! In-store jewelry purchases glittered and gleamed, peaking at over 9 times their daily average. A day for lavish indulgence indeed!
• 19th November 2023: With eyes full of hope, and faces glued to the screen and seat, cab payments took a nosedive, dropping by 28% between 2 and 10 pm as India faced Australia at the World Cup 2023!

• 12th December 2023: Close to the New Year, aviation spending soared to nearly 3 times the daily average, marking a peak for the year!
• 31st December 2023: Online food orders doubled and dine-ins soared to 60% above the daily average! A deliciously festive end to the year!

Reflecting on the trends, Shashank Kumar, MD & Co-founder, Razorpay said, “Indian consumers are evolving rapidly, encouraging brands to revolutionize their customer engagement strategies across all touchpoints. This highlights the growing importance of omnichannel approaches, requiring a robust payment infrastructure for seamless customer experiences. One of our recent surveys found that 96% of Indian shoppers want a seamless experience whether they’re shopping online or in-person”.

Kumar added, “Following FY23’s strong performance, FY24 emerges as a period of rejuvenation and prosperity, characterized by a perfect blend of indulgence and forward-thinking. Witnessing individuals navigate this delicate balance, embracing both present enjoyment and future planning, is truly remarkable. Notably, our trends reflect this maturity and foresight, with an 86% increase in mutual fund investments, a 56% rise in insurance payments, and a 62% surge in trading activity observed among Indians. Furthermore, there’s a noticeable emphasis on holistic well-being, as evidenced by a 39% uptick in products related to preventive healthcare. This signals a collective shift towards expanding horizons while prioritizing health, affirming the adage that ‘health is truly wealth”.

Last year’s surge in online transaction volumes mirrors India’s dynamic embrace of digital payment solutions, marking a significant stride toward innovation and progress. Notably, NPCI reported that UPI transactions in the initial nine months of FY’24 surpassed the cumulative figures for FY’23, underscoring the nation’s burgeoning trust in digital payment methods. This trust is not only a testament to the efficiency, seamlessness, and accessibility of digital payments but also heralds a promising trajectory for India’s digital economy, poised for further growth and development.

INDIA, Bengaluru, 01 April 2024: Expanding its horizons beyond pioneering payments and continually serving India with disruptive solutions, Razorpay, India’s Leading Omnichannel Payments, and Banking Platform for Businesses launched an Industry-first & World’s Only Podcast as a Service Platform, ‘Razorpay PaaS’*, on 1st of April. Taking customization to a whole new level, this path-breaking platform by Razorpay will enable users to create a podcast within minutes on a topic of their choice, at a time most convenient to them, with over 20 Celebrity Guests including Mark Zuckerberg, Joe Biden, Batman, Ironman, Rihanna, Morgan Freeman, Rafael Nadal, Ed Sheeran, Lady Gaga, Serene Williams among others. 

India is the third-largest podcast consumer in the world with over 57.6 Mn monthly listeners, according to PWC’s Global Entertainment & Media Outlook 2020-24 Report. One of the major roadblocks to adoption is getting hyper-personalised content of choice. For instance, if a user wishes to hear Batman and Bill Gates on the best tax-saving mutual funds and pension plans or Elon Musk and Sam Altman on ‘Zen Mode’, Tesla’s new autopilot feature for Indian roads – there is no tool at the user’s disposal to tune to these very intriguing and important conversations. However, Razorpay PaaS is indeed that ‘genie at the click of a button’ that can make this and so much more, happen in a jiffy! With Razorpay PaaS, users will now be empowered to decide what kind of podcast they want to tune in to. From Taylor Swift and Adele on how to write a song without getting your heart broken to Donald Trump and Barack Obama on the seven secrets of teenage parenting, Razorpay PaaS is poised to revolutionise the podcast landscape like never before. 

Excited to launch a platform such as this, Razorpay Spokesperson said, “The recent surge in consumption of in-depth insightful conversations in the form of podcasts has been astounding. An avid podcast listener myself, I have resorted to some of the best podcasts, be it while commuting to work, walking my dog, or having a ‘Sleepless In Seattle’ moment. I’ve always been fascinated by the enriching knowledge and experience they offer, expanding one’s mental horizons and sparking unconventional thinking. After immersing myself in countless podcasts, the idea of empowering others to create their own podcasts felt like the next logical step. With Razorpay PaaS, we’re not just introducing a service; we are unleashing a platform that will seamlessly integrate into the fabric of daily life of every human.“

The Spokesperson added, “At Razorpay, we continue to introduce many firsts in the ecosystem and we believe this one will truly disrupt consumption patterns like never before. I can’t wait to see the stories, insights, and conversations that will emerge as a result of this.”

Razorpay PaaS will solve the problem of waiting for new episodes every week, month, or even a year, by serving them with instant episodes at the click of a button! The platform also features a section called ‘Our Picks’ which has a sample of favorite podcasts, curated and handpicked by Razorpay’s top leadership for the users who are indecisive about where to begin their podcast consumption journey. One of the most well-received and celebrated episodes of this section features Lionel Messi and Cristiano Ronaldo in a never-before-heard avatar, exclusively sharing their views on why the term GOAT should be retired and some new animals should be given the spotlight.

Razorpay’s path-breaking Podcast as a Service platform is a free-of-cost solution and can be accessed by any user as long as they have a device and internet to access the platform. To learn more about Razorpay’s revolutionary Podcast as a Service Platform, check out here: https://razorpay.com/paas 

*Disclaimer: April 1 is all about humour and this is our attempt at it . Razorpay has no intention to demean any person or event or otherwise cause any harm. All voices are AI-generated parodies meant for entertainment purposes only and do not involve the actual participation or endorsement of any person. Listener discretion is advised . Razorpay encourages the responsible use of AI technology.

INDIA, Bengaluru – 23rd February 2024: 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.