The Payment Wizard We're not just offering solutions, we are shaping the future of payments in India by pushing the boundaries of possibilities, says Shashank Kumar, co-founder and managing director of Razorpay,
By S Shanthi •
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The co-founder and managing director of Razorpay, Shashank Kumar's goal has remained consistent since day one – that its offerings should simplify money movement and enhance the payment experience for businesses. From establishing Payment Gateway (PG) to venturing into offline payments and launching its first PG in Malaysia, to now foraying into building an infrastructure for the ecosystem, the fintech giant has always wanted to be a one-stop platform for all things payments and banking for online businesses. "These milestones and many more are the outcomes of our relentless passion for technology," says Kumar.
Recently, the fintech company partnered with WhatsApp to enable in-app payments for the WhatsApp Business platform to redefine how businesses interact with customers. Prior to this, it had introduced UPI Autopay on QR in collaboration with NPCI, a move that extended efficient solutions for subscription-led businesses. "All our product offerings are aimed at revolutionizing the digital payment landscape, empowering payments to become more faster, more convenient, and fundamentally designed to be customer-centric at its core," he adds.
The company claims to have empowered over 10 million businesses, including some of India's most prominent companies, with intelligent digital payments and business banking infrastructure. Further, the collaboration with NPCI, to introduce UPI Autopay on QR for subscription-led businesses has streamlined the payment journey, transforming customer onboarding into a swift 2-step process that involves 'scanning and paying' in under 30 seconds. This streamlined approach replaced the previous 6-step journey, eliminating the need for downloading an app or signing up on the website, he says.
Furthermore, the startup claims that its UPI Turbo offering has the potential to increase success rates by 10% and reduce payment times from around 20 seconds to just 4 seconds, making a substantial difference for businesses. "All these solutions collectively contribute to making digital payments more accessible and efficient, thus driving India's fintech revolution. By reducing friction in transactions, enhancing security, and streamlining financial processes, we're empowering businesses to embrace the benefits of digital payments fully. We're not just offering solutions or building infrastructure; we are shaping the future of payments in India by pushing the boundaries of possibilities," he says.
For Razorpay, encouraging teams to explore new ideas, embrace emerging technologies, and adapt to changing customer needs and collaborating with industry partners, regulators, and stakeholders is another pivotal aspect of staying ahead of the curve. "It's also not just about technology; it's about people, as well. We place a strong emphasis on enhancing the customer experience. By understanding and anticipating the evolving needs of our merchants, we can provide the best possible solutions," he says.
Navigating the fintech landscape comes with its fair share of intricacies, primarily owing to the extensive regulatory framework in place. "However, we view this as an opportunity to set the right standards of compliance. We remain steadfast in our commitment to safeguarding the interests of our merchants and the broader fintech ecosystem. This entails close cooperation with regulators to foster the creation of an environment conducive to fintech innovation and growth," says Kumar.
The company has surpassed its annual gross transaction value (GTV) target of $90 billion for FY 2023, hitting the $100 billion mark, and is enthusiastic about the immense potential in the fintech sector. "As the industry continues to evolve, we aim to expand our reach internationally, leveraging our expertise to provide world-class solutions for businesses and consumers globally," says Kumar.
FACTSHEET
- Year of inception - 2014
- No. of employees - 3000+
- External funding received so far - $741.5 Mn
- Major clients: WhatsApp, Facebook, Swiggy, Urban Company, Zerodha, Disney Hotstar, Airtel, Nykaa, Zomato, Curefit, Zoho, PaisaBazaar and Cure.fit , among others
