InvestorQ : Can you tell me about the aggressive expansion plans that Fintech Razorpay has for the next year?
Rutuja Nigam made post

Can you tell me about the aggressive expansion plans that Fintech Razorpay has for the next year?

rhea Babu answered.
3 years ago

One of India’s rapidly growing Fintech companies, Razorpay, reported a strong growth in business in the last few months and aims to touch $50 billion in total payment volume or TPV by end 2021. Razorpay will also add vernacular check-out page specifically to address the unique needs of non-English speaking customers.

Razorpay clarified that it was currently processing payments worth $30 billion and it expected this TPV to touch $50 billion in the next one year. Razorpay has identified the SME segment as the next big area of focus in the coming year, where it expects the maximum digital traction to be visible. .

Razorpay plans to create a digital financial ecosystem that will provide agility and flexibility and cater to their payments and banking needs. The solutions will help deliver a localised payment experience to customers combined with a multilingual checkout page for completing transactions in multiple languages.

According to a research done by Razorpay, India had nearly 70 crore internet users, of which more than 30 crore of these internet users prefer to interact in local languages with a strong vernacular flavour. The latest solution from Razorpay will address thousands of non-English speaking merchants and customers from smaller and moffussil towns and cities.

In addition, the Razorpay Trust Badge will help customers get confidence that the merchant they are dealing with is genuine and credible. Razorpay noted that due to lack of trust, new merchants usually see 30% higher cart abandonments at the checkout stage. The badge can act as an agnostic opinion and as an implicit guarantee to the customer.

In addition, Razorpay has partnered with Plum and ICICI Lombard General Insurance to offer health insurance to companies with teams as small as two employees. Those companies using Razorpay Payroll system can avail benefits and affordable premiums on health insurance for employees and also a variety of other general insurance covers.