In today’s business landscape, customers demand a seamless checkout experience, and it’s crucial for businesses to adapt to the evolving needs of the customers.
From the outset, Razorpay has been unwavering in its commitment to providing seamless and innovative payment solutions for businesses. A year ago, this translated into our acquisition of Ezetap (now Razorpay POS) to ensure that even offline businesses and customers have the best payment solution and experience available to take care of all their payment needs across multiple channels.
Over the past year, Razorpay POS has played a pivotal role in enabling businesses to give their customers a superior in-store checkout experience. The growth we’ve seen is testament to this. Since the acquisition, we’ve seen a remarkable 60% growth in Annualised Recurring Revenue for Razorpay POS and a 40% growth in its Total Payment Volume (TPV) this financial year.
Empowering Businesses, Transforming Transactions
In the time since, Razorpay POS has not only witnessed significant growth but has also made a profound impact on businesses, revolutionising their in-store payment experiences.
Customers just love UPI: A staggering 91% of the Total Payment Volume (TPV) from April to October 2023 was attributed to UPI transactions during deliveries at the doorstep, showcasing the widespread adoption of digital payment methods.
A better deal than CoD: While Cash on Delivery (CoD) continues to be a much-preferred payment method for many customers, it also creates operational complexities, as managing cash transactions during deliveries can introduce challenges in payment reconciliation and cash management. In FY 2023, we also witnessed a noteworthy 21% increase in the conversion of Cash on Delivery to digital payments on the Razorpay POS platform.
Razorpay’s acquisition of Ezetap in August 2022 enabled us to extend our payments suite to the offline world and evolve into a one-stop platform for all money movement needs for businesses regardless of whether it is online or offline.
As of today, Razorpay POS contributes nearly 10% of Razorpay’s overall revenue. The platform’s overall growth has been propelled by various factors, including a noteworthy expansion of touch-points by over 235,000 in the fiscal year 2023. Additionally, new and continued strategic partnerships with leading banks such as SBI, Yes Bank, IDFC, HDFC, Kotak Mahindra Bank and Axis Bank have played a pivotal role in augmenting the platform’s capabilities.
Forging the Future, Fueling Ambitions
It’s been a thrilling journey so far. We ventured into unchartered territories and forged relevant partnerships with banks at critical junctures, serving customers across 15,000+ pincodes in the country. All the while, our goal remains unchanged – to build for businesses and take care of all things payments for them while they do what they do best. With Razorpay POS we hope to continue contributing to the success stories and fuel the ambitious visions of Indian businesses.
