Fisdom, a financial planning platform, has relied on Razorpay as its primary payment aggregator for over six years. Using Razorpay as the only payment aggregator, besides banks, Fisdom channels 40% of its business and processes over 90% of its UPI transactions via UPI Intent, ensuring seamless payments for its mobile-first users. To comply with SEBI’s guidelines, Razorpay’s Third Party Verification (TPV) integration enabled Fisdom to verify customer bank accounts, significantly reducing customer-related payment failures while enhancing their satisfaction. Through Razorpay’s UPI Stack and S2S checkout, Fisdom achieved regulatory compliance and operational efficiency.
High Stakes Compliance: Fisdom’s Payment Challenges
As a business in the BFSI sector, Fisdom must adhere to SEBI’s regulations, which mandate that payments be processed only from the bank accounts registered by investors at the time of onboarding. This requirement posed a challenge, especially in ensuring compliance for UPI payments, which were quickly becoming the preferred payment method among Fisdom’s customers.
Fisdom needed a solution that not only optimised UPI payment experiences but also helped ensure compliance with SEBI’s guidelines without adding friction to the customer journey.
Razorpay’s TPV Integration: Solving Fisdom’s Compliance Needs
Razorpay stepped in with its Third Party Verification (TPV) integration, offering Fisdom the ability to verify transactions and ensure they originate from registered bank accounts. This integration allowed Fisdom to seamlessly validate customer details and become compliant with SEBI regulations.
By leveraging Razorpay’s TPV solution, Fisdom could add an extra layer of security, reducing the risk of chargebacks, disputes, and fraudulent activities.
UPI Intent: Enhancing Convenience and Reducing Payment Failures
In addition to compliance, Fisdom leveraged Razorpay’s UPI Intent feature to streamline payments for its app-based user base. With UPI Intent, customers no longer had to manually enter their UPI ID, aligning perfectly with Fisdom’s mission of offering a frictionless investment experience.
Razorpay’s S2S checkout further helped Fisdom gain better control over payment flows, minimizing the risk of errors and improving success rates by nudging customers to use their registered bank accounts for payments. This integration led to a significant reduction in customer-related payment failures.
Results and Impact
Owing to Razorpay’s TPV and UPI Intent integrations, Fisdom was able to significantly improve its payment success rates while ensuring compliance with SEBI regulations. Today, Fisdom enjoys a success rate of over 75% on its UPI transactions.
Fisdom’s journey with Razorpay is a testament to the value of innovative payment solutions that not only enhance customer experience but also ensure regulatory compliance. As Fisdom continues to grow and evolve in the financial services space, Razorpay remains a key partner in helping the business deliver a seamless, secure, and compliant payment experience.
