Designed for Disruptors: A year of accelerating success for businesses with Razorpay

Today, we hosted our annual fintech event, FTX 2024, and announced quite a line-up of products and product enhancements all designed to do one thing – be the one-stop money movement platform for disruptors, with real-time intelligent payment and banking solutions.

At Razorpay we want to ensure that the entire money flow in your organisation is made extremely simple, accessible, scalable and secure. We’ll focus on all things money-movement while you focus on what you do best and disrupt the Indian economy with new ideas, new products, first-of-its-kind experiences.

From enhancing checkout experiences to revolutionising offline payments, streamlining payroll to pioneering advanced payout technologies, and from empowering banks with next-gen infrastructure to simplifying source-to-pay processes, our mission is clear: to empower businesses to drive growth and make every aspect of your money movement simple, swift and seamless.

The past year has been exhilarating, to say the least, where we introduced over 500 features.

In this blog, we’d like to take you through some of our marquee product launches and feature enhancements.

How We Empowered Businesses to Drive Growth and Boost Conversion Rate…

With the magic of Checkout:

We introduced our Payment Gateway 3.0, revolutionising payment processing with enhanced scalability, flexibility, and security. Razorpay’s checkout is now designed to cover every aspect of your customer’s journey and features solutions like Affordability Widget, RTO Reduction and Protection, Razorpay Trusted Business Widget and much more.
Magic Checkout by Razorpay integrates with Truecaller, simplifying the checkout process and reducing cart abandonment rates in eCommerce, ensuring a seamless mobile number verification experience for users.
Simplify checkout with Razorpay’s intuitive OTP features, including Auto-Read, Auto-Fill, and Auto-Submit, delivering a smoother, more efficient transaction experience.
Boost website conversion rates effortlessly with Razorpay’s quick-to-activate e-commerce platform apps, ensuring buyer trust through trusted business widgets, and accelerating checkout with native card and COD payment options on Shopify and enabling seamless payment collection on Drupal, BigCommerce and OpenCart 4.
We’ve simplified UPI collect with seamless integration of UPI numbers, boosting user experience and conversion rates. Leveraging numeric digits associated with users’ phone numbers, expect a 20 bps conversion increase post-rollout.
With Razorpay Direct Credit Cards for Shopify you can easily integrate native credit card payments, enhancing customer satisfaction and streamlining transactions.

With the awesomeness of UPI and cards

With pre-sanctioned Credit Line at Banks through UPI, fostering economic growth and financial inclusion with low-ticket, high-volume retail loans.
With Credit Cards on UPI, Razorpay enables businesses to offer customers the convenience of paying on credit via UPI, eliminating upfront costs and enhancing customer satisfaction.
Razorpay makes prepaid wallets more accessible by combining wallet experience with the extensive reach of UPI, allowing businesses to accept all wallet transactions without integration hassles and providing customers with unrestricted wallet usage.

By making every purchase affordable

Increase Conversion Rates with Razorpay Affordability Suite by providing 24 flexible payment options such as credit and debit card EMIs, BNPL etc. to reduce cart abandonment and boost average order value, ensuring a seamless checkout experience.
Make high-value purchases more affordable, and increase your average order value by 45% increase in average order value with Discount Whisperer that is part of the Razorpay affordability suite that suggests how much more to shop for to unlock bigger discounts.
Enhance the overall EMI payment experience with Razorpay’s upgraded features. Conduct credit pre-eligibility checks, nudge hesitant buyers towards EMIs, recommend tailored EMI plans, and ensure inclusivity for all customer segments. In addition we’ve also streamlined the experience to make it a lot more convenient for your customers.
With FlashCredit you can now offer your customers credit approval in less than 10 minutes, leading to a 15% boost in sales, 4x revenue increase, and a 50% rise in average order value, thus reducing drop-offs and increasing purchase intent.

No one likes failed payments, here’s how we help businesses boost success rates

Optimise for success

Tailored for businesses aiming to scale, Optimizer Pro offers advanced capabilities that makes it the premier choice for enterprise-level payment routing.
Edge Routing on Optimizer ensures uninterrupted payment processing that guarantees 100% uptime by routing payments to designated backup gateways or aggregators, eliminating the risk of a single point of failure.
Smart Router empowers businesses with its AI-driven technology, boosting payment success rates by 10% and reducing costs by 5% through dynamic selection of the most suitable payment gateway.
Simplify the payment process with Optimizer Native OTP by enabling automatic reading and submission of OTPs on a Razorpay hosted page, eliminating the need for unfriendly mobile bank ACS pages.
With Integration Audit Tool businesses now have a seamless way to audit payment gateway integrations at the touch of a button.
Single View Recon on Optimizer streamlines reconciliation for businesses managing multiple payments partners by offering a consolidated view.

And when it comes to online commerce, we supercharge it!

Magic Checkout elevates your online advertising and analytics with 100% accurate tracking, ensuring crystal-clear data across Facebook Ads, Google Ads, and GA4, enabling precise audience targeting and smarter bidding decisions for higher revenue and conversions.
Razorpay’s native Coupon Engine within Magic Checkout, lets you offer diverse coupon types, simplified management, and a seamless user experience to drive higher sales and engagement.
Reduce payment failures by 30% with Razorpay’s Next Best Action, which suggests alternative payment methods, enabling users to complete successful transactions quickly, boosting merchant revenue.
Crafted for speed and efficiency, MagicX streamlines the checkout process, delivering a remarkable 40% boost in conversion rates and a 50% reduction in RTO rates, while providing pre-filled information and advanced fraud detection to address cart abandonment effectively.
Razorpay Magic Checkout introduces RTO Analytics, offering insights into minimising RTO rates, including total successful orders, risky orders, and automatic reimbursement for RTO costs, optimising eCommerce operations.
Boost brand credibility and reduce drop-offs with Razorpay’s Trusted Business Widget, seamlessly integrated on websites to validate legitimacy and foster brand recognition, creating a secure shopping environment.
With Pay on Delivery get instant access to last-mile delivery payments offering secure alternatives to cash and slashing logistics costs in half, ensuring a smooth transition to digital payments.
And, Magic Konnect bridges the gap between brands and customers offering automated marketing campaigns, direct payment acceptance, and personalised customer support via WhatsApp, empowering businesses to enhance visibility, boost conversions, and deliver exceptional customer experiences.

From Jarvis to Siri and now to your payments stack, we bring you the power of AI

RAY is your ultimate 24/7 on-demand assistant, powered by AI, that is going to be a game-changer for your business. Boost productivity with trend monitoring, proactive interventions, and personalised recommendations available on WhatsApp, Razorpay Dashboard, and the Razorpay Mobile App.
Revolutionise the way you access information with Docs AI, our groundbreaking chatbot, powered by AI. From product details to integration guides, Docs AI provides accurate, relevant responses in real-time, ensuring seamless communication and comprehensive coverage of all things Razorpay.
With our AI-powered Dynamic Router you can now get industry-leading payment success rates. Our advanced models, trained on millions of data points, recommend optimal terminals, boosting success rates, reducing transaction costs, and enhancing customer experiences.

Raising the bar of seamless payments, here’s how we give you a 10/10 experience

Razorpay’s Dashboard is designed to be your own dynamic financial cockpit, empowering you with detailed insights and seamless management of all your payments. From checkout conversion to POS device management, track payments and settlements across time zones and payment modes, improving performance and enabling rapid business growth.
Redefine financial data management with our AI-powered Recon platform, offering intelligent automation, predictive analytics, and easy onboarding for businesses seeking efficiency and accuracy in their financial processes.
Access critical payment insights in real-time with unprecedented speed, on Razorpay LiveData. Empower swift, informed decision-making and transform data into a strategic asset.
With Razorpay’s Downtime Detection Service you can continuously monitor the payments ecosystem in real-time, generating signals for merchants to take preventive actions and ensure high success rates, enhancing reliability and performance.
Ensure over 99% of QR payments are confirmed in less than 5 seconds, minimising payment confirmation latency and optimising customer experience using UPI QR Status Check API on Razorpay.
Prevent direct payments to VPAs from UPI apps on Razorpay QR Codes, reducing payment disputes and ensuring successful transactions by linking payments to specific order IDs.
Streamline UPI payments dispute resolution with Razorpay’s UDIR, eliminating tedious processes and providing businesses and consumers with efficient fraud management and enhanced visibility.

And when it’s time to go global, we’ll be your wings

With our Risk Engine ensure that all your international transactions are secure with the Risk Engine analysing over 10k data points, ensuring the highest level of security and reliability for your business.
Learn how to defend against chargebacks and protect your business with our comprehensive Shield Chargeback Protection solution, safeguarding your revenue and reputation.
Start accepting payments in INR via UPI and Rupay without the need to set up an Indian entity, enabling international businesses to expand their reach seamlessly with Razorpay Payment Gateway.
Unlock lost revenue for travel and education businesses by accepting digital LRS payments via Razorpay, maximising revenue potential and enhancing customer satisfaction.
Experience the ease of receiving international payments with India’s first Smart account, designed exclusively for Indian exporters, offering compliant solutions and streamlined processes.
Razorpay International Payments Cards stack lets you enjoy a 2x advantage with our comprehensive cards stack, featuring superior security, support for over 160 currencies, industry-leading pricing, and Shield protection, ensuring seamless transactions for your business.
Enhanced and automated chargeback management that helps you improve win rates, reduce resolution times, and ensure efficient resolution of disputes.

Empowering businesses with the best payments tech without a line of code

Simplify payment collection with your personalised Razorpay.me link, eliminating the need for multiple payment links and streamlining the payment process for your customers.
Boost conversion rates with our Failed Payment Recovery solution, which automatically sends payment links to customers for failed transactions, providing a second chance to complete sales without the need for additional integrations.

Powering the payments infrastructure for the future of payments in India

Here’s how we help banks:

Leverage next-gen Cloud-first technology to build an end-to-end UPI stack, offering scalable and reliable infrastructure, superior performance leading to higher success rates, and faster go-to-market for new features.
EvolveHQ by Razorpay revolutionises payments infrastructure with a comprehensive solution tailored for Indian banks, augmenting existing payment stacks with cutting-edge innovations. By integrating powerful payment methods like UPI and cards, EvolveHQ empowers banks to improve success rates, enhance customer experiences, and drive revenue growth economically and technically.

Here’s how we help businesses:

Razorpay’s UPI Switch gives you an end to end UPI stack. With features like 5x faster access to innovations, 5000+ TPS, and <100 MS latency, it enables businesses to offer a scalable, reliable, and agile experience on UPI payments, freeing them from dependencies on multiple intermediaries.
Say goodbye to legacy systems and launch your UPI App fast with TPAP Pro. Integrate in under a month, reach millions with visibility on our checkout, and ensure seamless payments with real-time routing among multiple banks. Focus on your business while we take care of your infrastructure.

Redefining retail and revolutionising offline payments

Here’s how we unlock POSsibilities!

Transform offline payments with our Razorpay POS. Our Tap & Scan Soundbox revolutionises transactions by embedding QR codes with bill amounts, offering dual functionality for Credit/Debit Cards or QR payments. Powered by AI, automated reconciliation ensures accuracy, while Razorpay BillMe drives engagement with lightning-fast deployment and personalised experiences.
Provide a seamless in-store payment experience with instant refunds for failed UPI transactions within 2 minutes, compared to the industry standard of 5 to 6 business days. With Razorpay POS device’s automated system, the refund process takes a maximum of 2 minutes, significantly improving checkouts and customer satisfaction.
DrishtiPay facilitates easy-to-use, innovative Card and UPI payments for the visually impaired. Seamlessly integrating with UPI apps and cards, DrishtiPay operates even without an internet connection, ensuring accessibility and inclusion in financial services.
Addressing payment challenges head-on, Dynamic Soundbox offers a one-stop UPI solution with audio and visual payment confirmation capabilities. By generating dynamic QR codes directly on the device, cashiers can eliminate manual input, reduce billing time, and enhance efficiency at the point of sale.
Razorpay POS also has a wide range of QR payment solutions and form factor innovations tailored for enterprise retailers. From Tap & Scan Soundbox to WearPay Smartwatch and Android Mini Smart POS Pro, these innovations revolutionise the payment experience, ushering in a seamless, omnichannel commerce era.
Harness the power of AI with Razorpay Recon, a game-changing reconciliation platform offering intelligent automation, predictive analytics, and effortless onboarding for businesses seeking efficiency and accuracy in financial data management.

And for all things digital billing…

Razorpay BillMe has revolutionised customer engagement and repeat purchases. With digital bills, you can convert paper bills to GST compliant digital bills, enhancing convenience and compliance. Our platform collects, organises, and gains insights from multiple channels, and helps you optimise customer engagement strategies and lets you utilise digital invoices to drive higher retention, increase sales through intelligent targeting, personalised offers, and cross-sell opportunities.
Automate data collection and ensure a seamless in-store checkout experience with Auto Fetch on Razorpay POS. Minimise manual errors, achieve best-in-class data accuracy, and enhance targeting and retention for improved customer satisfaction and sales.

We’ve reimagined Payroll for enterprises

Easy integration of RazorpayX Payroll’s Universal HRMS and seamlessly bridging the gap between HR and finance systems. Enjoy automated employee onboarding and offboarding, along with real-time alerts for employee status changes, with over 25 HRMS integrations including SAP SuccessFactors and Oracle HCM.
Say goodbye to delayed salaries and compliance issues with RazorpayX Payroll’s cutting-edge technology is tailored for Large Enterprises with 45+ HRMS partners, advanced enterprise features, and customizations to streamline payroll processes and ensure compliance.

Payouts were never this seamless and efficient

RazorpayX Payouts Pro launched India’s Only – AI-powered Multi-Bank Router, a breakthrough in the payouts technology. A first-ever smart routing engine backed by state-of-the-art downtime detection algorithm for your Current/Escrow Accounts to offer success rates greater than 99.8%.
Simplify operations for NBFCs & Fintechs with RazorpayX’s comprehensive digital lending tech stack. While we handle the tech for you can focus on growing your business.
Ensure instant, reliable, and affordable bank account verifications with RazorpayX’s Instant Bank account verification.

Effortless control over every aspect of source-to-pay

We’ve solved expense management headaches for retail chains and businesses with UPI Pettycash+ by seamlessly integrating UPI technology, enhancing operational efficiency, budget compliance, and bottom-line growth.
Our ERPMaximiser transforms ERP systems by streamlining vendor onboarding, enhancing communication, and unlocking working capital. With seamless integrations and customizable workflows, businesses optimise operations, drive efficiency, and unlock growth potential.
With the Input Tax Credit Checker we’ve now put GST ITC recovery on auto-pilot, ensuring savings with automated risk identification, credit recovery, and cash flow reconciliation.
Vendor Scorecard grades vendors based on multiple parameters to help merchants identify trusted vendors easily.

And we haven’t forgotten about the next generation of Disruptors

Rize-ing to the challenge

Razorpay Rize is a startup program focused on the growth journey of early stage and bootstrapped startups who have raised no more than $5M in funding can be a part of this incubator program designed for the disruptors of tomorrow. Whether you’re just starting out or looking to scale, Rize empowers early-stage startup founders with the right knowledge, unwavering support, and expert guidance.

To sum up…

Our commitment to supporting the disruptors of today’s business landscape remains steadfast. At Razorpay, we are continuously innovating and expanding our lineup of products to ensure the most seamless payment experiences for businesses and end customers alike.

As we look ahead to the future, and with India poised to have over 600 million users digitally transacting within the next 5-10 years, we are excited to be a part of this transformative journey, empowering businesses to thrive in a digital economy.

Together, let’s create a future where payments are effortless, efficient, and accessible to all.