For Fatakpay, a fintech disruptor in the lending space, the challenge was clear: How could they manage more transactions, improve payment success rates, and ensure everything ran smoothly for their customers as they grew?
The answer wasn’t just any solution – it was Razorpay’s UPI Autopay. With this game-changing innovation and a suite of UPI features, Fatakpay didn’t just scale; they soared, turning what could have been roadblocks into mere speed bumps on their journey to greater heights.
Scaling Hurdles: Overcoming Payment Processing Issues
Since Fatakpay’s inception in 2021, the company has been gradually scaling in operations. However in the past 6 months, their business more than tripled resulting in a huge spike in the payment volumes being processed. While their UPI success rates were consistently high, they encountered challenges with other payment processes, particularly with e-NACH.
As Fatakpay’s customer base expanded, the limitations of their existing payment process became evident. The reliance on e-NACH involved time-consuming manual steps for both the company and its customers, including setting up mandates and verifying bank details. Additionally, the need to manage and securely handle debit card details and net banking information introduced complexities that increased the risk of errors and delays. These inefficiencies not only slowed down transaction processing but also posed significant hurdles to scaling, as they struggled to keep up with the growing demand while maintaining a seamless user experience.
Fatakpay, just like their name, needed a solution that was not only fast and secure but also easy for their customers to use. They required a payment method that could handle high volumes without increasing the risk of payment failures or customer drop-offs.
Unlocking Growth: Razorpay’s UPI Autopay and SR Boosters in Action
Razorpay has been the single payments partner for Fatakpay for the past 3 years, a partnership that has only grown stronger over time.
Razorpay’s real-time disbursements and dedicated support team have empowered Fatakpay to scale confidently. The prompt resolution of issues and proactive guidance from Razorpay’s team ensured that Fatakpay could focus on growth without worrying about payment bottlenecks. Whether it was during periods of high transaction volumes or in the face of technical challenges, Razorpay’s agility and responsiveness proved to be crucial. Fatakpay could scale seamlessly, knowing that they had a partner who was as invested in their success as they were.
The confidence in this partnership enabled Fatakpay to take the plunge and integrate with Razorpay UPI Autopay. This automated payment method offered the convenience and security that Fatakpay’s customers demanded, allowing them to authorize recurring payments without the need to repeatedly enter sensitive information.
- Razorpay UPI Autopay
Fatakpay transitioned 75% of their repayments to Razorpay’s UPI Autopay, significantly reducing payment friction and leading to smoother transactions. This shift not only improved customer satisfaction but also increased retention rates, as users found the process more reliable and convenient. Fatakpay currently experiences 97.96% average SR excluding customer related errors on Razorpay UPI Autopay.
- Razorpay SR Boosters
As Fatakpay’s volumes surged, Razorpay’s UPI Intent and related SR boosters became critical. These boosters provided a 6.6% uptick in Fatakpay’s UPI SR, pushing it to 83.24% in July. Key features included:
- Native Intent: Built to power faster and simpler checkout on mobile browsers, Razorpay Native Intent has 10% higher success rate than UPI Collect. Enabling this feature for Fatakpay has resulted in a 4.54% SR uptick for them.
- Dynamic Routing: Razorpay strategically procured multiple bank gateways at the backend for Fatakpay, creating a resilient UPI infrastructure with 3+ acquiring banks. An ingenious machine learning (ML) powered routing mechanism then automatically redirected payment traffic to gateways with the highest success rates during unforeseen downtimes. This approach minimized disruptions to Fatakpay’s daily operations and ensured a 2% increase in captured transactions.
- Dynamic QR: Provides a Contact-less, error-free user experience giving businesses control over the amount being paid via the QR code on desktop. It offers the best possible UPI experience for desktop giving Fatakpay a 0.06% SR bump on overall UPI payments.
A Win-Win For Fatakpay & Razorpay!
Over the three years since Fatakpay onboarded Razorpay, the relationship has evolved into more than just a client-vendor arrangement – it’s become a strategic partnership.
The cumulative effect of Razorpay’s solutions was substantial. By July 2023, Fatakpay’s GMV had reached ₹70 Cr, with projections of ₹80 to 85 Cr for August. The introduction of Razorpay’s UPI Autopay and SR boosters not only facilitated this growth but also contributed to a GMV bump of ₹2.853 Cr, directly attributable to the improved SR.
To Sum it Up…
The partnership between Fatakpay and Razorpay showcases the transformative power of innovative payment solutions. With Razorpay’s cutting-edge UPI offerings, Fatakpay has successfully scaled its operations, ensuring that its customers continue to enjoy seamless and reliable service. As Fatakpay looks to the future, UPI Autopay will remain a central part of its strategy, helping it not just grow but redefine digital lending for its customers.
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