It was a busy 2023, and we hope you ended the year and the holiday season on a festive high. As we set foot into the new year, we can’t wait to tell you all about the products and feature enhancements we’ve been working on in the world of payments.
In this first Feature Focus edition of 2024, we’ve got a stellar lineup of product features all designed to make your payments easier to use, safer and quicker.
Let’s dive in!
Effortless and Seamless Transactions
Optimizer’s Single Window Wonder: You can now say goodbye to the maze of multiple dashboards thanks to Razorpay Optimizer’s Single Window Automated Reconciliation. With this feature you get a consolidated view of all your payments, refunds, and settlements data from various gateways into one user-friendly dashboard.
By eliminating the need to navigate through different gateways for financial operations. With our automated reconciliation, you get a unified view of all your payment-related data. The magic happens through APIs that fetch and populate settlement data asynchronously, ensuring accuracy and consolidation on a daily basis.
Non-INR Settlement Account: Say goodbye to currency concerns when settling payments with overseas vendors. With our EEFC Account, you can effortlessly open a non-INR settlement account, empowering you to pay vendors in the currency of your choice. It’s the ultimate solution for businesses navigating the global marketplace, especially beloved travel partners like Adam Vacations.
Debit Cards for Investment Merchants: Your payments infrastructure just got better for you and your customers with Razorpay’s Debit Card TPV. By enabling debit cards as a payment method, you not only expand your payment options but also witness a remarkable 26% surge in success rates, live on Federal Bank and ICICI debit cards.
With this latest feature enhancement we hope to enable you to enhance user experience and tap into a broader customer base.
Empowering Customers and Elevating Payments Experience
FlexiExpiry on UPI Collect: UPI is a fan-favourite all through the year and it just got better with Razorpay’s FlexiExpiry which will be a game-changer for businesses. With FlexiExpiry, you now have the power to set an expiry for each UPI Collect transaction, offering users a generous window of up to 4 days to complete their payments.
Why does it matter? In sectors like lending and education, where payment delays are common, the default 10-minute expiry window could lead to missed payments and unnecessary friction. FlexiExpiry allows merchants to set a flexible expiry date, giving users the freedom to pay at their convenience. No more rushed transactions; just a smooth, user-centric payment experience.
Alt ID Tokenization on Guest Checkout Card Transactions: And finally, to ensure all your payments are as safe as they can be, Razorpay introduces Alt ID Tokenization on Guest Checkout Card Transactions. Our systems prioritise card holder security and privacy, adhering to RBI mandates. Instead of using real card numbers, we employ Alternate IDs (Alt IDs) for all pre and post-transaction activities.
Razorpay’s commitment to compliance meets cutting-edge technology in Alt ID Tokenization, creating a win-win for businesses and customers alike.
Seamless Checkouts with Optimised Error Handling: Nobody likes a failed payment. With our Optimised Error Handling on Checkout we ensure you don’t have to deal with one – ever. This feature proactively prevents users from accessing payment methods with a low success rate, ensuring a smoother payment journey.
Razorpay’s checkout now suggests the next best payment method when users encounter a failure, reducing friction and increasing the likelihood of a successful transaction. Elevate your checkout experience, boost success rates by 2%, and keep your customers happily engaged.
Last year was an important one for us, with some groundbreaking features and product updates designed to elevate your payment experience. We can’t wait to bring you more innovation and stellar new launches as we head into 2024.
Here’s wishing you a very happy new year!