{"id":7089,"date":"2021-12-07T23:24:03","date_gmt":"2021-12-07T17:54:03","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=7089"},"modified":"2025-03-11T16:23:29","modified_gmt":"2025-03-11T10:53:29","slug":"how-razorpay-empowers-businesses-to-succeed-with-digital-payments-in-todays-age","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/how-razorpay-empowers-businesses-to-succeed-with-digital-payments-in-todays-age\/","title":{"rendered":"How Razorpay empowers businesses to succeed with digital payments in today\u2019s age"},"content":{"rendered":"

COVID-19 had a devastating impact on India\u2019s economy. The pandemic, the lockdown and the resulting uncertainty resulted in a 24% drop in GDP from April to June 2020. It certainly was a challenging time not only for the population at large but also for a majority of Indian businesses.\u00a0<\/span><\/b><\/p>\n

But what stood out was the tenacity of Indian SMEs and entrepreneurs to not just weather the storm but adapt with breakneck pace to the requirements of the \u201cnew normal\u201d. Businesses increasingly went digital and started collecting digital payments through various different methods, embracing the convenience and security offered by digital payment platforms. At Razorpay, we first hand witnessed this revolution towards acceptance of digital payments and the adoption of innovative digital payment methods<\/a>, empowering businesses to navigate the changing landscape effectively.<\/span><\/b><\/p>\n

One of the most significant advantages of digital payment is the seamless experience they provide to customers. Reduced dependency on cash, fast transfer speed, and the ease of transacting make online payments a preferred option. Traditional payment methods like cash and cheques add to factors like risk, steps, and physical presence. With digital payment, you can send and receive funds from anywhere in the world at the click of a button.\u00a0<\/span><\/b><\/p>\n

Just recently, Unified Payments Interface, or UPI, recorded over 4 billion transactions in October, 2021, a new all-time high for the payment\u2019s platform since its inception. In value terms, the payments platform saw transactions worth $100 billion in the same duration, a record high. Further, NPCI is looking at $1 trillion worth of transactions through UPI on an annual basis. As India aspires to become a $5 trillion economy by 2025, digital payments will significantly contribute in getting us there.\u00a0<\/span><\/b><\/p>\n

Carrying forward the mission of Cashless and Digital India, Razorpay is India\u2019s first full-stack financial solutions provider. We aim to enable all businesses, entrepreneurs, and freelancers to accept digital payments and accelerate their growth journey. Razorpay registered 3X growth in payment volume through SMBs that went online for the first time during COVID in 2020.\u00a0<\/span><\/b><\/p>\n

Razorpay witnessed over 54% of digital transaction volume coming from SMBs in Tier-2 & 3 cities alone. Online transactions<\/a> in cities like Ahmedabad and Jaipur grew by about 50% within a week\u2019s time. Razorpay aims to further accelerate this digital revolution, by enabling 5 million new Indian SMBs to adopt digital payments in the next 12 months, with an assortment of payment solutions like MultiQR, Stores, Payment Handle and Tap-on-Glass. Lets, take a look at these products in detail to understand how they can help businesses achieve their growth ambitions.<\/span><\/p>\n

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MultiQR<\/b><\/h2>\n

Razorpay MultiQR is the most robust QR code solution out there in the market. There is no cap on the number of QR codes you can generate using MultiQR. Whether you need to collect a one-time payment or multiple payments, you can generate both static and dynamic QR codes and multiple ones of them. Similarly, you can either opt for a UPI QR code or Bharat QR code, depending on your requirement to accept UPI payments or Card payments.\u00a0<\/span><\/p>\n

Apart from that, Razorpay MultiQR allows you to:\u00a0<\/span><\/p>\n