Razorpay introduces a solution for small business

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On Thursday Razorpay, payments solution company, launched solutions to increase conversions and ease tax payments for digitally-enabled small businesses.

The aim of the Magic Checkout product by Razorpay is basically for customers to lessen multiple steps to checkout which includes entering the card details, addresses, and OTPs. 

The company stated that the shoppers can checkout 50% faster while retailers expect a 20% increase in conversions which will lead to 20% more revenue for the business. “This advancement will transform the payments done in India in the next 2 years”, said the company.

The magic Checkout’s network automatically prefill the shopper’s information once during the purchase, to all the stores for all current and future purchases. This new product will automatically detect the fraud through multiple data points and eliminate chances of Return to Origin (RTO), making the online buying faster, safer, and quicker, Razorpay claimed.

As stated by Razorpay, 50% of small businesses find it difficult with TDS calculation and tax payments. The entire process like multiple meetings, sorting of data, filings and payment failures, etc, takes more than 250 hours every year.

The solution to this was the launch of the Tax Payment Suite to enable tax payments within 30 seconds by small businesses. The businesses would have a single view of all disbursals through the RaxorpayX dashboard.

Rize, an incubation program, was introduced by Razorpay to incubate 1 lakh early-stage startups. This program assists startups in their incorporation, submitting tax, paying payroll, and offering the tools to cater to their gross sales, advertising and marketing, and finance needs, assist to entry loans or funds.

Also, they upgraded RazorpayX, a mobile banking app to make payments. Razorpay and RBL Bank branded business dev=bit card to provide quick settlements for marketplaces.

By early December 2021, the company had achieved $60 billion total payment volume (TPV) which was 20% more than the $50 billion TPV in December last year, and for the second consecutive year, it had reported more than 300% growth.

This growth is the significant digital adoption by small businesses in the last two years. They are looking forward to achieving $90 billion TPV by the end of 2022. This was the statement given by Harshil Mathur, CEO & Co-founder of Razorpay.

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