Razorpay, a unicorn in Indian fintech has continued to grow its business offerings by launching products such as health insurance on its platform for Small and Medium Enterprises (SMEs). This Bengaluru-based startup will also add Hindi, Kannada, Tamil, Telugu, Marathi, Gujarati, and Bengali languages helping out their customers in small cities and towns in signing up. Razorpay has announced at its flagship fintech conference FTX that it plans to achieve $50 billion in Total Payment Volume (TPV) by the end of 2021. The startup announced a batch of products towards achieving this end.
The platform has launched the first B2B app store. Harshil, Co-founder and CEO of Razorpay said that Razorpay’s App Store will be the first B2B app store for the fintech industry which empowers the developing community to find solutions beyond fintech. Developers can now able to create flexible solutions for the problems and target the five million SMBs on Razorpay. It has apps like WooCommerce and Shopify that can help new businesses build an online store for managing accounts with Quickbooks and Zoho Books to raising donations through Crowdera.
Razorpay also announced its entry into health insurance for teams as small as to employees. The team added that as the process is dull, lacks transparency, and is expensive a less than 10 percent of the Indian businesses can manage the health insurance for their employees. This problem is more crucial for startups with less than 20 employees, especially when health insurance is key during this COVID era.
It also announced Razorpay Trusted Badge which will help to improve transformations for new businesses. The team also added that due to a lack of trust and loyalty, most new merchants see close to 30 percent higher cart abandonment at the checkouts pace. This hurts their profits. Harshil said that the badge will help customers to know whether the business is credible and trustworthy. Razorpay also announced RazorpayX Vendor Payouts to help businesses to scale up. This solution helps businesses to reduce and fix the problems by automating and centralizing the process with minimal human involvement, enhancing businesses to process bulk payouts, disbursals and refunds instantly via UPI, IMPS, RTGS, and NEFT at any time of the day and have no restrictions of the fixed banking hours.