Bangalore, Karnataka, India
Razorpay, an online payments platform, today, announced the launch of “Flash Checkout”, which will cut down transaction times by 60% when the card is saved with Razorpay, further simplifying online payments.
The product runs on a patent-pending technology through which a customer needs to authenticate themselves only once on a mobile device. Following which, all saved cards will be available across merchants of Razorpay helping users have simpler and faster transactions on mobile and desktop transactions. The ‘device authentication’ feature is a first in the payments industry and drastically reduces the need to have cumbersome verification processes for each transaction.
“The card saving feature in Flash Checkout will help merchants increase customer retention and improve transaction speeds. Before we developed this, merchants needed to write complex integrations just to enable card saving. However, with Flash Checkout, not a single extra line of code is needed, making it the easiest way to offer card saving to end customers. In our constant endeavor to simplify transactions, this feature will help customers close a transaction quicker and bring these benefits to the entire gamut of Razorpay’s merchants,” said Shashank Kumar, Co-Founder, Razorpay.
Razorpay’s PCI DSS compliant technology ensures all card information is stored securely to facilitate safe transactions. The company has a dedicated software security team who work with external agencies to ensure that all user data is stored and processed securely.
“Razorpay provides a seamless flow in terms of design and interaction. This provides for a smooth transactional experience for our customers. The new ‘card saving’ feature simplifies the payment process and makes it convenient to purchase online from our website and app. We place our customers at the forefront and choosing Razorpay has fueled this effort for Rentomojo,” said Khushboo Gupta, VP Product, RentoMojo.
Razorpay also plans to create the largest store of saved cards in India which will simplify the payment process for end customers as well as merchants. The launch of Flash Checkout is Razorpay’s step towards ensuring that merchants need not dabble with extra lines of code. All additional features will be updated automatically from Razorpay’s end, eliminating the need for merchants to tweak any code that is integrated into their systems.
Razorpay is the second India focused company to be selected to the Y Combinator programme. The company has over 8,000 merchants including the likes of Rentomojo, Papa John’s, Knowlarity, Chai Point, Nestaway, Eatfresh, among others. The company aims to simplify the complex unstructured Indian payments market and transform the ecosystem.
Razorpay is a payments platform for companies who want to run their business online. The company helps businesses accept online payments via Credit Card, Debit Card, Net banking and Wallets from their end customers. Established in 2013, the company has 8000+ merchants and is one of two Indian companies to be a part of Silicon Valley’s famed alumni, Y Combinator. Tiger Global, Matrix Partners and Y Combinator have invested a total of $11.5 million in Razorpay’s mission to simplify payments. Founders of Unicorn companies and other leading investors include Naveen Tewari, Kunal Bahl, Punit Soni, Rohit Bansal, Kunal Shah, Ram Shriram and Justin Kan.