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, India's leading Fintech Unicorn, today announced that it registered 3X growth in payment volumes over the past 12 months, thanks to the thousands of SMBs, especially from Tier- two and three cities, who chose the payment gateway as they went online for the first time.This led to large scale adoption of digital payments across the country, as Razorpay witnessed over 54% of digital transaction volume coming from SMBs in Tier-two and three cities alone. Online transactions in cities like Ahmedabad and Jaipur grew by about 50 per cent within a week's time.* One out of Three offline businesses preferred Razorpay as their online payment partner as they went online for the first time* SMBs in Tier- two and three cities contributed to 54 per cent of Razorpay's digital transaction volume in 2020* Company aims to invest further in new Payment Technologies to provide businesses with a seamless and secure payment experience* Onboarded over seven Lakh new SMBs, startups, freelancers in the past 12 monthsThe full-stack financial services company aims to further accelerate this digital revolution, by enabling 5 million new Indian SMBs to adopt digital payments in the next 12 months, currently, the company serves over 5Mn businesses. Razorpay also plans to invest heavily in strengthening the security and fraud analytics infrastructure, along with building hyperlocal solutions to provide a seamless and safe payment experience for all.Razorpay also helped provide access to credit to thousands of SMBs through its neo-banking platform, RazorpayX. The company has been disbursing credit of upwards of 250 Crore. per month, which has helped several Entrepreneurs get access to working capital. The company aims to scale this up to INR 500 crore per month as it looks to expand its lending offering."One of the significant overnight changes we saw in how people were approaching the initial lockdown period of isolation and uncertainty in 2020 was in their digital spending behaviours, especially people from Tier two and three cities," said Harshil Mathur, CEO and Co-founder of Razorpay commenting on what led to this increased digital payment adoption."Online shopping became the new normal but it left the offline businesses grappling with the fear of losing their business. Not only the offline businesses but some of the online businesses in the essentials category, bill payments, education among others were also struggling to keep up with demand and ensure business continuity," he said."We wanted to do our bit but not by continuing to offer the existing solutions but build customised solutions to help struggling businesses adapt to the new normal by providing flexible easy-to-integrate payment and banking solutions. Some of these products included Same Day settlements allowing businesses to receive funds in just a few hours instead of the usual three to five working days settlement period. Other products launched to help businesses improve their cash flows and manage operational expenses better included Working Capital loans, Instant Refunds, UPI AutoPay and partnerships with stalwarts like Visa & PayPal," added Mathur."While this lockdown has affected the economy in many ways, it feels good to have leveraged the opportunity to be able to support and empower the underserved SMBs, Startups & Freelancers with our payment and banking solutions. We're not done yet, there's so much more to do to help SMBs, Startups & Freelancers. While we can't foresee a lot of things, we believe the new macroeconomic narrative will soon transform and we will continue to work towards strengthening this community of disruptors," he added.Recently, Razorpay announced a string of new products aimed at empowering the next phase of digital growth for Small Businesses in India. The company launched Vernacular Language Support in languages, India's first B2B app store, "Razorpay Trusted Badge" to help improve conversions for new businesses, and Group Health Insurance for compes with as less as two employees. The Fintech unicorn has also been steadily growing its neo banking arm, RazorpayX which serves more than 10,000 businesses today and is the leading B2B neobank in the country.In the last six months, Razorpay has witnessed 40 per cent month-on-month growth. The company was recently crowned one of the leading FinTech Unicorns with the Series-D fundraise of $100Mn. Razorpay currently powers payments for over five mn businesses including the likes of Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others and is all set to reach ten million businesses by 2021.Razorpay, a full-stack financial services company, and a recently crowned Unicorn, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 5Mn businesses.Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator. Marquee investors such as GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Y Combinator and MasterCard have invested a total of USD 206.5 million through Series A, B, C & D funding. Around 33 angel investors have invested in Razorpay's mission to simplify payments and banking and redefine how finance works in India.This story is provided by NewsVoir. will not be responsible in any way for the content of this article. (/NewsVoir)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Razorpay Registered 3X Growth in Payment Volume through SMBs that went Online for the First Time during COVID in 2020

Razorpay, India's leading Fintech Unicorn, today announced that it registered 3X growth in payment volumes over the past 12 months, thanks to the thousands of SMBs, especially from Tier- two and three cities, who chose the payment gateway as they wen ...