India's Razorpay launches Magic Checkout to save shopper's information
Razorpay, with its new feature called Magic Checkout, is making it more convenient for users to pay businesses.
Magic Checkout, saves shoppers’ information-password, card details, addresses-during their first purchase and prefills those when they transact with the same business or any other that also uses Razorpay to process its payments, the startup said.
The feature supports all payment methods including cash on delivery and requires minimal integration on the business’s end, the startup said. “With this unique checkout experience, shoppers can now check out 50 per cent faster while retailers can expect a 20 per cent increase in conversions which means 20 per cent more revenue for a business,” it said.
As of early December, the startup had processed over $60 billion in transactions for its customers, up from the $50 billion goals it had set out for itself last December, it said.
Razorpay competes with PayU and Cashfree and has established itself as the dominant payments infrastructure firm in India.
“Of the 42 Indian startups that have become unicorns this year, 33of them use Razorpay, “said Harshil Mathur, co-founder. “We keep saying, our growth happens with the growth of the ecosystem.”
“It is a one-stop platform for all tax payments needs of small businesses, be it TDS, GST, TCS or Advance Tax. Further, the RazorpayX dashboard provides businesses with a single, transparent view of all disbursals for seamless collaboration between finance teams, external accountants, and business owners,” said Shashank Kumar, co-founder.
Razorpay said it is also giving back to the community. It’s launched RIZE, a Launchpad for the first-time entrepreneurs to help them with scores of crucial early-stage startup problems such as incorporating the firm and filling the first payroll, and guidance on securing loan and equity investments, Kumar said.
“India is not like the U.S. You don’t get funding based on an idea. For funding, you need traction and that part is complicated. So we want to help startups solve that,” said Mathur.
