Razorpay on Tuesday announced that Airtel users will have the ability to earn the payments via the MyAirtel program in addition to its official website. With UPI-based payments, the company is promising a simple and quick checkout experience for consumers as they won’t be needed to type card information or netbanking/ electronic wallet passwords. This technique will also drive the adoption of digital payments in India, the business has promised.
Razorpay’s payment gateway said in a statement that it is going to process over five million transactions per month via the Airtel site and MyAirtel app. The business promises that it is a secure platform as it comes with numerous levels of security encryption. Especially, all Airtel subscribers can avail a 10 percent cashback upto a maximum of Rs. 100 in their first UPI transaction. The offer will be relevant until August 6, 2018.
Harshil Mathur, Co-Founder and CEO, Razorpay, says,”We are thrilled to partner with Airtel, India’s largest telecom firm, in their own journey of linking India by supplying another payment channel for their customers that is successful, hassle-free and searchable.”
Launched in 2016, UPI has witnessed massive growth together with the cumulative number of transactions standing at 250 million in the end of June 2018. Razorpay claims to have led in the process by being”India’s initial payment solutions firm to launch UPI for its retailers” as early as September 2016.
Our partnership with Airtel is another step towards realising that goal.”
Razorpay currently powers online payments for more than 1,00,000 small & massive companies such as GoIbibo, Yatra, Zomato, IRCTC, Zoho, DSP Blackrock, Zerodha amongst many others. Razorpay is geared to boost its retailer count to 2,00,000 by the end of 2018 and impact 500 million end users by 2020. The business has clocked in a healthy growth rate of 30 per cent to 35 per cent month-on-month and anticipates over 10 times increase in volume and revenue by next financial year and also predicts that the 2.0 product suite to contribute 30 percent of its revenue.