Bharti Airtel is partnering with Razorpay, a Obligations Alternative Firm, to enable users to make online payments through UPI (United Payments Interface).Razorpay on Tuesday announced that Airtel consumers will be able to make the payments through the MyAirtel app as well as its official website. With UPI-based obligations, the business is promising an easy and speedy checkout experience for consumers as they will not be needed to type card details or netbanking/ digital wallet passwords. This technique will also induce the adoption of electronic payments in India, the business has claimed.
Razorpay’s payment gateway said in a statement it will process over five million trades per month via the Airtel website and MyAirtel app. The company promises it is a secure platform as it includes multiple levels of security encryption. Notably, all Airtel subscribers can receive a 10 percent cashback upto a maximum of Rs. 100 in their initial UPI transaction. The offer will be applicable till August 6, 2018.
Harshil Mathur, Co-Founder and CEO, Razorpay, states,”We’re delighted to associate with Airtel, India’s largest telecom firm, in their own journey of connecting India by providing another payment channel for their customers that is successful, hassle-free and searchable.”
Launched in 2016, UPI has seen enormous growth with the cumulative number of transactions standing at 250 million at the end of June 2018. Razorpay asserts to have contributed in the process by being”India’s initial payment options firm to launch UPI because of its merchants” as soon as September 2016.
Mathur also included,”The vision of a less-cash economy can be realised only when we successfully facilitate online payments for everyday, essential needs like the demand for people to stay connected at all times. Our partnership with Airtel is another step towards realising that objective.”
Razorpay is aimed to increase its merchant count to 2,00,000 by the end of 2018 and affect 500 million end users by 2020. The business has clocked in a healthy growth rate of 30 percent to 35 percent month-on-month and expects over 10 times increase in volume and revenue by next fiscal year and predicts that the 2.0 product bundle to contribute 30 percent of its earnings.