Razorpay has clocked an annualised total payment volume (TPV) of $150 billion, the merchant payment processing unicorn said on February 23, citing latest data, as it announced new products under payment gateway 3.0 focussed on small and medium enterprises.
"We have always focussed on the merchants and we feel we need to focus on customers as well. With our experience and data we have launched Razorpay trusted badge and Razorpay Buyer Protection where consumers don't need to worry about payment frauds and transaction failure," cofounder and CEO Harshil Mathur told Moneycontrol.
The Payment Gateway 3.0 was launched at the firm’s annual Razorpay FTX event. It has features like Trusted Badge, Coupon Codes, COD fraud protection, and quick buy technology.
"From 10 million online shoppers the market is expected to grow to 600 million online shoppers in the next 5-10 years. We want to solve for both payment and buyer journey as well," Mathur said.
Razorpay, which is betting big on the PoS device market that is dominated by players like PayU, BillDesk and Paytm, announced a dynamic PoS (DQR) device for enterprises.
"Unlike today's devices, which are card-first, this is a UPI-first device with cards also enabled. The DQR stack offers a unified dashboard, empowering retailers with AI-powered reconciliation, remote diagnostic capabilities, and digital bills that will drive customer engagement," Mathur said.
The firm reported a 60 percent growth in its PoS business in FY23 following the acquisition of Ezetap (Razorpay PoS) in 2022.
During the event, the firm also launched an AI assistant tool, Ray, which would help customers address queries on payment, payouts, vendor payments, and more.
The firm also launched AI-powered products that will reduce chargebacks and safeguard businesses from potential frauds and RTOs.
In December, Razorpay received the final authorisation from the Reserve Bank of India (RBI) to operate as Payment Aggregators (PA) and was allowed to onboard new merchants on its platform after almost two years.
Rivals PhonPe crossed an annualised total payment value run rate of $1 trillion (Rs 84 lakh crore) in March 2023. Similarly, Paytm had a total merchant payment volume of Rs 3 lakh crore ($36.3 billion) in July and August.
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