Razorpay Emerges as India's Preferred Payments Platform for Businesses with $100 Bn TPV and 65% Y-o-Y Growth in FY'23

Razorpay, in just under a decade, has established itself as one of the most popular omni-channel payments platforms in the country. The company’s focus on timely, customer-centric innovation in the digital payments space is, in many ways, shaping the financial future of this country. 

This fact is represented well by the numbers. With its latest acquisition of offline payments platform, Ezetap, Razorpay announced a record $100 billion in TPV (Total Payments Volume), and an equally impressive year-on-year growth of over 65% in FY’23. $10 billion of this TPV came from the acquisition of Ezetap.

Today, we exist in a world where the lines between online and offline buying are blurred. Customers demand a seamless omnichannel experience and Businesses want to deliver one. The fintech giant, Razorpay believes that if businesses and entrepreneurs need a payments solution that enables them to meet their customers across multiple channels, they want to build for them the best solution there is. The Ezetap acquisition has empowered Razorpay to become one of India’s largest omnichannel payments solutions for all businesses.

A boom in digital transaction volume

These figures only get more impressive the closer we look at them. As per Razorpay’s reports, the company saw a growth of 65% in FY’23 in the volume of digital transactions, and a growth of 78% in the total value of transactions. Last year too, UPI was the preferred payment mode for many Indians, UPI transactions grew by 80% in comparison to FY’22. When it comes to credit payment modes, Razorpay says that cardless EMI transactions soared by an incredible 705% in FY’23, with Paylater and E-mandate payment options seeing a remarkable 520% and 152% growth respectively as compared to FY’22. With numbers like these, it’s no wonder that the company — which owes its success to customer-centric, tech-enabled innovations — has cemented its position as India’s largest omni-channel payments solution for businesses today. Razorpay says that its current TPV now puts it among the world’s top few companies in this regard.

Looking at which sectors performed well last year, it was the logistics sector witnessed growth of over 200%, tours and travel at 165%, and media and entertainment at 120%, when compared to FY’22. The company attributes this growth to the general normalisation of the Economy as the country emerged from the pandemic, and a boom in the ecommerce sector fuelling the growth of courier and delivery services.

Additionally, according to the business, Financial Services had the biggest contribution to the overall payments volume, contributing 20% to the overall TPV, followed by Games at 18% and F&B at 15%. Razorpay holds the market share it does today because it has consistently been first to market with mature and disruptive services, leading the way in key areas of payments innovation and charting a path for others to follow.

Speaking of innovation, it’s worth bearing in mind that Razorpay was the first company to recently launch support for UPI payments via RuPay Credit Cards in India. Another first would also be Razorpay’s support for multi-card tokenisation via a solution called TokenHQ which is already enabling over eight lakh transactions per day. Razorpay reports that a total of 20 million cards have already been tokenised. In the wake of the recent SVB crisis, RazorpayX, the business banking platform of Razorpay displayed remarkable promptness by swiftly establishing a dedicated helpdesk for Indian startups to safely move their funds out of SVB. With its innovative and tech first approach, Razorpay was able to help more than 80 startups move over ₹ 60 crore to India in just 10 days.

With an innovation-first mindset and razor-sharp focus, Razorpay is consistently building its capabilities toward solving all things payments and business banking for over 10Mn businesses, making it the go-to platform that enables exponential growth for Indian businesses of all kinds and sizes. Adding to this endeavour is Razorpay’s new Advisory Board which has been set up to accelerate building Industry-first Practices in Innovation & Corporate Governance as Razorpay remains committed to upholding the highest standards of customer-experience, governance, compliance, and risk management practices in the industry. It will be interesting to see how the company drives India's financial digitalization movement in the next 5 years.

Moneycontrol Journalists were not involved in the creation of this article.