Lenskart and Mirae Asset Capital sign up with Razorpay for online transactions

• Lenskart and Mirae Asset Capital have engaged with Razorpay for online transactions.
• According to a Razorpay report, stock trading and mutual funds saw tremendous growth in transaction volumes.
• The overall volume of digital payments has gained momentum over the last few years and saw a growth of 33% year-on-year during the financial year (FY) 2021-2022.

Eyewear brand Lenskart and financial services conglomerate Mirae Asset Capital Markets have engaged Razorpay to enable online transactions on their platforms, the company said on Monday.

“As a brand with a multichannel presence and transactions conducted with D2C and B2B partnerships, we needed a transparent and reliable payment gateway to lead the business transactions in all our retail environments. Today, with partners like Razorpay, we are catering to a customer base of over a million users,” said Indranil Chakravarty, chief business officer, Aqualens and Lenskart.

According to a Razorpay report, other than e-commerce, food and travel sectors, the online transaction volumes of stock trading and mutual funds also grew at 75% and 100% respectively in 2022 as compared to the year before.

“Given our fully digital business model, we are happy to have partnered with Razorpay in our journey at offering the best investment solutions to our customers in the most seamless way possible,” said Arun Chaudhry, director and chief business officer at Mirae Asset Capital Markets.

Rahul Kothari, chief business officer at Razorpay said that millions of businesses can benefit from the enormous growth digital medium offers.

“We look forward to empowering them with a full-stack financial solution that acts as their central nervous system for everything payments and business banking,” said othari.

The overall volume of digital payments has gained momentum over the last few years and saw a growth of 33% year-on-year in FY22. Around 7,422 crore digital payment transactions were recorded during this period, up from 5,554 crore transactions seen in FY21, a report by the Ministry of Electronics and IT (MeitY) says.

India’s digital payment market is expected to triple to $10 trillion by 2026, according to the latest study by digital payments firm PhonePe and Boston Consulting Group (BCG).

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