As the start-up sector goes through a sentiment upturn, fin-tech sector has been seeing an increased traction post demonetization.
Fin-tech and product startups are an investor favorite this year so it is interesting to see a fin-tech start-up going through a revamp and innovating its product to stand out.
According to a recent report on
Digital Payment in India 2020, the total payment via digital instruments is expected to touch $500 billion by 2020.
From one to four services
In its new avatar,
Razorpay 2.0 is trying to resolve all business problems related to the B2B payments ecosystem. Currently, payment acceptance is done through bank functions like
NEFT or RTGS. Managing cash flows, disbursement of money, automating NEFT and bank wires and collection of scheduled payments among others is ailing the
Digital India’s companies. The company introduced Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices –for India’s under-served business community while embracing cash-rich traditional sectors such as Education, Government, Insurance and new age e-commerce companies.
Harshil Mathur, CEO and Co-Founder, Razorpay told Business Insider that the company is aiming to double its merchant count to 90,000 by the end of next fiscal year and expects more than 10x growth in volume & revenue by next fiscal year. With merchants like PayU and Mobikwik crowding the market, Razorpay’s solution might be the only all-inclusive payments gateway.
Razorpay also wants to revolutionize the banking sector by entering categories as mutual fund payments and insurance premium. The company also wants to make recurring payments easier to collect like education fees.
