In today’s business landscape, customers demand a seamless checkout experience, and it’s crucial for businesses to “adapt to the evolving needs of the customers,” according to an update from Razorpay.
From the outset, Razorpay claims it has “been unwavering in its commitment to providing seamless and innovative payment solutions for businesses.”
A year ago, this translated into Razorpay’s acquisition of Ezetap (now Razorpay POS) to ensure that even offline businesses and customers “have the best payment solution and experience available to take care of all their payment needs across multiple channels.”
Over the past year, Razorpay POS has reportedly played “a pivotal role in enabling businesses to give their customers a superior in-store checkout experience.”
The growth they’ve seen is testament to this. Since the acquisition, Razorpay claims that they have seen a 60% growth “in Annualized Recurring Revenue for Razorpay POS and a 40% growth in its Total Payment Volume (TPV) this financial year.”
In the time since, Razorpay POS has “not only witnessed significant growth but has also made a profound impact on businesses,” enhancing their in-store payment experiences.
A significant 91% of the Total Payment Volume (TPV) from April to October 2023 was “attributed to UPI transactions during deliveries at the doorstep, showcasing the widespread adoption of digital payment methods.”
While Cash on Delivery (CoD) continues to be a much-preferred payment method for many customers, it also “creates operational complexities, as managing cash transactions during deliveries can introduce challenges in payment reconciliation and cash management. In FY 2023, we also witnessed a noteworthy 21% increase in the conversion of Cash on Delivery to digital payments on the Razorpay POS platform.”
Razorpay’s acquisition of Ezetap in August 2022 enabled them “to extend their payments suite to the offline world and evolve into a one-stop platform for all money movement needs for businesses regardless of whether it is online or offline.”
As of today, Razorpay POS says that it “contributes nearly 10% of Razorpay’s overall revenue.”
The platform’s overall growth has “been propelled by various factors, including a noteworthy expansion of touch-points by over 235,000 in the fiscal year 2023.”
Additionally, new and continued strategic partnerships with banks “such as SBI, Yes Bank, IDFC, HDFC, Kotak Mahindra Bank and Axis Bank have played a pivotal role in augmenting the platform’s capabilities.”
Razorpay explains that it ventured into unchartered territories and “forged relevant partnerships with banks at critical junctures, serving customers across 15,000+ pincodes in the country.”
Their goal remains unchanged – to build for businesses and “take care of all things payments for them while they do what they do best.”
With Razorpay POS they hope to continue “contributing to the success stories and fuel the ambitious visions of Indian businesses.”