Bengaluru: Razorpay, an online payment gateway, announced that it has partnered with PayUmoney, to offer all merchants under its platform multiple options of collecting online payments from customers.This agreement will help Razorpay’s 9,000+ registered merchants avail the advantage of offering cashbacks for transactions on their platform. In the first stage, over 1,500 merchants will be taken live on PayUmoney. In time, the other merchants will be able to accept payments through the popular online wallet.“Through this association, we aim to provide consumers a variety of payment options including online wallets. PayUmoney will be reflected as an additional wallet option for all merchants on Razorpay, without them having to add any extra code, making it easy and convenient. We want to inculcate a culture of “Install and Forget” with our erchants; so maintenance and updates will not hinder routine services. By adding such features, Razorpay intends to simplify the complex Indian payments industry”, said Harshil Mathur, CEO and Co-founder Razorpay.
Razorpay is the second India-focused company to be selected to the Y Combinator, with over 9,000 merchants including the likes of Papa John’s, Knowlarity, Runnr, Chai Point, Nestaway, Eatfresh, Nykaa among others.
“We have seen our wallet user base rise to over 10 million customers and strategic partnerships like this only increase our user base manifold. Such partnerships are vital for growing the payments industry and also gives us access to well-known merchants like Rentomojo, Papa Johns, Brekkie, Knowlarity, Runnr, among others”, said Nitin Gupta, CEO and Co-founder, PayU India.
Payment failures and security lapses are some of the primary reasons why customers prefer transacting with Cash on Delivery. By enabling an ecosystem of transparency and seamless technology, online transactions are set to explode in India. The Indian payments market is expected to reach INR 8,172.7 billion by 2019, according to Ken Research. As the internet penetration increases in the country, Razorpay is working with banks, merchants, users and other stakeholders to enable secured and safe online transactions across different online platforms.
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