What is Razorpay?
Razorpay is an Indian unicorn in the fintech sector which allows the business to accept payments from customers and also empowers firms to automate payouts to employees and vendors. Razorpay is emerging as one of the finest players in the India fintech ecosystem.
With Razorpay small & medium enterprises can easily accept payments in multiple payment modes like credit and debit cards, UPI, and popular mobile wallets.
Currently 0.8 million businesses use Razorpay for managing their finances.
How Razorpay was started?
Razorpay was founded in 2014 by two IIT Roorkee alumni, Harshil Mathur and Shashank Kumar. They notice the problem which is faced by small businesses and startups while accepting payments online and whatever the options were present at that time requires a long list of documents and other hassles.
How Razorpay makes money?
Razorpay has two plans for their product one is for:
STANDARD PLAN
Plan designed for Startups, Small and Medium Enterprises which has no setup and no annual maintenance fee but does makes a charge of 2-3% per transaction.
ENTERPRISE PLAN
Plan designed for bigger companies for which they have customisde plan.
Razorpay has some of the biggest startups and businesses as their clients which include OYO, CRED, Facebook, Flipkart, Zomato, Swiggy, Byju’s, Zilingo, Goibibo, and Airtel.
In 2020 they expects to process transactions of about $25 billion for their 10 million customers.
How do I pay with Razorpay?
They have wide range of products like:
- Razorpay payment gateway
- Razorpay payment pages
- Razorpay payment buttons
- Razorpay payment links
- Razorpay capital
- RazorpayX
- Razorpay smart collect
- Razorpay route
- Razorpay ePOS app
- Razorpay subscriptions
- Razorpay invoices
- UPI autopay
Razorpay competitors
Razorpay major competitioes inculde Prosus Ventures’ PayU and Instamojo.
Razorpay revenue and valuation
Razorpay has a string of investors which include Ribbit Capital, Tiger Global, Y Combinator, Matrix Partners, Singapore’s sovereign wealth fund GIC, and Sequoia India.
Currently, Razorpay is valued at more than $1 billion after raising about $100 million in its latest Series D round. To date, Razorpay has raised about $206 million in total.
In 2020 they expects to process transactions of about $25 billion for their 10 million customers.
How Razorpay works?
Razorpay enables all the clients to make payments with all the major debit and credit cards, internet banking options, UPI, EMI, and all popular wallets available. You can also make recurring payments with them.
How much does Razorpay charge per transaction?
On every domestic transaction, they take a 2% transaction charge and 0.36% GST which makes 2.36% in total for every transaction, and for the international transaction, they take around 3.54% per transaction.
Which is better Instamojo or Razorpay?
Razorpay is a complete payment gateway that offers multiple features apart from just collecting payments and also offers recurring payment options. In the case of Instamojo, they act as a payment processor that is used for collecting payments with a payment gateway in the background.
What is Razorpay Airtel?
Recently Bharti Airtel partnered with Razorpay which enable Airtel users to make payment via MyAirtel app and their website using UPI.
Is Razorpay safe?
Razorpay uses a technique of data security known as tokenization which converts users’ sensitive data to non-sensitive for better data privacy. They have also installed an SSL certificate to avoid unauthorized persons access to your data online.
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Is Razorpay safe?
Razorpay uses a technique of data security known as tokenization which converts users’ sensitive data to non-sensitive for better data privacy. They have also installed an SSL certificate to avoid unauthorized persons access to your data online.
Which is better Instamojo or Razorpay?
Razorpay is a complete payment gateway that offers multiple features apart from just collecting payments and also offers recurring payment options. In the case of Instamojo, they act as a payment processor that is used for collecting payments with a payment gateway in the background.
How much does Razorpay charge per transaction?
On every domestic transaction, they take a 2% transaction charge and 0.36% GST which makes 2.36% in total for every transaction, and for the international transaction, they take around 3.54% per transaction.
