Razorpay in quest to achieve $50 billion TPV by 2021

Fintech company Razorpay is in plans to achieve $50 billion TPV (Total Payment Volume) by the end of 2021. In this context, The company has launched a number of products aimed at empowering the digital growth of small businesses in India. These products were launched at the third edition of FTX, its fintech conference.

With most of the country slowly coming back to normalcy, it's good to see 75 per cent SMEs recognising the importance of going digital to revive their businesses.

The company has also launched a multilingual checkout page in seven vernacular languages like Hindi, Kannada, Tamil, Telugu, Marathi, Gujarati and Bengali for thousands of non-English speaking merchants and customers from Tier-III and Tier-IV cities.

This feature is expected to bring 300 million new merchants on to Razorpay who are adopting digital payments for the very first time. The company provides technology payment solutions to over five million businesses today.

To improve conversions for new businesses, the Razorpay ‘Trusted Badge’ has been introduced. Due to lack of trust, new merchants usually see 30 per cent higher cart abandonments on the checkout page as compared to established merchants. The Trusted Badge will be displayed on the Razorpay Checkout and will be available to select businesses who are deemed trustworthy.