New Delhi: Chief razorpay On Thursday it said it has seen strong growth in the number of payments processed on its platform, and expects its total payment volume (TPV) to reach $90 billion by the end of next year. Unicorn, which is backed by investors like Tiger Global, Sequoia Capital India and master cardhas announced the launch of three new products aimed at simplifying payment management processes for businesses, especially small and medium-sized enterprises (SMEs).

“Today, we are the fastest growing fintech market in the world. Fintech in India has surpassed China and has become the second largest fintech economy after the US with the highest adoption rate globally… APAC is leading the pack with nearly 25 million transactions recorded in 2020, followed by China and South Korea,” said Harshil Mathur, CEO and co-founder, Razorpay.

Speaking at the fourth edition of its flagship FTX event, Mathur said that over the years, Indian fintech companies have shown immense potential by leveraging new technologies to simplify and accelerate the needs of businesses and consumers.

“We have helped increase reach, enhance customer experience, reduce operational friction and drive digital payments,” he added.

Mathur highlighted that Razorpay has registered over 300 percent growth for the second year in a row and has achieved TPV of $60 billion by early December 2021 – up from its target of TPV of 50 billion announced in December last year. 20% more.

“We plan to achieve $90 billion TPV by the end of 2022. This growth is a testament to the significant digital adoption by small businesses over the past 2 years. I believe that unless growth for our customers Until then, there’s really no development for us. First,” he noted.

Razorpay expects to grow over 4x in volume and revenue by 2022. Razorpay currently powers payments for over 8 million businesses including Facebook, Ola, Zomato, Swiggy, Credit, Muthoot Finance, National Pension System, IndianOil and aims to reach 10 million businesses by 2022.

Shashank Kumar, CTO and Cofounder, Razorpay said that the company has always endeavored to ensure that every SME in India embraces digital and automates every aspect of their financial operations, so that they focus on growing and growing their business. while Razorpay takes care of the rest.

“We are confident that we will continue to make meaningful and impactful contributions to the growth of the industry,” he added.

Razorpay has launched MagicCheckout that securely saves shoppers’ information once during a purchase, and automatically prefills that information for all current and future purchases across all stores within MagicCheckout’s network .

It is intended to help retail businesses that often drop off their carts, leaving customers in the final stages of a transaction. The primary reason for this is often complex checkout pages with many hoops that require users to remember passwords and manually enter card details, addresses and OTPs to complete purchases.

With this checkout experience, shoppers can checkout 50 percent faster, while retailers can expect a 20 percent increase in conversions, claimed Razorpay.

The company has also unveiled Tax Payment Suite, a one-stop platform for all tax payment needs of small businesses, be it TDS, GST, TCS or Advance Tax. In addition, the RazorPayX dashboard gives businesses a single, transparent view of all distributions for seamless collaboration between finance teams, external accountants and business owners.

In addition, Razorpay has launched RIZE – a launchpad that will help startups with the tools to help them from initial incorporation to filing their first tax, paying their first payroll and meeting their sales, marketing and finance needs. Will do

RIZE will also help entrepreneurs to get their first loan or funding. RIZE has partnered with more than 50 product companies including AWS, Freshworks, WeWork, Zoho, Shiprocket, WebEngage and others to build a comprehensive toolkit, as well as half a million dollars in profits on Razorpay and its partner products.

RIZE is also a community of renowned founders and product experts who will support India’s upcoming innovators and disruptors. RIZE aims to create 1 lakh new businesses and entrepreneurs.

In addition to the launch of three flagship products, RazorPay also announced a slew of new products and features for businesses, including an enhanced RazorPay mobile banking app for Internet SMBs, allowing business owners to save as little as 8, on the go. Allows for making and accepting payments on the go. hours in a month.

Other products announced include a ‘RazorPayX and RBL co-branded business debit card’ optimized for the needs of internet-first SMBs and ‘Instant Settlements for Marketplace’ for Amazon sellers.