Razorpay Partners MHA, I4C To Boost Digital Payments Security

Razorpay Partners MHA, I4C To Boost India’s Digital Payments Security

SUMMARY

Razorpay has extended support to the Ministry of Home Affairs and Indian Cyber Crime Coordination Centre to strengthen digital payment security

The fintech company has connected with over 1,600 cybercrime stations across 25 states and union territories

Data shows that over 7,000 cybercrime complaints are reported daily through the National Cybercrime Reporting Portal

Bengaluru-based fintech unicorn Razorpay has joined hands with the Ministry of Home Affairs (MHA) and Indian Cyber Crime Coordination Centre (I4C) in an effort to bolster India’s digital payments security ecosystem.

This collaboration aims to empower businesses and end-customers with critical knowledge to protect themselves while driving widespread awareness about cybersecurity across India, the company said in a statement.

Additionally, Razorpay will also spearhead an awareness drive to educate businesses and consumers on critical topics concerning cybersecurity.

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay has evolved from a payments platform to an omnichannel payments and banking platform. It has raised a total funding of over $740 Mn from investors like GIC, Tiger Global and Lightspeed Ventures.

The company reported a 365% jump in profit to INR 33.5 Cr in FY24 from INR 7.2 Cr in the previous year. Operating revenue rose 9% year-on-year to INR 2,475 Cr, with 83% coming from payment aggregation services.

Razorpay has previously backed startups like Shiprocket, HostBooks, Inai, and GetVantage.

“As our digital economy rapidly expands, India is emerging as a global leader in retail transactions and digital payments. With this leadership comes a responsibility to ensure safe and secure digital payment experiences for a young, new-to-banking population,” Razorpay’s chief innovation officer Arif Khan told Inc42.

The development comes at a time when a wave of cyber attacks has swept India. The country reportedly lost INR 177.05 Cr to cyber frauds in FY24, more than double the INR 69.68 Cr it lost in FY23 on account of credit, debit card and internet banking frauds.

In a report, the Reserve Bank of India said that the number of online frauds in the country surged 334% year-on-year (YoY) to 29,082 in the financial year 2023-24 (FY24).

Meanwhile, the Centre has taken several initiatives to clamp down on the rising tide of cyber frauds. For instance, it has set up ‘Citizen Financial Cyber Fraud Reporting and Management System’, which has already helped save more than INR 2,400 Cr from being syphoned off by fraudsters.

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