Weeks after it was reported that social media platform Twitter was in talks with payment platform Razorpay to enable tipping features for Indian users, Twitter made the formal announcement today.
Twitter introduced the Tip Jar, last month, to allow users to send tips to applicable Twitter accounts on iOS and Android. Initially, only a limited group of people will see the option to add Tip Jar to their profile. This group includes creators, journalists, public figures, experts, and community leaders. It is the first of several upcoming ways for creators to monetise their content.
Apart from Razorpay, Twitter has payment providers like PayPal, Cash App, Patreon, Bandcamp and Venmo.
“By integrating Razorpay, we are hoping to provide people in India with a simple and secure way to send money as a token of appreciation or as a gift. Tip Jar is available in multiple Indian languages including Bengali, Gujarati, Hindi, Kannada, Marathi and Tamil,” said Twitter in blogpost.
Through Razorpay’s interface, Twitter users will be able to make payments to individuals and organisations across India via multiple modes of payment including UPI, credit and debit cards, net banking, wallets and more.
Twitter is also working to add more payment providers to the feature around the world and may bring more Indian payment platforms on board, according to previous reports. Other payment gateway solution providers in India include Instamojo, PayU, Billdesk, Cashfree among many others.
Founded by Shashank Kumar and Harshil Mathur in 2014, Razorpay entered the unicorn club in October 2020 after it raised $100 Mn in a funding round led by Singapore’s sovereign wealth fund GIC and existing investor Sequoia India.
At the time, the company said that the funds would be utilised for hiring 500 people across functions of growth, product and technology and launching two new products for its neobanking business RazorpayX and lending business Razorpay Capital. It currently claims to provide payments services to over 200K small and large businesses. The online payment gateway business, which accounts for 80% of its revenue, serves five million customers, including Airtel, BookMyShow, Facebook India and Sony.