In order to simplify online payments, Bengaluru-based payment gateway Razorpay has launched a service called ‘Flash Checkout’. This will cut down transaction time by 60% when the card is saved with Razorpay.
Flash Checkout runs on a patent-pending technology through which a customer needs to authenticate themselves only once on a mobile device. Following this, all saved cards will be available across merchants of Razorpay helping users have simpler and faster transactions on mobile and desktop transactions. The ‘device authentication’ feature reduces the need to have cumbersome verification processes for each transaction.
Shashank Kumar, co-founder of Razorpay, said “The card saving feature in Flash Checkout will help merchants increase customer retention and improve transaction speeds. Before we developed this, merchants needed to write complex integrations just to enable card saving. However, with Flash Checkout, not a single extra line of code is needed, making it the easiest way to offer card saving to end customers.”
Razorpay’s PCI DSS-compliant technology ensures all card information is stored securely to facilitate safe transactions. Flash Checkout is Razorpay’s step towards ensuring that merchants need not dabble with extra lines of code. All additional features will be updated automatically from Razorpay’s end, eliminating the need for merchants to tweak any code that is integrated into their systems.
Established in 2013, by Shashank Kumar and Harshil Mathur, Razorpay has 8000+ merchants. It is a payments platform for companies who want to run their business online. The company helps businesses accept online payments via Credit Card, Debit Card, Net banking and Wallets from their end customers.
Till date, it has raised a total capital of $11.5 Mn from a bunch of investors like Tiger Global, Matrix Partners and YCombinator. The last round was in October 2015, wherein it raised $9 Mn from Tiger Global and Matrix Partners. The startup, which was incubated at Silicon Valley’s based startup accelerator YCombinator, had earlier raised $2.5 Mn (INR 16 Cr) in seed funding from Matrix Partners, Y Combinator and 33 other angel investors, including the founders of InMobi, Snapdeal, Freecharge and the likes of Punit Soni, Ram Shriram and Justin Kan.
In July 2016, Razorpay announced that it was collaborating with MasterCard to speed up the adoption of online and mobile payments among small businesses in India. As part of the collaboration, MasterCard invested an undisclosed amount in Razorpay. Additionally, Razorpay integrated the MasterCard Payment Gateway to enable merchants and card issuers to authenticate each other prior to the authorisation of a transaction.