India's Razorpay launches faster checkout option, tops $60 billion TPV

razorpay launches faster checkout feature and tops 60b tpv

Fintech company Razorpay makes it easier for users to pay businesses with a faster checkout feature. India's leading payments infrastructure giant pushes to win a bigger share of the world's second-largest internet market.

The new Magic Checkout feature saves shoppers' information such as password, card details, and addresses during their first purchase and prefills those when they transact with the same business or any other merchant using Razorpay to process their payments.

Fintechs Bolt and Fast in the U.S. provide offerings similar to Magic Checkout. The new feature is Razorpay's attempt to help merchants ward off the 70% drop-off in the transaction process's last step, which is quite common.

The new feature supports all payment methods, including cash on delivery, and requires minimal integration on the business's end. The Bangalore-based Fintech said that shoppers can checkout 50% faster with the new checkout feature, while retailers and merchants can expect a 20% increase in conversions, which consequently increases revenue by 20%.

As of December, the startup had processed over $ 60 billion in transactions for its customers, up from the $50 billion goal the company had set for itself last December. The Fintech startup, which has amassed over 8 million clients, reported it aims to process $90 billion in transactions by the end of the following year.