Razorpay Launches Enterprise QR PoS Device, Forays Into Marketing

Fintech giant Razorpay Software Pvt. announced its foray into marketing and debuted a new POS device at its flagship event in Bengaluru, on Friday.

This comes at a time when regulatory action on Paytm Payments Bank Ltd. has caused rivals to prey on confused merchants.

Co-Founder and Chief Executive Officer Harshil Mathur also announced that the company has achieved an annualised total payment volume of $150 billion, making it the leader in India's digital payments processing category.

Razorpay also unveiled the following suite of products at the event:

Payment Gateway 3.0

This will be an upgrade to its existing PG 2.0, with improvements such as offering a one-click checkout option, buyer protection, trusted badges and in-store trial options for businesses. It will also ease the purchasing process for users with prefilled payment methods and addresses. The company said it is seeing an uptick of 30-50% in conversion of customers in early stages.

Enterprise QR Soundbox

This will be a UPI-led PoS device, which will support QR-based payments and contactless tap card payments. "Unlike today's devices, which are card-first, this is a UPI-first device with cards also enabled," the company said in a release. The pricing will be one-third that of a standard PoS terminal, it said. "Razorpay believes this will fundamentally change the way enterprises accept UPI payments and help drive huge UPI adoption in organised retail stores."

Marketing Stack Platform 'Engage'

This will be a full-stack loyalty and rewards platform. "We believe, through Engage, we are empowering businesses to take full control of their end-to-end customer engagement and are completely changing how they have acquired, retained, engaged, and revived customers till now," Razorpay said.

Ray—An AI-Assistant For Payments And Payroll Management

It has also developed an AI-assistant designed for e-commerce businesses, driven by its own AI engine AI-Nucleus.

"Having built India’s only full-stack financial services platform over the years, we believe it is our responsibility to create an ecosystem where businesses are supercharged to, and in turn, transform the lives of their end-customers," said Shashank Kumar, managing director and co-founder, Razorpay.

A potential IPO for the company could come sooner, but it is looking at a two-year timeline, Mathur told NDTV Profit at the sidelines of the launch.

The reverse flipping process is currently underway, as the company seeks to change its domicile from the U.S. to India and list here, he maintained. "We are clear that we want to list in India only, the process is such that it takes a lot of approvals," Mathur said.

Further, one of the key metrics to gauge whether Razorpay is ready is to be profitable across revenue streams, he said.

The Bengaluru-based omnichannel payments platform was founded in 2014, and has raised nearly $750 million from marquee investors such as Lone Pine Capital, TCV, GIC, Tiger Global and Peak XV Partners.