Following this announcement, shoppers and clients will be enabled to benefit from a faster, more secure, and more efficient online checkout experience by using the 1-Tap, OTP-Less Verification solution. The product was designed to provide users who transact using Razorpay’s checkout on an annual basis with an overall safer process of making payments online.
Furthermore, customers will not need to manually fill up the contact details in order to finish the transaction, nor to wait for OTPs during the checkout. These details will be auto-populated into the procedure by Truecaller with a single step.
The aim of the tool is to offer businesses and companies reduced drop-offs and an approximately 5% higher conversion rate, as well as to meet the needs, preferences, and demands of their customers while remaining compliant with the requirements of the industry.
India-based fintech company Razorpay had multiple collaborations and launches in the last couple of months, covering several different geographic regions around the globe.
In July 2023, the company announced the launch of its MoneySaver Export Account, a solution that was developed to allow traders and merchants to receive international payments with wire transfers. Moreover, the service addressed the needs and demands of Indian exporters, allowing traders to receive international payments through wire transfers such as SEPA, SWIFT, ACH, BACS, and Fedwire.
By using the new product, Indian companies and businesses were given the possibility to choose to open international bank accounts whenever their client was based, without the need to maintain a physical presence in those specific locations. Exporters were enabled to create such accounts in an easy manner and start receiving the funds immediately. This launch aimed to allow Indian exporters to cater to their customer’s expectations by providing global users with a local, secure, and efficient banking experience, across over 200 countries around the world.
Earlier in the same month, Razorpay launched an international payment gateway for Malaysia in collaboration with Curlec. The partnership aimed to improve the manner in which Malaysian businesses accepted digital payments by advancing from a recurring transactions player into a full-stack, secure, and efficient digital payment gateway.
The companies focused on disrupting the payments landscape in SEA, building Curlec by Razorpay into a PG in the region. The business was at the time working with more firms around the world, as the new Curlec Payment Gateway was set to serve over 5,000 enterprises. The target was on RM 10 billion in annualised Gross Transaction Value (GTV) by 2025.
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