OneCard joins forces with Razorpay

In a bid to support its expansion strategy, OneCard partnered with Razorpay, with the two companies working towards maintaining an enhanced and secure credit card bill repayment experience for customers. Through this, the India-based firm intends to increase its credit card bill repayment success rates and customer retention levels, whilst expanding its profitability.

Additionally, OneCard’s decision to collaborate with Razorpay can be attributed to the latter’s capabilities, including offering a solution that addresses the firm’s scalability concerns and prioritises success rates. Razorpay delivers a multi-gateway network, as the company attained several bank gateways at the backend and created an infrastructure with more than three acquiring financial institutions. Also, by implementing a machine learning (ML) enabled routing mechanism, Razorpay’s system automatically redirects payment traffic to gateways with the highest success rate during unexpected interruptions. Through this approach, OneCard intends to decrease disruptions to its daily operations while ensuring increased captured transactions.

By leveraging Razorpay’s solutions, OneCard observed a substantial expansion in success rates, surpassing 84% on average. By merging this with the firm’s compounded growth rate of 10-15% in UPI volumes, the firm witnessed significant growth YoY. Moreover, Razorpay’s technology and commitment to supporting companies in expanding their operations allowed OneCard to focus on optimising the credit card repayment experience in India. The alliance showcases the potential and capabilities of collaborations in the fintech landscape and the benefits that they could provide to individuals.

Furthermore, representatives from OneCard highlighted that, through Razorpay’s team support, the company has been able to work on improving its ability to provide an efficient and convenient experience to its customers, which in turn impacted its success rate.

Before the current news, Razorpay announced the launch of Q-Zap, a suite that focuses on enabling merchants to process payments in any part of the store instead of only at their designated billing counters. The company aimed to allow businesses to implement its new solution and ensure that their stores were equipped with the necessary technology to keep up with high traffic, while also optimising the customer experience.

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