Bharti Airtel is partnering with Razorpay, a payments solution company, to enable users to make online payments through UPI (United Payments Interface). Razorpay on Tuesday announced that Airtel users will be able to make the payments via the MyAirtel app as well as its official site. With UPI-based payments, the company is promising an easy and quick checkout experience for users as they will not be needed to type card details or netbanking/ digital wallet passwords. This method will also drive the adoption of digital payments in India, the company has claimed.
Razorpay's payment gateway said in a statement that it will process more than five million transactions per month via the Airtel site and MyAirtel app. The company promises that it is a secure platform as it comes with multiple levels of security encryption. Notably, all Airtel subscribers can avail a 10 percent cashback upto a maximum of Rs. 100 on their first UPI transaction. The offer will be applicable till August 6, 2018.
Harshil Mathur, Co-Founder and CEO, Razorpay, says, "We are delighted to partner with Airtel, India's largest telecom company, in their journey of connecting India by providing another payment channel for their customers that is effective, seamless and hassle-free."
Launched in 2016, UPI has witnessed massive growth with the cumulative number of transactions standing at 250 million at the end of June 2018. Razorpay claims to have contributed in the process by being "India's first payment solutions company to launch UPI for its merchants" as early as September 2016.
Mathur also added, "The vision of a less-cash economy can be realised only when we successfully facilitate online payments for everyday, essential needs such as the need for people to remain connected at all times. Our partnership with Airtel is another step towards realising that goal."
Razorpay currently powers online payments for more than 1,00,000 small & large businesses such as GoIbibo, Yatra, Zomato, IRCTC, Zoho, DSP Blackrock, Zerodha among others. Razorpay is geared to increase its merchant count to 2,00,000 by the end of 2018 and impact 500 million end consumers by 2020. The company has clocked in a healthy growth rate of 30 percent to 35 percent month-on-month and expects more than 10 times growth in volume and revenue by next fiscal year and also predicts the 2.0 product suite to contribute 30 percent of its revenue.