Digital payment solution start-up Razorpay launched a flurry of new products on Friday, including a corporate credit card for start-ups and small businesses, current accounts and payment solutions for freelancers and ‘home-preneurs’.
The launch will put it in direct competition against some of the world’s largest payments firms, market leader PayPal not the least of them.
“It’s important to think about financial inclusion not just in terms of consumers but also in terms of businesses. Today, many of the existing solutions businesses use to manage their finances aren’t well-suited for modern internet firms,” said Harshil Mathur, CEO and co-founder, Razorpay, adding “The move we have made today, helps us expand our horizon in payments and banking and solve new challenges for ambitious businesses who are wanting to disrupt the Indian economy.”
The launch of the newly expanded services will give access to the full spectrum of banking services to more than six lakh merchants on its platform.
Among the products the firm launched on Friday, the small company-focused corporate credit card is aimed at giving them access to credit.
The company has partnered with the RBL for banking services and the card will allow businesses a no-cost interest for 50 days with a credit line ranging between Rs 50,000 to Rs 25,00,000.
Through this launch, the company aims to mobilise credit for about 40 per cent of businesses across India.
The start-up also launched Current Accounts as one of the services it offers on the RazorpayX platform.
“There is an increasing market demand for a platform that supports a large number of transactions, provide superior customer experience, and one that lets a business define its own processes. Traditional Current Accounts are not there yet,” it said, adding that the platform will now support standard banking features like debit cards, cash transfers, along with FD, RD and other treasury offerings.
Payment support for freelancers, consultants and other unregistered business like tutors, gym instructors and others has also been rolled out. Those home-preneurs selling through platforms like Instagram and Facebook will also be supported.
“Typically, freelancers, especially in Tier 2 and 3 cities, face troubles with selling products without a website, collecting advance payments, creating GST compliant invoices, etc., to manage their bills and finances. With features like payment support for over 100 currencies, freelancers and individual businesses can access a larger pool of consumers across the world,” the company said.