Currency Crunch: Razorpay offers to onboard merchants in 1 hour

razorpayOnline Payment platform Razorpay said it launched a new feature –Express Activation– in India that promises one-hour activation of new merchant accounts.

Razorpay is a payments platform that allows merchants to receive payments via their websites or mobile apps. It helps businesses accept online payments via credit card, debit card, netbanking and popular wallets including Mobikwik, PayUmoney, FreeCharge, Airtel Money, Ola Money and PayZapp.

“The move aims to provide immediate relief to thousands of small businesses caught off guard because of the demonetization effort taken up by the government”, said the company.

“Express Activation will allow merchants to get their account approved and activated within 1 hour of submitting relevant documents.”

With Express Activation, Razorpay will be the only payment gateway to onboard merchants in an hour, it said.

E-payment companies have been trying to push their products in the context of cash-related problems faced due to the derecognition of old 500 and 1000 rupee notes.

The company said the initiative will help small merchants who have been primarily transacting through cash until now.

Razorpay said it expects 5 times growth in merchants to get onboard within the next 30 days. A lack an of alternative online payment solution is detrimental to smaller business who will be impacted the most.

Razorpay’s easy to use API will help merchants to integrate Razorpay with their website as fast as 30 minutes.

For merchants who use e-commerce platforms like Shopify, Razorpay offers plugins for integration.

Razorpay’s investors include MasterCard, Tiger Global, and Matrix Partners.