Razorpay expects $ 90 b payment volumes in a year

New Delhi: Fintech major Razorpay on Thursday said it has seen strong growth in the number of payments processed on its platform, and it expects its total payment volume (TPV) to touch $90 billion by end of next year.

The unicorn, which is backed by investors such as Tiger Global, Sequoia Capital India and Mastercard, has announced the launch of three new products that are aimed at simplifying payment management processes for businesses, especially small and medium-sized enterprises (SMEs).

“Today, we are the fastest growing fintech market in the world. Fintech in India has crossed China and has become the second largest fintech economy after the US with the highest adoption rate globally...India is leading the pack in the APAC having registered around 25 million transactions in 2020, followed by China and South Korea,” Razorpay CEO and co-founder Harshil Mathur said.

Speaking at the fourth edition of its flagship FTX event, Mathur said over the last couple of years, Indian fintech companies have displayed immense potential by leveraging new technologies to simply and accelerate requirements of businesses and consumers. “We have helped increase outreach, improve customer experience, reduce operational friction and foster adoption of digital payments,” he added.

Mathur highlighted that Razorpay has registered over 300 per cent growth for the second consecutive year and has achieved a $60 billion TPV as of early December 2021 - 20 per cent more than its goal of $50 billion TPV that was announced in December last year.

“We plan to achieve USD 90 billion TPV by the end of 2022. This growth is a testament to the significant digital adoption by small businesses in the last 2 years. I believe that there is really no growth for us unless there is growth for our customers first,” he noted.

Razorpay expects over 4x growth in volume and revenue by 2022. Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Ola, Zomato, Swiggy, Cred, Muthoot Finance, National Pension System, Indian Oil, among others and aims to reach 10 million businesses by 2022.

Razorpay CTO and cofounder Shashank Kumar said the company has always strived to ensure that every SME in India embraces digital and automates every aspect of their financial operations. “We are confident we will continue to make a meaningful contribution to the growth of the industry,” he added.

The company has also unveiled Tax Payment Suite, a one-stop platform for all tax payments needs of small businesses, be it TDS, GST, TCS or Advance Tax. Further, the RazorpayX dashboard provides businesses a single, transparent view of all disbursals for seamless collaboration between finance teams, external accountants, and business owners. -(PTI)