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Razorpay, a converged payment solutions company, will enable eNACH for its merchant customers this year, said its CEO and co-founder Harshil Mathur.
eNACH is one of the newest methods of electronic payment. With eNACH, a customer can digitally give one’s Aadhaar number to a merchant for auto-charging of his account. Razorpay is one of the eight entities certified by the National Payments Corporation of India (NPCI) for providing eNACH.
Razorpay is already catering to mutual fund houses, insurers and aggregators, and will enable them to accept recurring bill using eNACH, Mathur told BusinessLine here in an interview.
Besides eNACH, Razorpay is also looking to launch solutions around the BharatQR code, he said.
Razorpay, which raised $20 million in Series B funding from Tiger Global, Y Combinator and Matrix Partners in January, is now looking to scale up and take the number of online merchants on board its platform to two lakh over the next one year from the current level of 85,000, said Mathur. “We are on-boarding 150 merchants every day,” he said.
This three-year-old company will continue to be a B2B service provider and has no plans to get into the B2C space, he said. “Our business model is stronger on B2B,” said Mathur.
Product range
Mathur said that Razorpay’s initiative last year to launch a bunch of four new products is already showing results with these four now accounting for 10 per cent of the company’s revenues. The four products – launched under Razorpay 2.0 – are: Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices.
“By the end of this year, we expect 30 per cent of our revenue to come from these four new products,” he said.
Smart Collect, subscriptions and invoices solve payment collection problems for merchants. On the other hand, Razorpay Route solves for vendor payouts that businesses have to make, said Mathur.
Going global
Mathur also said that plans are afoot to launch operations by the end of this fiscal in one of the markets in South-East Asia.
“We were evaluating this last year itself. But changes like demonetisation and GST threw up more opportunities for us in the domestic market. So, we were focused on the domestic market,” he said.
The digital payments market is expected to boom in India, given the government’s push for digitisation. According to a recent forecast, total payments via digital instruments are expected to touch $500 billion by 2020 from the current level of $50 billion.
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