5 innovative payment solutions that made Razorpay the preferred choice for small businesses in 2022

   2022-12-28 10:12

Innovative and easy-to-use payment solutions have become even more crucial for businesses to manage and understand their financial operations and cash flow, as millions of end-consumers are increasingly preferring online transactions over conventional cash transactions. Keeping this transition in mind; Razorpay, a leading payment and banking platform for businesses has powered technology payment solutions for over 8 million businesses and over the last few years they have demonstrated that innovation and customers are at the heart of everything that they do. Being a part of major milestones in the fintech industry, we believe Razorpay has profoundly shaped the trail for the same ecosystem in the year 2022. 

Here are the 5 innovative payment solutions by Razorpay that have helped businesses become more efficient in their financial operations, making the company the ideal financial solution provider in 2022:



India’s First Multi-Network Card Tokenization Solution TokenHQ: 

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With the idea of providing customers with a saved-card experience that can help businesses witness a spike in their conversion rates rise by up to 4%, Razorpay introduced TokenHQ. A tokenized card transaction is considered safer because the actual card details are not shared with the merchant during transaction processing, this helps cut the chances of card information leakage. Razorpay is doing it through a process called Card-on-File (COF) tokenization, in which sensitive cardholder data is converted into a string of randomly generated numbers called a “token.” In an effort to increase the security of online transactions, Razorpay has successfully boarded over 2 lakh merchants since the time it came into existence. It assists businesses in creating, processing, deleting, and modifying tokens with the customers’ permission. Razorpay’s vision is to bridge the inconvenience gap and enable customers and businesses to sustain “business as usual.”

RazorpayX Digital Lending 2.0: A Complete Lending Solution for Fintechs and NBFCs

To facilitate the ability of NBFCs and Fintechs to work together in an effective and efficient environment and to automate direct payments and repayments between the borrower’s and the regulated entity’s accounts, RazorpayX, the business banking platform of Razorpay, introduced RazorpayX Digital Lending 2.0. In the past, NBFCs would transfer funds into the accounts of fintechs or third-party pool companies, who would then use those funds to make additional payments to their respective borrowers. However, under the most recent criteria, sending money via pass-through account, a pool account, or a third party/Fintech is no longer acceptable. Direct money transfers between the regulated business (NBFCs or banks) and the borrower’s account for loan disbursals and repayments are made possible by RazorpayX Digital Lending 2.0, which addresses both direct lending models and co-lending models for lenders. Presently, RazorpayX Digital Lending 2.0 has already onboarded some of the largest players in the ecosystem, including Kisetsu Saison Finance India and MoneyTap (a Freo product), and aspires to onboard many more lenders in the future.


India’s First Payment Gateway to Support Credit Cards on UPI:

In an industry-first move, Razorpay in the current month announced its platform’s readiness to enable Credit Card (CC) transactions on the Unified Payments Interface, aiming to further improve digital payments and increase India’s credit penetration (UPI). Razorpay became the first payment gateway to enable CC on UPI and the company believes this move will further boost credit card penetration in India. Given India’s rapid use of digital payments for transaction demands, merchants require access to a hassle-free, frictionless payment experience for their end-customers. With minimal adjustments to their current infrastructure, Razorpay merchants can begin accepting credit card payments via UPI. Businesses can now offer their customers the option of paying on credit while enabling them to closely track their average order value and segment their customer base. 

Automated Payroll Platform: RazorpayX Payroll

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In recent years, many small businesses have learned that switching to automated payroll solutions can help them save enormous amounts of time and money, allowing them to concentrate more on business growth and less on payroll compliance. RazorpayX Payroll software enables businesses to save time while concentrating on growing their products and operational capabilities, as it provides an all-in-one solution for operating payroll calculations, TDS calculations, income tax calculations, reimbursements, and disbursements. More than 20% of all UPI registered users in India had transactions completed by RazorpayX the past year. The neo-banking platform provides services to over 30,000 businesses in India. The platform has disbursed payouts with an annualized money movement of over $30 billion. In the last year, RazorpayX’s payroll platform witnessed a 3.7X adoption rate, enabling businesses to concentrate on their core functions rather than worrying about compliance.

Safe & Secure Recurring Payment Interface; MandateHQ: 

Razorpay’s MandateHQ is an API-based, plug-and-play recurring payments interface that allows banks to seamlessly enable recurring payments on cards following the new RBI guidelines announced in 2021. With an aim to upgrade customer payment experience and security to increase digital adoption, MandateHQ is an initiative that enables businesses, especially subscription-based businesses, to get access to a wider customer base, who use debit cards, as recurring payments were mostly supported via credit cards previously. Razorpay’s MandateHQ solution can be fully integrated with any Bank within 7 days, as compared to the usual few weeks by other solution providers. Assisting companies across a range of services including insurance, utilities, content, SaaS, lending, and charitable donations, MandateHQ’s intention is to provide higher value and help businesses maintain & further improve their revenue growth.


Razorpay believes that the next line of products and innovations will result in a wide variety of integrated technology solutions that will completely transform how businesses have been traditionally accepting money, disbursing money and moving money in their financial infrastructure. Do watch out for the next innovation from Razorpay that will benefit your business.


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