Razorpay said that it has partnered with BookMyShow for implementing UPI (Unified Payments Interface). On BookMyShow, Razorpay along with its banking partner, HDFC has now enabled UPI payments through the intent flow on native mobile applications using existing UPI supported apps installed on customer's phone.
Harshil Mathur, CEO & Co-Founder, Razorpay says, “BookMyShow is India's largest entertainment destination and millions of people use the platform every day through desktop/laptop or mobile and we're excited to create a seamless UPI payment experience for users, through this association. In the last few months, we've witnessed how UPI has radically transformed payment experience for both consumers and businesses and we believe that this partnership will help simplify payments for BookMyShow, which handles huge transaction volumes every day. The vision and true essence of a cashless economy can be realised when we can successfully facilitate digital payments for the masses, for day-to-day services.”
Says Viraj Patel, Vice President – Technology, BookMyShow, “UPI is already playing a prominent role in digital payments ecosystem in India. BookMyShow's integration with UPI will definitely help us increase engagement with both – potential users who are not yet aligned to any digital payment method but possess a smartphone, a mobile internet connection and a bank account and our existing users, who already engage with varied digital payment methods, but can now use UPI to enable faster, more convenient and secured checkouts. We are delighted to collaborate with Razorpay for this UPI integration and are confident that our association will go a long way in delighting BookMyShow users.”
In two years since launch, UPI has handled transactions worth ₹3.17-lakh crore. Razorpay has effectively contributed towards the cause of promoting the digitization efforts of the Government, by being India's first payments processor to offer UPI to its businesses, as early as September 2016, even before demonetisation. In the past few months, Razorpay was the first to power UPI for organisations such as Airtel and IRCTC among others and in a short span, UPI has proved to be extremely beneficial for businesses, serving as an immediate solution to businesses' payment collection woes.
Having disrupted the digital payments industry over the last three and half years and being the first to support every new mode of payment for businesses, Razorpay is tirelessly working towards solving for other payment challenges in the entire payment journey of any business, small or big.
Currently powering online payments for more than 100,000 small & large businesses such as Airtel, Zomato, IRCTC, GoIbibo, Zoho, DSP Blackrock, Zerodha among others, Razorpay has clocked in a healthy growth rate of 30-35% month-on-month and is geared to increase its merchant count to 2,00,000 by next year. The 2.0 product suite launched last year now contributes to 20% of Razorpay's revenue, the company expects more than 10x growth in volume and revenue by next fiscal year.
In January, Razorpay raised $20 million in funding led by Tiger Global and Y Combinator with participation from Matrix Partners. It is using a significant portion of the proceeds from that to launch new products and strengthen its engineering team.