Payments company Razorpay has announced that it has launched an upgraded version of its service ‘Payment Links’. This development was first reported by the Economic Times. The Bengaluru based company said that it has added two new features, apart from updating its User Interface (UI) to provide a more customised experience to all businesses. Payment Links, which can be sent via an SMS or email, are securely generated web addresses that allow end-users to make payments using the supported payment methods, the report said.
The two new features that the company has incorporated in its service are called ‘Partial payments’ and ‘Batch Uploads’. While the former allows end-users to make payments in part against a particular order_id instead of making the entire payment at once, the later lets businesses generate and process links in bulk rather than creating individual links by uploading a single file containing collect order details, the company said.
“These new features are designed to drive digitization in traditional businesses and will provide efficient ways to increase revenue for new age businesses and has the ability to save upto 30% of their cost and time,” said Shashank Kumar, co-founder, Razorpay.
Razorpay said that over 20000 businesses are transacting using payment links since its launch in September last year. The company plans to double that number in the next six months.
In January, Razorpay had raised Series B funding of $20 million led by its existing investors Tiger Global and Y Combinator, along with participation from Matrix Partners. At that time, the company had said it will use the funds to expand its reach into new markets and verticals.
Before that in July 2016, Mastercard made an undisclosed investment in the company. As a part of the investment, Razorpay said it would expand internationally to countries such as Indonesia, Philippines, Malaysia, Myanmar, Saudi Arabia and UAE, and MasterCard will be helping the company with partnerships with local banks. Prior to that, it had raised Series A funding worth $9 million led by Tiger Global and participation from Matrix Partners, in 2015. At the same time, it had secured seed funding of $2.5 million from 33 investors including Y Combinator, Kunal Bahl & Rohit Bansal (Snapdeal founders), Punit Soni (ex-Flipkart CPO), Amit Gupta & Naveen Tewari (Inmobi founders), Kunal Shah & Sandeep Tandon (Freecharge founders).