New Delhi, 10 Dec (KNN) Payment solution company Razorpay has launched a software-as-a-service (SaaS) platform to increase conversions and ease tax payments for digitally-enabled small businesses.

The Magic Checkout product by Razorpay is aimed to reduce multiple steps for customers to checkout including entering card details, addresses, and OTPs by saving shoppers information once and automatically prefill it at all stores for all purchases as published in Financial Express.

It claims that shoppers would be able to check out faster than before while retailers could expect a 20 percent rise in revenue with increase in conversation. 

According to Razorpay, “More than 50 per cent of small businesses face difficulties with TDS calculation and tax payments regarding this Razor pay has launched Tax Payment Suite to enable tax payments by small businesses within 30 seconds. Considering multiple meetings, sifting, and sorting of data, tedious filings and payment failures, the entire process costs small businesses more than 250 hours every year. For the first time, 30-second tax payments have now become a reality.”

“This innovation will revolutionize the way payments are done in India, in the next 2 years,” stated Razorpay.

It has achieved USD 60 billion total payment volume as of early December 2021 and said it is looking forward to achieving USD90 billion in total payment volume by the end of 2022. 

Speaking about the developments, the CEO & Co-founder of Razorpay, Harshil Mathur opined opined that there is really no growth for us unless there is growth for our customers.

Razorpay has also announced an incubation programme Rize to help 1 lakh early-stage startups. It will help startups in their incorporation, filing tax, paying payroll, and providing the tools to cater to their sales, marketing and finance needs like loans or funding.

Along with the new solutions, Razorpay also announced an upgraded RazorpayX mobile banking app for internet-based SMBs to make and approve payments and RazorpayX and RBL Bank co-branded business debit card focusing on the needs of internet-first SMBs and to provide instant settlements for Marketplaces for Amazon sellers.