Razorpay eyes $90 bn TPV by 2022, launches new solutions to enhance payment experience
- ByStartupStory | December 11, 2021
Fintech major Razorpay on Thursday said it has seen strong growth in the number of payments processed on its platform, and it expects its total payment volume (TPV) to touch $90 billion by end of next year.
Razorpay expects over 4x growth in volume and revenue by 2022. Credit: iStock Images Fintech major Razorpay on Thursday said it has seen strong growth in the number of payments processes for businesses, especially small and medium-sized enterprises (SMEs).
”Today, we are the fastest-growing fintech market in the world. Fintech in India has crossed China and has become the second-largest fintech economy after the US with the highest adoption rate globally…India is leading the pack in the APAC having registered around 25 million transactions in 2020, followed by China and South Korea,” Razorpay CEO and co-founder Harshil Mathur said.
”We have helped increase outreach, improve customer experience, reduce operational friction, and foster adoption of digital payments,” he added.
Mathur highlighted that Razorpay has registered over 300 percent growth for the second consecutive year and has achieved a USD 60 billion TPV as of early December 2021 – 20 percent more than its goal of USD 50 billion TPV that was announced in December last year.
“We plan to achieve USD 90 billion TPV by the end of 2022. This growth is a testament to the significant digital adoption by small businesses in the last 2 years. I believe that there is really no growth for us unless there is growth for our customers first,” he noted.
Razorpay expects over 4x growth in volume and revenue by 2022. Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Ola, Zomato, Swiggy, Cred, Muthoot Finance, National Pension System, Indian Oil, among others and aims to reach 10 million businesses by 2022.
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