Fintech giant Razorpay expects Total Payment Volume to hit $90 billion by 2022
- ByTejika Bajaj | December 10, 2021
Fintech giant Razorpay recently revealed that it is experiencing a high influx in the number of payments processed on its platform and that it expects its Total Payment Volume (TPV) to hit $90 billion by 2022.
The Bengaluru based company has witnessed a 300% growth in the past three years and has achieved $60 billion TPV as of early December 2021 which is 20% more than its goal of $50 million set last year. The startup also expects a 4X growth in its revenue and volume by 2022.
Talking about their future plans, the CEO and Co-founder, Harshil Mathur said, “We plan to achieve $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. We are confident we will continue to make a meaningful and impactful contribution to the growth of the industry.”
Further, the Tiger Global backed startup has announced the launch of three new products on its platform to augment growth. The new launch is aimed at simplifying payment management processes for businesses, especially small and medium-sized enterprises (SMEs).
The launch includes Magic Checkout, a platform which securely saves the shoppers’ information once during the purchase and automatically prefills that information at all stores within the apps network; Tax Payment Suite, a one-stop platform for all tax payments needs of small businesses, be it TDS, GST, TCS or Advance Tax; and RIZE – a launchpad that will help startups right from the initial incorporation to filing their first tax, paying their first payroll, and providing the tools to cater to their sales, marketing and finance needs.
In addition to the launch of the three flagship products, Razorpay also announced several new products and features for businesses, including an upgraded RazorpayX mobile banking app for internet SMBs, allowing business owners to make and approve payments on the go, saving businesses at least 8 hours a month.
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