Fintech

Razorpay’s POS Business Achieves Remarkable 60% Growth in Fiscal Year 2023

• ByStartupStory     |    December 8, 2023

Razorpay, India’s premier omnichannel payments, and banking platform for businesses have reported an impressive 60% growth in its Point of Sale (POS) business for the fiscal year 2023, following the acquisition of Ezetap (Razorpay POS) in 2022. In today’s dynamic business environment, a hybrid approach that seamlessly integrates online and offline payment options has become imperative for engaging customers comprehensively.

The strategic alliance between Razorpay and Ezetap is aligned with Razorpay’s mission to revolutionize the omnichannel payment experience. Since the acquisition, Razorpay POS has experienced a substantial 40% growth in its Total Payment Volume (TPV) from April to October 2023 compared to the corresponding period last year.

During this timeframe, UPI transactions at the doorstep accounted for an impressive 91% of the cumulative TPV, while SMS Pay contributed 9%. A notable trend was the remarkable 21% increase in the conversion of cash on delivery to digital payments, surpassing the transaction volume recorded from April to October 2022.

At present, Razorpay POS contributes nearly 10% to Razorpay’s overall revenue. The platform’s growth is attributed to various factors, including a significant expansion of touchpoints by over 235,000 in fiscal year 2023. Additionally, strategic partnerships with leading banks such as SBI, Yes Bank, IDFC, HDFC, and Axis have played a pivotal role in enhancing the platform’s capabilities.

Arpit Chug, Chief Financial Officer at Razorpay, commented on this milestone, stating, “Since the acquisition, Ezetap has experienced a remarkable transformation fueled by product innovation, revenue diversification, and strategic partnerships. We forged relevant partnerships with banks at critical junctures, serving customers across 15,000+ pincodes in the country.”

Chug emphasized the company’s commitment to its core goal – to build for businesses and manage all payment-related aspects, allowing businesses to focus on their core operations. The acquisition of Ezetap in August 2022 positioned Razorpay as a one-stop platform for all online and offline money movement needs for businesses, marking a significant evolution in its capabilities. Razorpay anticipates sustained growth in the dynamic fintech landscape as it continues to innovate and serve the evolving needs of businesses.

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