Razorpay joins ONDC and provides payment reconciliation services
April 28,2023: Razorpay, one of India’s leading payment gateway providers, has become the first payment gateway to join the Open Network for Digital Commerce (ONDC) and offer payment reconciliation services for both buyer and seller apps.
The move is expected to further strengthen Razorpay’s position as a leading player in the Indian digital payments landscape.
ONDC is an initiative launched by the Government of India with the aim of creating a shared digital commerce infrastructure that can be used by various stakeholders, including buyers, sellers, payment providers, logistics providers, and more. The goal is to enable a seamless and secure digital commerce experience for all users.
By joining ONDC, Razorpay will be able to provide payment reconciliation services for both buyer and seller apps, helping to streamline the payment process and reduce errors and discrepancies.
The platform will also enable Razorpay to offer a range of other value-added services, such as fraud detection and prevention, data analytics, and more.
Razorpay’s integration with ONDC is expected to benefit both businesses and consumers, making it easier and more convenient to transact online.
The move is also in line with the government’s push for digital payments and the growth of the digital economy.
In a statement, Razorpay co-founder and CEO Harshil Mathur said, “We are thrilled to join ONDC and be the first payment gateway to offer payment reconciliation services for both buyer and seller apps.
This partnership is a significant step forward for Razorpay, and we are excited to work with ONDC to build a more robust and secure digital commerce ecosystem in India.”
Overall, Razorpay’s integration with ONDC is a significant development in the Indian digital payments landscape, and is expected to have a positive impact on the growth of the digital economy in India.
Razorpay is one of India’s leading payment solution providers, offering a wide range of payment services and solutions to businesses and individuals across the country.
Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay has quickly become one of the most trusted and widely used payment gateways in India.
Razorpay’s payment solution is designed to make online payments simple, fast, and secure. The platform offers a range of payment options, including credit and debit cards, net banking, UPI, and more.
It also provides advanced features such as payment analytics, fraud detection and prevention, and customized payment solutions for businesses.
One of the key advantages of Razorpay is its user-friendly interface, which makes it easy for businesses of all sizes to accept online payments.
The platform is highly scalable and can be integrated with a variety of e-commerce platforms, making it an ideal solution for online businesses and startups.
In addition to its payment gateway services, Razorpay also offers a range of other payment solutions, including subscription payments, vendor payments, and more.
The company has also launched several innovative products in recent years, such as RazorpayX, a business banking platform, and Razorpay Capital, a lending platform for small and medium-sized businesses.
Razorpay has received several accolades and awards for its payment solutions, including the Best Payment Gateway Provider award at the Indian eRetail Congress and the Best Payment Gateway Award at the IAMAI India Digital Awards.
The company has also been recognized by industry experts and publications for its innovative products and services.
Overall, Razorpay is widely regarded as one of the best payment solutions for online payments in India, offering businesses and individuals a range of innovative and reliable payment services and solutions.
With its commitment to innovation and customer service, Razorpay is poised to play a key role in the growth of the Indian digital payments landscape.
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