Razorpay, omnichannel payments and banking platform for businesses, has posted a 60 per cent growth in FY23 for its POS Business after acquiring Ezetap (Razorpay POS) in 2022. “In today’s business landscape, a hybrid approach has become essential for connecting with customers. Simply providing both online and offline payment options is no longer sufficient; the key lies in seamlessly integrating the two for a comprehensive omnichannel experience. Razorpay’s strategic alliance with Ezetap perfectly aligns with the company’s mission to transform the omnichannel payment experience for its customers,” it said in a statement.
Following the acquisition, Razorpay POS witnessed a 40 per cent growth in its Total Payment Volume (TPV) from April to October 2023 compared to the corresponding period last year in 2022. The company said that 91 per cent of the cumulative TPV for this timeframe was attributed to UPI transactions at doorstep, while SMS Pay contributed 9 per cent. Another trend was the 21 per cent increase in the conversion of cash on delivery to digital payments, surpassing the transaction volume recorded from April to October 2022.
Presently, Razorpay POS contributes nearly 10 per cent of Razorpay’s overall revenue. The platform has expanded to over 235,000 touchpoints in the fiscal year 2023. Additionally, new and continued strategic partnerships with banks like SBI, Yes Bank, IDFC, HDFC, and Axis have helped in augmenting the platform’s capabilities.
Arpit Chug, Chief Financial Officer, Razorpay, said “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. All the while, our goal remains unchanged – to build for businesses and take care of all things payments for them while they do what they do best. We look forward to sustaining our growth in the ever-evolving fintech landscape.”
