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Indian payments processing firm launches new range of services including corporate credit cards

By Ramla Soni

RazorPay launches new range of services aimed at startups, businesses, merchants and freelancers

India-based payments processing firm RazorPay has introduced a new range of services aimed at startup businesses, merchants and freelancers.

In a tweet, the company said it has launched corporate credit cards, instant refunds, paper NACH and support for freelancers.

The company has launched a service that will allow individuals or businesses to create and send a link through text or email to their clients and receive payment in real-time

Meanwhile, the new corporate credit card, issued by RBL Bank, will allow businesses to access credit between Rs 50,000 ($700, £545) and Rs 25,00,000 ($34,800, £27,000). If they are able to pay it back in within 50 days, they will avoid any interest.

The paper NACH will allow users to slash operating costs significantly and reduce the processing time by more than half, using Razorpay’s intuitive Optical Character Recognition engine.

Razorpay also announced it is launching current accounts service.

“While personal banking ecosystem in India has scaled tremendously in recent years, business banking is still old school,” said Harshil Mathur, one of the founders of the Bangalore-based startup.

“Most processes are still manual, and there is no communication among your invoice, payroll, booking systems. People have to deal with spreadsheet files,” Mathur said, and so to solve this RazorPay has built a neo banking platform.

Transactions and payables will happen on Razorpay’s platform and users will be able to manage them through a single dashboard.

Founded in 2014, RazorPay raised $75 million from Ribbit Capital and others in June this year.

Further reading: Aliant Payments to pay employees in cryptocurrency

Further reading: Revolut speeds up US expansion with Mastercard deal

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