Payment gateway startup Razorpay has launched a new feature called ‘Payment button’ which will let micro-entrepreneurs and freelancers to spontaneously accept digital payments online, a move which will empower the startups to accept payments on their own websites amid this ongoing pandemic.
‘Payment Button’ feature will enable businesses and freelancers to add a single line of code on their website or blog and go live with an integrated payment gateway, in less than 5 minutes. Whereas the traditional process takes up to a few hours and requires back-end developer support.
Amid salary cuts, layoffs, and downsizing of businesses in this COVID-era, a new set of micro-entrepreneurs – including freelancers and individual-run businesses are on the rise. The Bengaluru based payment gateway startup is looking to onboard at least 10,000 start-ups, SMEs, NGOs and Freelancers in the first three months of its launch. Razorpay Payment Buttons will enable new growth avenues for the micro-entrepreneur community by supporting 100+ currencies for international payments.
“The current situation has got all businesses feeling the pain to varying degrees, but it’s independent businesses that are hurting the most,” said Shashank Kumar, CTO and Co-founder at Razorpay. “One of our immediate priorities is to help startups and freelancers weather this storm with intelligent payment solutions to build a more resilient business.”
Razorpay claims that it clocked a 30% month-on-month growth in payments from micro-entrepreneurs over the five months of the lockdown. While having a conversation with around 200 Startups and Freelancers during Covid, Razorpay has found that the business community is in need of a customized payment solution which is faster and easy to implement.
Recently launched Razorpay Payment Button is a platform which converts the capabilities of a full-stack payment gateway into a payment button, requiring no developer support and giving end-user a simple, fast and secure checkout experience.