Razorpay launches 'Flash Checkout'

BENGALURU: Online payment gateway solution provider Razorpay has launched 'Flash Checkout' for card payments on its platform. The process stores card information corresponding to a device through a one-time verification process, reducing the transaction time by 60 per cent.

"The checkout process is applicable to both credit and debit cards and transactions across different apps does not require the user to enter card details multiple times. The verification is done through a 3D-secure process and the device authentication and we are PCI DSS compliant," said Shashank Kumar, co-founder of Razorpay.

He adds that the use cases are higher for orders which need to be fulfilled in a short time span, such as on-demand food ordering service.

Razorpay works with multiple small merchants and business such as Nestaway, Papa John's, Knowlarity among others and is backed by Tiger Global and Mastercard. "Close to 60 per cent of our transactions are from cards, 32 per cent through netbanking and the rest are routed through wallets," added Shashank Kumar.