Razorpay, an online payments platform, today, announced the launch of “Flash Checkout”, which will cut down transaction times by 60% when the card is saved with Razorpay, further simplifying online payments.
The card saving feature in Flash Checkout will help merchants increase customer retention and improve transaction speeds earlier merchants had to write complex integration’s just to enable card saving.
“However, with Flash Checkout, not a single extra line of code is needed, making it the easiest way to offer card saving to end customers, All additional features will be updated automatically from Razorpay’s end, eliminating the need for merchants to tweak any code that is integrated into their systems,” the company said.
The ‘card saving’ feature is already available in some platforms such as those used by Snapdeal, Amazon, PayTM etc.. Some users, however, worry that having the card details stored on such websites will make it easy for hackers to lay their hands on their sensitive card information.
Razorpay said its product runs on a patent-pending technology through which a customer needs to authenticate themselves only once on a mobile device. Following this, all saved cards will be available across merchants of Razorpay helping users have simpler and faster transactions on mobile and desktop transactions.
“The ‘device authentication’ feature is a first in the payments industry and drastically reduces the need to have cumbersome verification processes for each transaction,” it said.
“In our constant endeavor to simplify transactions, this feature will help customers close a transaction quicker and bring these benefits to the entire gamut of Razorpay’s merchants”, said Shashank Kumar, Co-Founder, Razorpay.
Razorpay also plans to create the largest store of saved cards in India which will simplify the payment process for end customers as well as merchants..