We plan to reach $750 billion payments volume goal by 2030: Razorpay’s Shashank Kumar

Razorpay’s founder and managing director Shashank Kumar said that the current annual payments volume processed by the fintech company is around $150 billion, and the company aims to make it $750 billion by 2030.

Recently, the company launched a new product called Checkout 360 to offer quick payment solutions to D2C companies. According to him, the D2C businesses are growing in India and are expected to hit the market size of about $60 billion by FY27.

“Time has changes and customer mindset has evolved. So, in no way can you provide substandard experience to them. With the evolution and growing demand for ecommerce, people seek quick checkout which is driving increased demand for innovative payments solutions across D2C companies also,” said Kumar.

“Parallelly, offline transactions involve the use of UPI more than cash or card today. While the older POS machines used to be built with a card first approach, our latest device is designed to maintain a balance. It will offer enhanced customer experience like product offers, EMI calculations, etc,” Kumar added.

Commenting on the RBI guidelines on product designing front, Kumar said that compliance comes first for Razorpay. Every product goes through compliance check before market launch. “Intent determines the principle and we have a separate compliance team for that. We also take care of customer data. It is crucial for companies to determine what are they using the data for, and whether they have consent for that.”

Commenting on the global expansion plans, Kumar told Business Today that last year the company bagged licence to operate in Malaysia and the team is working on that. However, the company also aims to explore newer locations in the South East Asian region like Philippine, Singapore, Thailand, etc.

“Currently, we have about 3% global market share but we have a 10%+ target for the coming years,” Kumar concluded.