Razorpay announced it is working with MasterCard to speed the adoption of online and mobile payments among small businesses in India. As part of an ongoing effort speed the timing of individual purchases, Razorpay has integrated the MasterCard Payment Gateway to enable merchants and card issuers to authenticate each other prior to the authorization of a transaction.
Since late 2015, Razorpay has worked with the MasterCard Start Path program – a global effort to support startups developing the next generation of commerce and fintech technologies – to get support in technology enhancements and tap into the company’s global risk and fraud expertse.
In addition to the Start Path activities, MasterCard has also invested in Razorpay.
“This marks a new chapter in the growth story of Razorpay. Being backed by a global powerhouse like MasterCard will give us added credibility to our cutting edge technology which is miles ahead of competition. Over the course of the past few months, we’ve been able to convert many of our competitors’ clients because of the ease in transacting with our platforms. We want to build on the idea of providing simplified payment solutions to the consumers. With support from MasterCard alongside other investors, we’re on our path to build the gold standard of payments in India,” said Harshil Mathur, CEO & Co-Founder, Razorpay.
“India is helping to shape the future of e-commerce through strategic collaborations and innovative technology,” said Stephane Wyper, global lead for MasterCard Start Path “The work that Razorpay is doing in India complements existing MasterCard solutions that are helping merchants of all sizes and in all markets accept online payments and grow their business.”
Razorpay has over 5000 merchants including the likes of Papa John’s, Knowlarity, Chai Point, Nestaway and Eatfresh, among others. Razorpay has raised a total capital of $11.5 million from marquee investors like Tiger Global, Matrix Partners and Y Combinator. The company also has leading angel investors including the founders of InMobi, Snapdeal, Freecharge and the likes of Punit Soni, Ram Shriram and Justin Kan who believe in the company’s vision. Razorpay is the second Indian company to be selected for the Y-Combinator accelerator programme.