Razorpay POS, which contributes to 10 per cent of the fintech’s total revenue, clocked 40 per cent growth in its Total Payment Volume (TPV) from April to October 2023 compared to the same period in 2022. The company said that 91 per cent of the cumulative TPV during this time was attributed to UPI transactions at the doorstep, while SMS Pay contributed 9 per cent.
It recorded a 21 per cent increase in the conversion of cash on delivery to digital payments.
“This signifies a significant shift in consumer behaviour towards digital payment preferences over cash on delivery within the observed time frame,” the company said in a statement.
The company has expanded its touchpoints by over 235,000 in FY23.
“Since the acquisition, Ezetap has experienced a remarkable transformation fuelled by product innovation, revenue diversification, and strategic partnerships. We forged relevant partnerships with banks at critical junctures serving customers across 15,000+ pin codes in the country,” said Arpit Chug, Chief Financial Officer, Razorpay.
In the soundbox and POS devices space, Paytm has a subscriber base of 9.2 million merchants. PhonePe, too, is getting aggressive in this space. It has deployed around 4 million PhonePe “SmartSpeakers” and plans to add 10 million devices by the end of next year.
Meanwhile, Ezetap was Razorpay’s sixth acquisition.
Since then, the company also acquired BillMe, a Mumbai-based digital invoicing and customer engagement startup, in September this year.
Prior to Ezetap and BillMe, Razorpay acquired IZealiant Technologies, a leading fintech startup that provides payments technology solutions for banks in March 2022.
Before that, the company acquired Malaysia-based Curlec, a leading recurring revenue platform in February this year, announcing its expansion into South-East Asia.
The other previous acquisitions include TERA Finlabs (an AI-based risk tech SaaS Platform) in 2021, Opfin (a Payroll & HR management solution) in 2019, and Thirdwatch (a Fraud Analytics AI-platform) in 2018.