New Delhi: Movie lovers and people heading for recreation this weekend can now book tickets online within seconds as payment solutions company Razorpay has announced a tie-up with BookMyShow, enabling users to pay through UPI (Unified Payments Interface).
UPI is a payment mechanism, which allows instant money transfer without the bank or card details. All one needs is a virtual payment address. The payment method is neither affected by bank holidays nor strikes. One can instantly transfer money 24x7, thus, making it popular among user.
According to the partnership, Razorpay along with banking partner HDFC has enabled customers to make UPI payments through UPI supported apps that are already installed on people's phones.
"In the last few months, we've witnessed how UPI has radically transformed payment experience for both consumers and businesses and we believe that this partnership will help simplify payments for BookMyShow, which handles huge transaction volumes every day. The vision and true essence of a cashless economy can be realised when we can successfully facilitate digital payments for the masses, for day-to-day services," CEO and co-founder of Razorpay, Harshil Mathur, was quoted as saying by ANI.
"We are delighted to collaborate with Razorpay for this UPI integration and are confident that our association will go a long way in delighting BookMyShow users," said VP - Technology, BookMyShow, Viraj Patel.
Having disrupted the digital payments industry over the last three and half years and being the first to support every new mode of payment for businesses, Razorpay is tirelessly working towards solving for other payment challenges in the entire payment journey of any business, small or big.
Currently powering online payments for more than 100,000 small and large businesses such as Airtel, Zomato, IRCTC, GoIbibo, Zoho, DSP Blackrock, Zerodha among others, Razorpay has clocked in a healthy growth rate of 30-35% month-on-month and is geared to increase its merchant count to 2,00,000 by next year. The 2.0 product suite launched last year now contributes to 20% of Razorpay's revenue, the company expects more than 10x growth in volume and revenue by next fiscal year.
In January, Razorpay raised $20 million in funding led by Tiger Global and Y Combinator with participation from Matrix Partners. It is using a significant portion of the proceeds from that to launch new products and strengthen its engineering team.