Razorpay, India's first converged payment solutions company has announced its alliance with BookMyShow, India's largest online entertainment destination, to help consumers book tickets on the BookMyShow website and Android mobile app through UPI (Unified Payments Interface).
Introduction of UPI on BookMyShow with Razorpay will ensure a seamless payment experience and a hassle-free checkout for entertainment seekers, without entering any additional bank information.
On BookMyShow, Razorpay along with its banking partner, HDFC has now enabled UPI payments through the intent flow on native mobile applications using existing UPI supported apps installed on customer's phone, thereby avoiding the inconvenience of using multiple apps (merchant, SMS, UPI app) for making an online transaction. Currently supported on Android devices, the UPI intent flow does not require any additional line of code for integration.
"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," said CEO and co-founder, Razorpay, Harshil Mathur.
"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 & 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.
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