Highlights:
– Businesses could cut annual operating costs by up to 20%.
– Integration with 120+ billing partners reduces setup time from 4 weeks to just 4 days.
Bengaluru, India, 29 May 2024: Razorpay POS, the offline payments division of fintech leader Razorpay, has introduced ‘Q-Zap’, a smart payment solution designed to expedite checkouts and eliminate queues. This solution aims to transform the in-store customer experience by cutting billing time by 40% and helping retailers reduce annual operating costs by up to 20%.
Benefits of Q-Zap for Businesses:
Traditional store checkouts often involve customers waiting in line at billing counters, which can be time-consuming and frustrating, impacting customer satisfaction and sales. Q-Zap addresses this by allowing payments beyond the conventional billing counter through self-checkout kiosks or handheld POS devices, enabling customers to complete transactions from anywhere in the store. This queue-busting solution supports all payment methods, including UPI, credit, and debit cards, across major networks like Visa and Mastercard, ensuring swift checkouts.
Q-Zap’s seamless integration with over 120 billing partners reduces the setup time to 4 days, compared to the industry standard of 4 weeks. This integration simplifies tasks such as billing, payment collection, and reconciliation, making the process more efficient and enhancing the overall customer experience.
The evolution from traditional Point of Sale (POS) to ‘Point of Service’ reflects customers’ growing expectations for improved interactions. By removing the need for stationary cash registers, staff can take on additional responsibilities, aided by appropriate tools like self-service options, significantly benefiting businesses.
Rahul Kothari, Chief Operating Officer of Razorpay, stated, “Razorpay is dedicated to providing businesses with tools for seamless payment experiences. Q-Zap aims to eliminate long checkout lines and free up staff to better assist customers. As India’s consumer market evolves and targets a $2 trillion valuation by 2033, robust infrastructure is essential. Razorpay continues to innovate, offering agile solutions for both online and offline businesses.”
Background:
Razorpay expanded its offline payment services with the acquisition of Ezetap (now Razorpay POS) in August 2022, becoming an omnichannel platform for online and offline transactions. Recent innovations include instant refunds for failed UPI transactions and the Dynamic QR Soundbox (DQR), India’s first enterprise-ready QR device with card support. These offerings aim to enhance in-store payment experiences, providing multiple touchpoints and continuously innovating payment solutions.