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Razorpay Revolutionizes In-Store Payments with Q-Zap

Razorpay Unveils Q-Zap Suite: Transforming Retail Checkout with Handheld Devices and Instant ERP Integration

1 June 2024

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Neelesh Bachani

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1. Razorpay's Q-Zap suite can reduce in-store billing time by 40% and cut annual operating costs by up to 20%, optimizing the overall efficiency of offline retail transactions.

 

2. The Q-Zap suite includes handheld devices for store staff to accept payments anywhere in the store and kiosks and vending machines for self-checkout, providing customers with multiple convenient payment methods.

 

3.Customized enterprise resource planning (ERP) integrations in Q-Zap allow store personnel to access customer information and product pricing, and update inventory in real-time, enhancing operational efficiency and customer service.

Razorpay's offline payments division, RazorPay Datalabs POS, has introduced a new payment solution named ‘Q-Zap’ designed to optimize billing processes for offline retailers. According to the startup, this innovative suite can reduce in-store billing time by 40% and annual operating costs by up to 20%. The Q-Zap suite includes handheld devices that enable store staff to accept payments from customers anywhere within the store, as well as kiosks and vending machines for self-checkout options. On the software side, Q-Zap offers customized enterprise resource planning (ERP) integrations, allowing store personnel to access customer information, and product pricing, and update inventory in real-time.

 

Razorpay has successfully onboarded several notable brands for the new Q-Zap suite, including Decathlon, Dominos, Airtel, and Carrefour. The company claims that the solution has boosted sales and customer retention for Carrefour while streamlining operations for Decathlon. Rahul Kothari, Razorpay’s COO, emphasized that Q-Zap aims to eliminate long checkout lines, freeing store staff to assist customers more effectively by answering questions or helping with checkout processes.

 

This move to enhance its point-of-sale (PoS) offerings comes when the sector is teeming with innovations. Earlier this year, BharatPe, a competitor of Razorpay, launched a comprehensive payment device called ‘BharatPe One’, which combines point-of-sale (PoS), QR code scanners, and speakers. Despite these advancements, deploying new PoS devices increased slightly in the last fiscal year. The number of new PoS terminals grew by only 14% in the financial year 2023-24 (FY24), compared to 28% and 29% growth in the previous two years.

 

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According to data from the Reserve Bank of India (RBI), 8.9 million PoS terminals were in operation by the end of March 2024. In response to the challenging market conditions, Razorpay introduced instant refunds for failed Unified Payments Interface (UPI) transactions earlier this year, aiming to encourage further PoS adoption. This feature is expected to enhance customer confidence and streamline the payment process.

 

Razorpay has reported significant growth in its PoS segment. The company announced a 40% year-on-year increase in its total payment volume (TPV) from April to October 2023 in December last year. Notably, 91% of this TPV was generated from UPI transactions conducted at the point of sale, with SMS payments contributing the remaining 9%. This substantial growth underscores the increasing preference for UPI transactions among consumers.

 

Overall, Razorpay's Q-Zap suite represents a strategic effort to innovate and improve the efficiency of offline retail transactions. By offering versatile payment options and real-time ERP integrations, the company aims to enhance retailers' customer experience and operational efficiency. With the adoption of Q-Zap by major brands and the reported benefits, Razorpay is well-positioned to capitalize on the evolving fintech landscape and the growing demand for seamless payment solutions.

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