Razorpay POS, the offline payments arm of the fintech giant Razorpay, on Wednesday launched the ‘Q-Zap’, which can be described as a faster payment solution for retailers, designed to facilitate quicker checkouts. With the help of Q-Zap, the Y Combinator-backed payments unicorn said it aims to reduce the billing time by 40% and help retailers save up to 20% in annual operating costs.
Q-Zap will offer seamless integrations with about 120 billing partners, streamlining tasks such as billing, payment collection and the reconciliation of goods sold against payments received, making the process highly efficient.
How will Q-Zap work?
When customers make purchases in a store, they often have to proceed to the billing counter and wait in line to complete their payment, even for the smallest purchases.
> The Q-Zap will allow businesses to collect payments beyond the traditional billing counter.
> Using self-checkout kiosks or hand-held POS devices integrated with the Q-Zap solution, customers can complete their payments from anywhere within the store, eliminating the need to wait in long lines.
> Q-Zap also offers seamless Ready Plug-and-Play integrations with over 120 billing partners, accelerating solution implementation within 4 days as compared to the industry standard of 4 weeks.
> This integration with billing software streamlines tasks such as billing, payment collection, and the reconciliation of goods sold against payments received, making the process highly efficient.
> This user-friendly, and all-in-one solution enhances the customer experience significantly.
> Q-Zap will seamlessly integrate Razorpay POS hardware and software, supporting all payment methods, including UPI, credit cards, and debit cards, across all major networks such as Visa and Mastercard for faster checkout.
“Q-Zap, our queue-busting solution, aims to not only eliminate tedious checkout lines for customers but also to free up in-store staff’s time so they can be available to customers and provide them assistance, which could include answering questions or facilitating customer checkout. As India’s consumer market evolves dynamically, so do the needs of businesses. With the market poised for exponential growth, achieving the ambitious $2 trillion target by 2033 requires robust infrastructure,” said Rahul Kothari, Chief Operating Officer, Razorpay.
Razorpay began extending its payment offerings for the offline world with the acquisition of Ezetap (now Razorpay POS) in August 2022 and evolved into an omnichannel payment platform for online and offline businesses.
Recently, the company introduced innovative products and features, such as Instant refund within 2 mins for failed UPI transactions on Razorpay POS devices and the Dynamic QR Soundbox (DQR) – India’s first enterprise-ready QR device with card support at its flagship event FTX. With these new offerings, Razorpay POS is enhancing the in-store payment experience by providing various touchpoints and continually reinventing the wheel of payment solutions.