Aim to onboard 5 million SMBs, invest heavily in strengthening security infrastructure: Razorpay

NEW DELHI: Razorpay on Thursday said there has been strong growth in the number of small and medium businesses adopting digital payments during the pandemic, and it expects to onboard 5 million SMBs on its platform over the next one year.

The payments solutions provider — which has onboarded 7 lakh SMBs, startups and freelancers in the past 12 months — also plans to invest in strengthening security and fraud analytics infrastructure and building hyperlocal solutions.

“We onboarded over seven lakh new SMBs, startups and freelancers in the past 12 months, many of them from tier II and III cities and going online for the first time. We saw over 54 per cent of digital transaction volume coming from SMBs in tier II and III cities,” Razorpay CEO and co-founder Harshil Mathur told .