Fintech startup Razorpay and caller identification app Truecaller have joined forces to unveil an innovative feature aimed at enhancing the online shopping experience. The newly launched 1-Tap OTP-less verification feature seeks to streamline the checkout process for online buyers.
Effortless Checkouts for Razorpay Customers
Truecaller’s statement revealed that this collaborative solution will empower Razorpay to offer swift and seamless checkouts to its vast customer base, which boasts over 200 million users. This feature eliminates the need for customers to manually input their details or wait for OTP during checkout. Instead, Truecaller’s technology will automatically populate the required information with a single tap.
Razorpay’s Perspective
Khilan Haria, Senior Vice President and Head of Payments and Product at Razorpay, expressed enthusiasm about this development. He highlighted the significance of the 1-Tap Verification feature, allowing customers to bypass the time-consuming multi-step verification process. Haria emphasized how this innovation simplifies the shopping journey for Android device users.
Truecaller’s Vision
Priyam Bose, Global Head of Truecaller for Business GTM, shared insights into the caller identification app’s strategic outlook. Bose conveyed Truecaller’s commitment to crafting frictionless shopping experiences for businesses and consumers alike. He underscored the collaboration’s goal to create and expand solutions within the direct-to-consumer digital ecosystem.
Rising Trends in Indian Fintech
The landscape of Indian fintech is witnessing noteworthy advancements. Notably, OTP-less and CVV-less online transactions are gaining traction within the Indian market. Earlier this year, Visa introduced a CVV-less payment feature to facilitate rapid and smooth transactions. In response, Mastercard also recently launched a similar feature, highlighting the industry’s evolving landscape.
The collaborative effort between Razorpay and Truecaller presents an exciting advancement in the realm of online shopping. This 1-Tap OTP-less verification feature aligns with the shifting trends toward frictionless transactions in the fintech space. As the Indian fintech market continues to burgeon, innovations like these contribute to the projected growth of the industry, as highlighted in Inc42’s recent report. The fintech landscape, fostering a multitude of unicorns, is anticipated to expand to a market size of $2.1 trillion by 2030, with a robust CAGR of 18%.
