RazorpayX, the business banking platform within Razorpay, has introduced new features to its payroll platform, enabling employees to access payslips and submit reimbursement requests via WhatsApp. The platform, initially designed for startups, is now expanding its services to cater to enterprises and larger businesses. This expansion aims to reduce payroll management costs by more than 60% and ensure 100% accuracy in compliance.
A recent study by RazorpayX titled “Payroll Maturity Index 2023” examined payroll data from 163 enterprises across 12 industries in August 2023. The study highlighted common compliance issues faced by large organizations, revealing that 42% of Indian enterprises struggle with payment and filing compliance in payroll management.
Additionally, 44% of organizations experienced salary delays, and 40% encountered inaccuracies in payroll calculations and processing. Despite the potential of the payroll software market, many organizations still rely on outdated systems and manual processes.
India’s HR payroll software market is expected to reach $14.31 billion by 2030. While startups and SMEs have adopted automated HR payroll management software to avoid compliance issues, larger organizations have faced challenges in this area.
Ayush Bansal, the vice president and general manager of RazorpayX, said, “Having successfully supercharged the payroll operations for startups and small and medium-sized businesses (SMEs), now expanding our services to enterprises is a significant milestone for us at RazorpayX Payroll. It is a standing testament to our vision of transforming how Indian businesses manage their payroll and with this revolutionary tech-first extension, we are confident of building scalable and automated solutions for larger enterprises, driving a future of streamlined HR operations.”
RazorpayX Payroll platform allows businesses to control user access and permissions more precisely, enabling multi-level workflows. It is also prioritising employee satisfaction, user-friendly features such as the option to receive payslips and file for reimbursement via WhatsApp have been added.
The RazorpayX Payroll platform offers enhanced control over user access and permissions and focuses on employee satisfaction with user-friendly features like WhatsApp-based payslip access and reimbursement submissions.
