Thorough SWOT Analysis of Razorpay – One Of The Most Major Payment Gateways In The Indian Market

(Razorpay Services, Source: Razorpay)

Services by Razorpay

Razorpay is an online money transfer service. It offers a variety of services, including:

• Debit & Credit Card 
• Net Banking
• UPI
• Wallet Services
• Banking

Competitors of Razorpay

• Paytm Business
• PayU
• Paypal
• Stripe Connect
• Payoneer

After understanding the core of the company, let us now proceed to the SWOT analysis of Razorpay. 

SWOT Analysis of Razorpay

A SWOT analysis determines the strengths, weaknesses, opportunities, and threats that a firm faces. It’s a tried-and-true management model that lets Razorpay compare its company and performance to that of competitors and the industry at large.

It’s an excellent tool for determining where the firm thrives, where it falters, generating remedies, and determining how the organisation may expand.

To better understand the SWOT analysis of Razorpay, refer to the infographic below:

So let us first begin by enhancing the strengths of Razorpay from the SWOT analysis of Razorpay.

Strengths of Razorpay

Strengths are an organization’s unique qualities that give it an advantage in acquiring greater market share, attracting more customers, and boosting profitability. Razorpay’s advantages are as follows:

• A Very Useful Dashboard: One of the platform’s greatest benefits, according to many, is the Razorpay control panel. It allows you to control individual payments, access critical data, and evaluate key metrics and statistics.
• Checkouts that are Rapid, Visual, & Easy to Complete: One of the key characteristics of Razorpay is that its checkouts have a visual design that is easy to understand and intuitive. They stand out because of how simple they are to integrate: all they require is a single line of javascript to run in any e-commerce system.
• Multiple Payment Modes: Another of Razorpay’s best features is its broad range of payment options, which gives your customers the freedom to complete their payment using the method of choice.
• Integration Into Mobiles is Easy: Mobile traffic already outnumbers computer traffic, according to various reports and figures. Razorpay allows for simple mobile consolidation. 

Weaknesses of Razorpay

Weaknesses are aspects of a company or a brand that should be improved. The following are Razorpay’s primary flaws:

• Customer Service: Several customer service concerns, including a lack of a helpline number and FIRC filing delays, are widespread.
• Experiencing Fraudulent Activities: Electronic transactions are unquestionably straightforward, convenient, and appropriate. Even yet, it demands a certain amount of risk. As a result, you’ll need technical assistance as well as a secure mechanism to complete the transaction and transfer payments.
• Requires an Internet Connection: The entire transaction mechanism for sending and receiving money, as well as opening an account, is reliant on the internet and a fast connection. It can function in both advanced and developed environments. Razorpay services, on the other hand, would be ineffective in growing economies and developing countries where internet availability is a major concern.
• TDR Rates That Are Higher: Their TDR rates for payment gateways are slightly higher than other companies.

Opportunities for Razorpay

Opportunities are areas in which a firm might focus to improve performance, improve services, and, ultimately, profit.

• Digital Cryptocurrency: Freelancers and online users are increasingly using digital crypto-currencies such as bitcoins. Many platforms are even willing to accept cryptocurrency. Many variables, such as digital literacy, internet connectivity, and the internet, have contributed to its growth. It also opens the door for Razorpay to either launch or begins accepting this currency.
• From Cash Economy Towards Digital Economy: Developing economies, such as India, are aiming to go cashless or reduce their reliance on the currency. It presents a fantastic chance for Razorpay to expand its services to capitalize on the potential.

(Razorpay Marketing in Digital World, Source: Razorpay)

Bonus Tip: As the world is moving towards digitalization it is opening enormous opportunities to establish a career in digital marketing. If you are also well-versed in several digital marketing areas then we can assure you that you will land your dream job soon. Each skill of digital marketing is taught by subject area experts and digital enthusiasts who were successful in moulding our students into skilled professionals of the future.

• Infrastructure: Razorpay requires an infrastructure that can handle the goals as well as expected quick growth in demand following the launch. Infrastructure is also required to handle demand changes. These variations could occur as a result of increased payment transaction volumes during certain times of the day, changes in market circumstances, or policy changes by the government. Furthermore, the infrastructure had to deliver the consistency that Razorpay and its merchants needed to manage e-commerce services constantly.

Threats to Razorpay

Environmental variables that can harm a company’s growth are known as threats. Razorpay’s threats include the following:

• Competition: Razorpay is up against stiff competition from platforms like PayU, Paytm business, PayPal, and others, all of which are vying for the same market share as Razorpay. Razorpay has always been vulnerable to competition and will continue to be so in the future.
• Fraud & Hackers: When we consider the scope of the company’s operations, we find that it operates in over 100 nations. It also poses a significant security risk from hackers throughout the world.
• Strong Economic Regulations & Policies: Some nations, such as Taiwan, China, and Japan, have rigid rules and regulations that make it difficult for corporations like PayPal to set up shop there.

This ends our thorough SWOT analysis of Razorpay. Let us conclude our learning below.