Payment gateway startup Razorpay has introduced a feature that allows micro-entrepreneurs and freelancers to instantaneously accept digital payments online, a move attempted to corner the market of the rapidly digitising small businesses amid the ongoing pandemic.

The feature called the 'Payment Button' will enable businesses and freelancers to add a single line of code on a website or blog and go live with a payment gateway "within a few minutes," a senior company executive told ET.
Traditionally, this process takes up to a few hours and requires back-end developer support.

The Bengaluru-based payment player is looking to onboard at least 10,000 start-ups, SMEs, NGOs and freelancers in the first three months of its launch, the executive added.

"The current situation has got all businesses feeling the pain to varying degrees, but it's independent businesses that are hurting the most," said Shashank Kumar, CTO and co-founder at Razorpay. "One of our immediate priorities is to help startups and freelancers weather this storm with intelligent payment solutions to build a more resilient business."

Kumar claims that the new product will need no technical integrations or back-end support and can be almost instantaneously set up for collecting digital payments through cards, wallets and UPI.

The launch comes at a time when most small businesses are moving online to provide digital services to ply their trades due to Covid-19-related disruptions in their physical operations. The digital shift has also been followed by an increased preference for digital payments over physical currency.

Razorpay claims that it clocked a 30% month-on-month growth in payments from micro-entrepreneurs over the five months of the lockdown.

Kumar said that while none of the major gateway players in India offer instantaneous integration service, Payment Button is like PayPal's APIs in the United States, with a flow customised for Indian market.

Meanwhile, Kumar also said that transaction volumes on its platform has largely normalised and started registering growth for most sectors except for fuel, aviation, hospitality and its lending service on the neo-banking service.