OneCard, a FinTech company, has formed a partnership with Razorpay to establish a new path in the Indian credit card market and capitalize on the rapidly expanding segment of tech-savvy individuals who prioritize both financial control and design.
They oversee more than six co-branded credit cards, each of which is meticulously crafted from metal and is wholly managed through a user-friendly mobile application. Their emphasis on convenience and user experience (UX) distinguishes them from their competitors. OneCard is on the brink of disrupting the conventional market due to its transparent fees and charges and captivating rewards program.
OneCard’s rapid expansion posed a critical challenge: acquiring a payments partner that could manage their rapid expansion while also ensuring exceptional credit card bill repayment success rates. It is imperative to guarantee a secure and seamless repayment experience, as it directly influences OneCard’s profitability by increasing customer retention.
Read Latest on Banking: Neobanking 101: What It Is and Why It Matters
Razorpay was the optimal partner, offering a robust solution that effectively addressed OneCard’s scalability concerns and prioritized success rates.
Empowering Growth Through Collective Synergy
- Razorpay has strategically acquired numerous bank gateways at the backend, thereby establishing a resilient infrastructure with over three acquiring banks.
- Routing Powered by Machine Learning: Ingenious routing mechanisms were devised, which were powered by machine learning (ML). During unexpected downtimes, this intelligent system automatically redirects payment traffic to gateways with the highest success rates. This method mitigated disruptions to OneCard’s daily operations and guaranteed a substantial increase in the number of transactions captured.
OneCard experienced an extraordinary surge in success rates, with an average of more than 84%. This, in conjunction with their remarkable, compounded growth rate of 10-15% in UPI volumes, has resulted in phenomenal year-over-year growth. - OneCard has been able to transform the credit card repayment experience in India as a result of Razorpay’s technology and dedication to success. The transformative potential of innovation in the FinTech landscape is exemplified by this robust partnership.
Read Latest News: Exciting News: Flipkart Expands Bill Payment Options for Fintech Fans
Thanks for reading!
We will be covering more such updates on Fintech Technology Insights.
