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Lenskart and Mirae Asset Capital sign up with Razorpay for online transactions

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  • lens card and Mirae Asset Capital have been busy with Razorpay for online transactions.
  • According to a Razorpay report, stock trading and mutual funds saw tremendous growth in transaction volumes.
  • The total volume of digital payments has gained momentum in recent years, growing 33% year-over-year during fiscal year (FY) 2021-2022.

Eyewear brand Lenskart and financial services firm Mirae Asset Capital Markets have engaged Razorpay to enable online transactions on their platforms, the company said Monday.

“As a brand with a multi-channel presence and transacted with D2C and B2B partnerships, we needed a transparent and reliable payment gateway to direct business transactions across all our retail environments. Today, with partners such as Razorpay, we serve a customer base of more than a million users,” said Indranil ChakravartyChief Business Officer, Aqualens and Lenskart.

In addition to the e-commerce, food and travel sectors, according to a report from Razorpay, online transaction volumes of stock trading and mutual funds also grew 75% and 100%, respectively, in 2022 compared to the previous year.

“Given our all-digital business model, we are pleased to have partnered with Razorpay to provide our clients with the best investment solutions in the most seamless way,” said Arun Chaudhry, director and chief business officer at Mirae Asset Capital Markets. .

Rahul Kothari, chief business officer at Razorpay said millions of businesses could benefit from the massive growth offered by the digital medium.

“We look forward to providing them with a full-stack financial solution that acts as their central nervous system for all things payments and corporate banking,” said othari.

The total volume of digital payments has gained momentum in recent years, growing 33% year-over-year in FY22. About 7,422 crore digital payment transactions were recorded during this period, compared to 5,554 crore transactions in FY21, a report by the Ministry of Electronics and IT (MeitY) says.

The digital payments market in India is expected to
triple up to $10 trillion by 2026, according to the latest study from a digital payments company PhonePe and Boston Consulting Group (BCG).

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