Razorpay Singapore has unveiled a new checkout feature, Razorpay Offers, designed to help merchants increase sales by reducing cart abandonment and payment costs. Announced on 10 December, the feature allows businesses to offer instant, payment-method-specific discounts, encouraging customers to choose more cost-effective payment options at checkout.
Razorpay Offers integrates seamlessly into existing Razorpay checkout systems without requiring additional engineering work. Merchants can set up Smart Offers that activate when shoppers select eligible payment methods, such as PayNow or credit cards. This approach aims to improve transaction completion rates whilst managing the cost implications of different payment methods.
Angad Dhindsa, Head of Southeast Asia at Razorpay, highlighted the feature’s practicality, stating, “Merchants today are looking for practical levers that improve the customer journey without any additional complexity. This feature is designed to fit directly into existing workflows and support merchants, navigating both conversion challenges and reducing cost of accepting payments.”
The introduction of Razorpay Offers addresses two significant challenges in Singapore’s e-commerce sector: the rising costs of accepting payments and high cart abandonment rates. By steering customers towards specific payment methods with visible discounts, the feature provides a strategic tool for merchants to enhance their sales processes.
As merchants in Singapore continue to grapple with these challenges, Razorpay Offers presents a timely solution, potentially reshaping the e-commerce landscape by optimising payment processes and reducing associated costs.
