Razorpay Wins 'The Best POS Innovation' Award

Business Wire India
Razorpay, a Bengaluru based online payments company today announced that it has won an award for its product innovation in the prestigious ‘The Innovation Project’ by PYMNTs.com, held at Harvard University, Cambridge on March 16, 2017.

Razorpay won ‘Bronze’ in the ‘Best POS Innovation’ category for its ePOS app among other global competitors such as Alipay, Verifone, First Data and FIS. Getting to the final round involved weeks of deliberation by investors, payments industry experts and community voting. 26-year old, Harshil Mathur, CEO and Co-Founder of Razorpay, received the award on behalf of the company.

The categories included Best B2B Innovation, Most Innovative Payments Player, Most Disruptive Innovation and more. “The PYMNTS Innovation Awards celebrates  the companies, and men and women, who have made the most significant contributions to innovation in payments and commerce in the past, and the entrepreneurs who have the most promising solutions for driving innovation forward,” according to Karen Webster, CEO of PYMNTS.com.

The award was given to Razorpay for developing and launching an app in a week from when the Indian Prime Minister made the demonetization announcement. The news impacted citizens due to a shortage of cash and merchants who were not able to sell their goods because of the sudden announcement. Razorpay’s ePOS app helped thousands of retail merchants to stay in business by accepting a suite of digital payment options.

Razorpay created a squad team of analysts, engineers & architects who worked round the clock to launch a range of payment solutions like ePOS. The app replaces the infrastructure needs to accept digital payments for smaller merchants via an app that allows them to accept all forms of digital payments from their smartphones without any additional hardware.

“It’s a proud moment for us to be recognized as the ‘Best POS Innovator’. We’re one of the very few Indian companies to be nominated among the top finalists and winning this prestigious global award. The recognition to be competing with global payments pioneers is a massive boost to our entire team who have been working tirelessly towards India’s cashless push. This is our first award internationally and hopefully the first of many global acknowledgments for quality tech products being made in India,” said Harshil.

The Awards Dinner held at Fenway Park was emceed by Jason Alexander who’s known by millions for his role as George Constanza on “Seinfeld”. Harshil was also one of the panelists for the opening session on the second day of the event, ‘CEO’s and the New World View’.

Razorpay is the second company from India to be selected by the world’s most prestigious startup accelerator Y Combinator, and is trusted by over 22,000 merchants including the likes of Goibibo, Zomato, Nestaway, Akbar Travels, UrbanClap, Nykaa, Chai Point, among others.