Online payments company Razorpay has launched Flash Checkout, a technology product that will help reduce online transaction times by 60% when a card is saved with Razorpay. The product uses a patent-pending technology through which a customer needs to authenticate himself only once on a mobile device. Subsequently, all saved cards will be available across merchants of Razorpay helping users have simpler and faster transactions on mobile and desktops. The device authentication feature is a first in the payments industry and drastically reduces the need to have cumbersome verification processes for each transaction. Shashank Kumar, co-founder, Razorpay, said the card saving feature in Flash Checkout will help merchants increase customer retention and improve transaction speeds. Earlier, merchants needed to write complex integrations just to enable card saving, but with Flash Checkout, not a single extra line of code is needed, making it the easiest way to offer card saving to end customers.
