Offline payments set to contribute 20-30% of Razorpay's revenue: Harshil Mathur

Razorpay is still in the early stages, given the huge potential in India’s rapidly growing market. Online payments are expanding quickly, and while Razorpay is newer to offline payments, CEO Harshil Mathur expects this segment to contribute 20-30% of revenue in the next few years. The company has raised USD 600 million, much of which has gone into R&D, as India offers numerous opportunities to create new products and services.

Looking ahead, Razorpay aims to grow both online and offline payments, with a strong focus on its RazorpayX platform. They have already expanded to Malaysia and are considering other Southeast Asian markets like Vietnam, the Philippines, Indonesia, Thailand, and Singapore. Mathur sees global opportunities for Indian FinTechs, especially with India's success in digital infrastructure that could be replicated abroad.

He also highlighted the potential for India’s FinTech ecosystem to grow tenfold, driven by innovations like UPI (Unified Payments Interface) and the newly introduced ULI (Unified Lending Interface), which will make credit more accessible.

In terms of merchant payments, Mathur noted that rising disposable income in India is boosting consumer spending, leading to growth in the B2C payment segment. As more services become available online, including high-value purchases like vehicles, this trend will continue. He pointed out that brands are increasingly adopting omnichannel approaches, with Decathlon being an example of a partner using Razorpay for both online and offline transactions. The line between online and offline payments has blurred, with Razorpay offering integrated omnichannel payment solutions.