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.

European poll worries spikes gold prices

Gold prices inched up onWednesday as uncertainity lures over the Dutch elections, while investors are eyeing the U.S.Federal meeting outcome related to a likely interest rate hike.

By 0313 GMT, Spot gold went up to 0.3 % to $1,201.64 per ounce.

U.S. gold futures slipped 0.1% at $1,201 per ounce.

Investors are also eyeing the Dutch elections, which is aiding the gold as a safe haven appeal.

Gold prices tumbled over 5%, since gold couldn’t sustain a break above its 200 DMA resistance at $1261, at the end of February.

Spot silver surged 0.5% to $16.92 an ounce.

Platinum was up by 0.8%, meanwhile palladium tumbled 0.1%.

Gap-up opening likely on positive cues from US

Indian equities markets are likely to open the session with a gap-up on Thursday on the back of overnight positive sentiment from the U.S market. The SGX Nifty, which was trading at 9,183, up by 73 points or 0.80 per cent, also signalled a gap-up opening.
 Nifty50 needs to hold above the level of 9,120 to start a fresh upmove towards levels of 9,180-9,230, while on the downside, the level of 9,000 is likely to act as strong support.
 Back home, after a splendid rally in the previous trading session, Indian markets opened the Wednesday trading session on a flat note and oscillated in a thin range for the entire trading session as investors and traders remained cautious ahead of the outcome of the US Federal Reserve’s monetary policy meeting.
 According to data released by the Ministry of Commerce and Industry, India’s exports soared 17.48% to USD 24.5 billion in February, led by petroleum, engineering and chemicals.
 The US stocks surged higher on Wednesday as the Federal Reserve raised interest rates. The Dow Jones Industrial Average gained 113 points to end at 20,950. The S&P 500 index rose 20 points to finish at 2,385. The NasdaqComposite Index advanced 43 points to 5,900. The Fed increased its benchmark interest rate by 25 basis points, noting that headline inflation is moving close to its 2 per cent target. They did not flag any plan to accelerate the pace of monetary tightening, with the policy-setting committee echoing and Fed Chair Janet Yellen emphasising that the future rate increased would be ‘gradual’.
 Asian stocks are trading mixed on Thursday. Japan’s Nikkei 225 shed 44 points, while Hong Kong’s Hang Seng surged over 200 points and the Shanghai Composite gained 22 points.

Top stocks in focus

STOCK FUTURE TIPS | TOP STOCKS IN FOCUS ON MARCH 15:-

Nifty touched its all-time high of 9122.75 levels on March 14, 2017. Markets held their gains throughout the day on March 14, and there was not much volatility in the markets. India VIX closed lower by 11.16% at 12.4 level.

 It would be interesting to watch out whether markets hold the gains on March 15. Meanwhile, following are the top five stocks in focus in Wednesday’s trading session.

IndusInd Bank: The bank is going to acquire Indian Infrastructure Development and Finance Company and Infrastructure Leasing & Financial Services Limited in an all-cash deal.

Rupa & Co: It’s subsidiary Oban Fashions Pvt. Ltd., on Tuesday, entered into a licence agreement with Fruit of the Loom Inc., to manufacture innerwear and outerwear products. L&T: Construction company, L&T Realty has sold its 51% stake in a township project at Chennai forRs 190 crore to an investment firm, Pragnya Group. Indiabulls Real Estate Limited: Indiabulls Infrastructure Ltd., (IIL), a wholly owned subsidiary of the company, has signed a definitive agreement to acquire 100% share capital of India Land and Properties Ltd., (ILPL), for an aggregate consideration of Rs 685 crore from Indiabulls Distribution Services Ltd. Tata Steel: The company has been named in the list of World’s most ethical companies by American think tank, Ethisphere Institute.