OneCard joins Razorpay to elevate Credit Card repayments

By Gloria Mathias

OneCard, a FinTech company, has partnered with Razorpay to create a new path in the Indian credit card market and tap into the fast-growing segment of tech-savvy individuals who value both design and financial control.

They manage over 6 co-branded credit cards, each meticulously crafted from metal and controlled entirely through a user-friendly mobile app. Their focus on user experience (UX) and convenience sets them apart from the competition. With a captivating rewards program and transparency in fees and charges, OneCard is poised to disrupt the traditional market.

OneCard’s rapid growth presented a critical obstacle: securing a payments partner equipped to handle not only their rapid scaling but also maintaining exceptional credit card bill repayment success rates. Ensuring a smooth and secure repayment experience is crucial, as it leads to customer retention, which directly impacts OneCard’s profitability.

Razorpay proved to be the ideal partner, providing a robust solution that effectively addressed OneCard’s scalability concerns and prioritized success rates.

Below are the key synergies shared by the two companies:

• Multi-Gateway Network: Razorpay strategically procured multiple bank gateways at the backend, creating a resilient infrastructure with 3+ acquiring banks.
• ML-Powered Routing: An ingenious machine learning (ML) powered routing mechanism was implemented. This intelligent system automatically redirects payment traffic to gateways with the highest success rates during unforeseen downtimes. This approach minimized disruptions to OneCard’s daily operations and ensured a significant increase in captured transactions.

OneCard witnessed a staggering increase in success rates, exceeding 84% on average. This, coupled with their impressive, compounded growth rate of 10-15% in UPI volumes, has translated into phenomenal growth YoY.

Razorpay’s technology and commitment to success have empowered OneCard to revolutionize the credit card repayment experience in India. This powerful partnership is a testament to the transformative potential of innovation in the FinTech landscape.