RazorpayX, the business banking platform under Razorpay, has announced that its payroll platform now allows employees to receive payslips and file for reimbursements through WhatsApp. Moreover, the company will expand to cater to enterprises and large-sized businesses.
Initially, the platform catered to startups; however, with its latest updates, it can now serve businesses of all sizes, reducing payroll management costs by over 60 per cent and achieving 100 per cent accuracy in compliance.
A recent study by RazorpayX titled "Payroll Maturity Index 2023" analysed payroll data from 163 enterprises across 12 industries in August 2023. The study highlighted common compliance issues faced by large organisations. It revealed that 42 per cent of large Indian organisations struggle with payment and filing compliance issues in their payroll management.
Additionally, 44 per cent experienced salary delays and 40 per cent encountered inaccuracies in payroll calculations and processing. Despite the growth potential of the payroll software market, many organisations still rely on outdated systems and manual processes.
India's human resources (HR) payroll software market is projected to reach $14.31 billion by 2030. While startups and small and medium-sized enterprises (SMEs) have adopted automated HR payroll management software to avoid compliance issues, larger organisations have still faced challenges in this area.
Ayush Bansal, the vice president and general manager of RazorpayX, said, "Having successfully supercharged the payroll operations for startups and small and medium-sized businesses (SMEs), now expanding our services to enterprises is a significant milestone for us at RazorpayX Payroll. It is a standing testament to our vision of transforming how Indian businesses manage their payroll and with this revolutionary tech-first extension, we are confident of building scalable and automated solutions for larger enterprises, driving a future of streamlined HR operations."
RazorpayX Payroll platform allows businesses to control user access and permissions more precisely, enabling multi-level workflows. It is also prioritising employee satisfaction, user-friendly features such as the option to receive payslips and file for reimbursement via WhatsApp have been added.