Razorpay launches Turbo UPI 5x faster UPI payment solution
Razorpay has launched ‘Turbo UPI’, in partnership with National Payments Corporation of India (NPCI) and Axis Bank. Razorpay claims this as India’s fastest one-step UPI payment solution, and it is targeted at businesses.
This allows customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout, thereby helping businesses achieve a significant increase in the success rate of UPI payments by 10%.
For end-users, Razorpay Turbo UPI promises a 1-step UPI payment experience, as opposed to 5 steps, making the payment experience 5X faster.
This cuts down the need to switch from merchant app to UPI app, authorize the UPI app, choose the account, enter UPI Pin and redirect back to merchant app. Instead, there is a pre-selected UPI account in the app, and you just have to enter the UPI Pin to authorize the transaction without leaving the app.
It also offers granular insights into the end-users drop-off pattern and enables merchants to control the entire payment experience of their customers, end-to-end, said Razorpay.
Customers of popular apps including Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan among others will soon start using Turbo UPI, said the company.
Commenting on the launch, Shashank Kumar, Co-founder & MD at Razorpay, said:
With India’s consumers swiftly adopting UPI as a digital mode for its transaction needs, it is crucial for businesses to have access to a hassle-free, seamless payment experience like never before. Therefore, we wanted to build a solution that not only made the end-users’ UPI payment experience fast & frictionless but will also help businesses with a significant increase in success rate by 10% for UPI transactions, empowering businesses with higher revenue potential in the evolving digital landscape. So, as opposed to the 5-step process of UPI flow, our one-step solution reduces the scope of non-technical errors that can lead to drop-offs and provide a major boost to UPI transactions.
This new offering is in tandem with Razorpay’s commitment to taking on the challenges of payments head-on that businesses face in their day-to-day operations. By providing a simplified and seamless payments experience, we believe we are enabling businesses to grow and thrive in a rapidly evolving digital landscape. This continuous innovation in the digital payments industry is a testament to the fact that the industry is headed towards a glorious future, especially with India’s UPI success story becoming a global benchmark today.