Razorpay has launched ‘Turbo UPI’ which the fintech unicorn says is India's fastest one-step UPI (unified payments interface) payment solution. This new product allows customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout.
Razorpay Turbo UPI aims to deliver a 5X faster payment experience. It streamlines the payment process and eliminates any redirection to external apps. This helps businesses achieve a significant increase in the success rate of UPI payments by 10 per cent.
This solution was developed in partnership with NPCI and Axis Bank.
“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,” said Shashank Kumar, co-founder and managing director at Razorpay. “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.”
Turbo UPI 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. For end-users, this means a simple 1-step UPI payment experience instead of 5 steps. Customers of popular apps including Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan among others will soon be able to get the benefits of this innovation.
Providing a frictionless customer experience has been a top priority for us. As a business, it is of utmost importance to provide customers best and most seamless payment experience, and ‘Turbo UPI’ has taken that up a notch,” said K. Radhakrishnan, Co-founder, Tata Starquik. “We are confident that this streamlined, frictionless, and time-saving payment solution will not only enhance our customers’ experience but also minimize drop-offs during the UPI payment journey.”
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UPI has become the common and preferred mode of payment for end users. It is projected to reach 1 billion transactions per day and capture a 90 per cent share of retail digital payments by 2026-27, according to a recent industry report. However, businesses are actively seeking solutions to address issues such as reliance on third-party UPI apps, and a lack of visibility into their customer drop-offs during the payment process. Razorpay said Turbo UPI will help solve these challenges.
Razorpay has been powering innovations on UPI since 2017. These range from launching payment acceptance for UPI in 2017 to introducing the UPI Autopay feature to enabling CC on UPI.