Razorpay launches one-step payments solution Turbo UPI

Tuesday 30 May 2023 12:05 CET | News

India-based fintech Razorpay has launched Turbo UPI to allow customers of online merchants to make UPI payments with redirection 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%, according to the company. This solution was developed in partnership with NPCI and Axis Bank.

India-based fintech Razorpay has launched Turo UPI to allow customers of online merchants to make UPI payments with redirection to a third-party UPI app during checkout.

The fintech’s officials said that 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. So, as opposed to the 5-step process of UPI flow, their one-step solution reduces the scope of non-technical errors that can lead to drop-offs and provide a major boost to UPI transactions.

Augmenting the UPI payment experience

Turbo UPI also offers granular insights into the end-user’s drop-off pattern and enables merchants to control the entire payment experience of their customers. For customers, 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.

Offering insights into their experience with Turbo UPI, representatives from Tata Starquik said that providing a frictionless customer experience has been a top priority for them. As a business, it is important to provide customers a seamless payment experience, and Turbo UPI has taken that up a notch. They are confident that this streamlined, frictionless, and time-saving payment solution will not only enhance their customers’ experience but also minimise drop-offs during the UPI payment journey.

UPI in increasingly becoming a preferred mode of payment for end users. It is projected to reach 1 billion transactions per day and capture a 90% share of retail digital payments by 2026-2027, according to a report by PwC India. 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.

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Keywords: UPI, online payments, fintech, checkout optimisation , ecommerce
Categories: Payments & Commerce
Companies: Razorpay, UPI
Countries: India
This article is part of category

Payments & Commerce




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