Mumbai: Fintech unicorn Razorpay has partnered with NPCI and Axis Bank to launch a one-step UPI payment solution—Turbo UPI—to enable faster UPI payments and reduced failures.
The new feature claims to deliver a 5X faster payment experience besides streamlining the payment process. With this, the need to be redirected to a third-party UPI app during checkout would be eliminated, leading to an increase in the success rate of UPI payments by 10% for businesses, said the company. As opposed to the 5-step process of UPI flow, Turbo UPI will reduce the scope of non-technical errors that can lead to drop-offs, as the customer would not have to leave the merchant’s mobile app, said Razorpay.
“We we wanted to build a solution that not only made the end-users’ UPI payment experience fast and 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,” said Shashank Kumar, Co-founder and MD at Razorpay.
The new solution, which is still in pilot stage, would also offer insights into the end-users’ drop-off pattern and enable merchants to control the payment experience of customers. As of now, customers of popular apps, including Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan, will soon enable this product on their platforms.
The company expects hundreds of businesses to adopt the solution in the next few months.
“As a business, it is of utmost importance to delight our customers by providing them with the best and most seamless payment experience, and Turbo UPI has taken that up a notch. We are confident that this streamlined, frictionless, and time-saving payment solution will not only enhance our customers’ experience but also minimise drop-offs during the UPI payment journey,” said K Radhakrishnan, Co-founder, Tata Starquik.
Last week, Paytm launched UPI SDK to allow customers of online merchants to make UPI payments from within the app without getting redirected during checkout. This feature will allow customers to pay directly from their bank accounts by entering their UPI PIN without leaving the merchant app, the company had said.