Razorpay has announced the launch of ‘Turbo UPI’ that allows customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout. According to the company, the new feature streamlines the payment process and helps businesses in successful completion of UPI payments.
Razorpay Turbo UPI aims to deliver a 5X faster payment experience, streamlines the payment process and eliminates any redirection to external apps. This solution was developed in partnership with NPCI and Axis Bank.
Turbo UPI also offers 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 1-step UPI payment experience, as opposed to 5 steps.
About the launch of Turbo UPI, Shashank Kumar, Co-founder and Managing Director of 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 and frictionless but will also help businesses with a significant increase in success rate by 10 per cent for UPI transactions.”
“This new offering is in tandem with Razor pay’s commitment to take 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,” he added.
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.
