The Busy Brains
2 Jun 2023
Razorpay, in collaboration with NPCI and Axis Bank, introduces Turbo UPI, India's fastest one-step UPI payment solution. Learn how this innovative service streamlines the payment process, enhances success rates, and provides granular insights for merchants.
Razorpay, a leading Indian fintech company, has joined forces with UPI developer NPCI and Axis Bank to unveil Turbo UPI, a revolutionary one-step UPI payment solution. This new offering aims to provide users with the fastest and most convenient UPI payment experience in India.
With Turbo UPI, customers of online merchants can make UPI payments directly without being redirected to third-party UPI apps during checkout. By eliminating the redirection process, businesses can achieve a significant 10% increase in UPI payment success rates, as stated by Razorpay.
Furthermore, Turbo UPI empowers merchants with granular insights into the drop-off patterns of end-users, enabling them to have complete control over the payment experience. This end-to-end control ensures a seamless and hassle-free payment process.
For end-users, Turbo UPI simplifies the UPI payment experience by reducing it from five steps to just one. Soon, customers of popular apps like Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan will be able to enjoy the benefits of this innovative solution.
As UPI continues to be the preferred mode of payment for end-users, businesses face challenges related to reliance on third-party UPI apps and a lack of visibility into customer drop-offs during the payment process. To address these issues and drive UPI adoption further, continuous innovation is crucial.
Razorpay is confident that Turbo UPI will effectively tackle these challenges and provide a seamless and efficient payment experience for businesses and end-users alike. By offering the fastest one-step UPI payment solution, Razorpay, in collaboration with NPCI and Axis Bank, is propelling the evolution of digital payments in India.
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, he added.