According to the company, The new service will allow customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout. Eliminating redirection to external UPI payments apps helps businesses achieve a significant success rate of UPI payments by 10%, the company said.
Additionally, 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, as opposed to 5 steps. Customers of popular apps, including Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan, among others, will soon be able to enjoy the benefits of this innovation.
Needless to say, UPI has become the common and preferred mode of payment for end users. 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. In order to tackle these challenges and further enhance UPI adoption, it is essential to keep the cycle of innovation moving forward.
Razorpay said it believes Turbo UPI will help solve these challenges.
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.