Fintech Unicorn Razorpay Launches Turbo UPI For Faster Online Payments The newly launched product claims to allow customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout
By Teena Jose
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Razorpay, a full-stack payments and banking platform, today announced the launch of 'Turbo UPI', to ensure faster online payments. This disruption is made possible in partnership with NPCI and Axis Bank. According to an official statement by the company, this new product allows customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout.
"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. 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," said Shashank Kumar, co-founder and MD, Razorpay.
Razorpay Turbo UPI streamlines the payment process and eliminates any redirection to external apps thereby helping businesses achieve a significant increase in the success rate of UPI payments by 10%. 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, claimed by the company in the statement.
"Providing a frictionless customer experience has been a top priority for us. And with UPI being the most preferred method among our users, we are thrilled to partner with Razorpay. We are confident that this streamlined, frictionless, and time-saving payment solution will not only enhance our customers' experience but also minimize drop-offs during the UPI payment journey. We are excited about the positive impact 'Turbo UPI' will have on our business," said K. Radhakrishnan, co-founder, Tata Starquik.
Moreover, Razorpay expects hundreds of businesses to adopt 'Turbo UPI' in the next few months, as the solution enables end-customers with a 5 times faster payment experience, and helps businesses with a significant increase in success rate by 10%, and gives them visibility into customer drop-offs, the statement noted.
