As we kick off 2024, we’re thrilled to share some of the exciting feature enhancements we’ve made to get the year going. In this edition of Razorpay’s Feature Focus we take a quick look at how you can simplify and supercharge your payments infrastructure. From optimised error handling at checkout to the game-changing dynamic routing on Optimizer, we’re putting the power back in your hands resulting in smoother transactions and lightning-fast payments.
Smooth sailing for all payments
Error-Proof Checkout: We get it – the agony of seeing customers drop off at the checkout stage is real. That’s why we’ve optimised error handling on checkout, giving your business a success rate boost by 2%. No more losing potential sales due to pesky errors! Our revamped system proactively prevents users from accessing payment methods that are undergoing low transaction success rates. But here’s the real game-changer – in the rare event of a hiccup, we don’t leave your customers stranded. We suggest the next best payment method, turning a potential roadblock into a mere speed bump. Say goodbye to frustrated customers and hello to higher conversion rates!
Dynamic Routing Magic: Picture this, your transactions intelligently routed in real-time to the most efficient acquiring bank or payment gateway.
What does this do for you?
Enhanced success rates, fewer transaction errors or failures, and lower costs. No more settling for a one-size-fits-all approach – with Dynamic Routing on Optimizer, you’re in control. Say goodbye to the limitations of a primary and backup gateway. Now, you get to be in control of your payments and set rules for routing transactions based on the performance of your integrated payment providers.
For instance, if you have four integrated payment gateways, you get to create rules to route a certain percentage of transactions through each respective payment gateway. This is autonomy at its finest!
Warp Speed Testing: And for those who are tired of the snail’s pace when it comes to UPI integration testing, we’ve got the perfect solution for you. With Turbo UPI Mock SDK – you can speed up the integration process and make testing a lot smoother. No more wrestling with external testing environments or being at the mercy of the bank and NPCI UAT’s environment stability. With the Turbo UPI Mock SDK, merchants can now test P0 flows and take their integration live at warp speed resulting in a jaw-dropping reduction in integration TAT from 5-6 weeks to just 1 week!
Fortified UPI: We’ve introduced yet another feature enhancement to our UPI suite enabling you to block direct payments to VPA (Virtual Payment Address). Payments made directly through UPI apps’ transaction history can be tricky – no order ID, no link to your sale. We’ve put an end to this by making sure these payments don’t succeed in the first place. No more delivering orders only to later realise that you didn’t get paid. With Razorpay, every successful delivery means a successful payment, saving you from refund hassles and keeping your cash flow intact.
Seamless payments, zero redirections: Security doesn’t have to mean sacrificing success rates. With Razorpay’s Native OTP feature you can say goodbye to clunky redirections to issuing banks’ ACS pages during checkout. We’ve shattered industry records by offering native OTP support with over 90% coverage – a feat unparalleled in the market. What’s more, we achieve over 80% coverage without the need for an extra 3DS2 SDK, leading to a remarkable 4% boost in success rates.
Razorpay’s Native OTP isn’t just about security; it’s about seamless transactions with support for both tokenised and non-tokenised card flows, including credit, debit, prepaid, and corporate cards.
We couldn’t have dreamt for a better start to 2024! These new feature enhancements are all designed to make payments seamless, safe and swift for your business and your customers. As the year progresses, we’ve got a stellar line up of more products and feature enhancements lined up for you!