We’re thrilled to announce that Razorpay is the first payment gateway to go live with a game-changing advancement in our Turbo UPI offering: the launch of BHIM Vega, an industry-first solution, built on the robust BHIM platform, in partnership with Axis Bank. This product tackles key challenges in the current UPI Plugin onboarding and transaction routing flows, promising a smoother, more efficient experience for both merchants and their customers.
Gaps in the Current UPI Plugin Technology
While UPI Plugin has proven to be a powerful tool for businesses to create loyal customers & eliminate third-party providers, we’ve recognized some gaps that slow down growth. Onboarding, a crucial step in the process, has presented friction, hindering wider adoption. Additionally, the tightly coupled payer-payee PSP structure of the current version limits transaction routing options, potentially impacting success rates and availability. Together with BHIM, Razorpay is solving these challenges & more, providing the most technologically advanced Plugin solution in the market.
Introducing BHIM Vega: A Game Changer
BHIM Vega powered by Razorpay Turbo UPI, directly addresses these challenges. This solution leverages the vast reach and established infrastructure of the BHIM platform, and offers a seamless experience for users already familiar with BHIM.
What This Means for Your Business:
- Smoother Onboarding, Happier Customers: BHIM boasts over 27 million onboarded users. By integrating with BHIM, we’re significantly streamlining the onboarding journey for these users by cutting down steps, leading to improved success rates and a better overall customer experience. Less friction means more successful transactions.
- Enhanced Performance You Can Rely On: Direct connectivity with NPCI infrastructure ensures superior performance and reduced latency. This means faster, more reliable transactions for your business.
- Improved Success Rates and Higher Availability: Multi-bank routing on the acquiring side provides greater flexibility and redundancy, leading to better transaction success rates and higher availability. Say goodbye to lost sales due to payment failures.
Why BHIM?
We’re ecstatic to partner with BHIM & yet again bring this innovation to market first. Ms. Lalitha Nataraj, Managing Director and CEO of NPCI BHIM Services Limited, who shares our enthusiasm, said, “We are happy to partner with Razorpay on this innovative initiative. BHIM Vega on Razorpay’s UPI Plugin technology is a significant step towards simplifying digital transactions for millions. This collaboration will enhance user experience and accelerate UPI adoption in the country. As UPI evolves, BHIM remains committed to driving financial inclusion, ensuring digital payments reach the last mile.”
The Future of UPI Payments
BHIM Vega on Turbo UPI represents a significant leap forward in the evolution of the UPI Plugin technology. We’re confident that this innovation will empower businesses to offer a more seamless and reliable payment experience, ultimately driving growth and customer satisfaction. At Razorpay, we’re committed to constantly innovating and delivering cutting-edge payment solutions that help your business thrive in the digital age.
Ready to experience the difference? Contact us today to learn more about how BHIM Vega on UPI Plugin technology can transform your business
