If your business accepts in-store payments, you’ve likely experienced the inconvenience of delayed or unresolved UPI transactions on your POS (Point of Sale) device. Your customers may hesitate to reattempt the transaction until they receive their refund, and as this process is not instantaneous, they often abandon the purchase. You’re not alone in facing this challenge.
Delayed refunds contribute to frustration for both businesses and consumers. According to our data, 5-15% of UPI transactions encounter friction due to their pending status, resulting in a substantial loss of business.
At Razorpay POS, we understand the magnitude of this issue, and we are excited to introduce a groundbreaking solution. Presenting Instant Refunds for UPI payments — a simple yet remarkable innovation that slashes refund processing times from the conventional 5-6 business days to an unparalleled 2 minutes.
Surging UPI adoption and a POS challenge
The digital payments ecosystem is witnessing an unprecedented surge, with UPI transactions exceeding 118 Billion in 2023, marking a remarkable 60% growth from the preceding year. The ubiquity of UPI, embraced by over 300 million users in India, highlights its pivotal role in shaping the nation’s digital payment landscape.
However, as UPI transactions continue to scale new heights, businesses grapple with challenges, notably delayed or unresolved transactions at the Point of Sale (POS). This friction often results in a suboptimal customer experience, impacting merchants’ revenue streams.
In a survey by NeoGrowth in 2023, 53% of MSME retailers identified internet issues and failed transactions as primary deterrents to UPI adoption.
With Instant Refunds for UPI payments, Razorpay POS takes this challenge head-on. This solution is a testament to our commitment to addressing transaction-related frictions and enhancing customer satisfaction, trust, and expediting the checkout process for a seamless payment experience.
Efficiency Unleashed: What instant refunds mean for your business
Our instant refund solution alleviates the transaction-related distress faced by businesses like yours when payments are not received promptly. Instead of being obligated to provide products for unconfirmed transactions, you can leverage our fully automated system to initiate refunds within just 2 minutes. No more manual efforts via the POS device!
The automated process involves a swift attempt within 3 seconds, with persistent retries thrice, each attempt spaced 5 seconds apart in case of initial failure. This ensures a seamless and efficient resolution of transaction-related concerns, marking a significant leap in the efficiency of our payment processing.
According to our data, 5-15% of UPI transactions see friction due to pending status and our merchants lose their business in 30-40% of the cases wherein the customer is not comfortable making a double payment via UPI or paying through any other method.
It was critical for us to nip this in the bud by empowering our merchants to make these instant refunds happen, enhancing customer satisfaction, trust, and faster checkouts. This new offering reiterates our goal of simplifying money movement and demonstrates our innovation-first mindset as we continue to work towards shaping the future of payments.
Byas Nambisan, CEO, Razorpay POS
A new era in in-store payments
A hybrid approach is now essential for engaging with customers, and Razorpay POS is at the forefront, shaping the future of payments. As we head into this omnichannel universe, Razorpay POS has not just transformed but revolutionized the in-store payments landscape, unlocking a myriad of possibilities for businesses of all sizes.
Our Instant Refunds solution for UPI transactions marks a pivotal moment in the evolution of digital payments, ushering in a new era of efficiency, trust, and customer-centricity. Razorpay POS stands talls with disruptors, empowering businesses and consumers alike.
Experience the future of in-store payments with Razorpay POS! 🚀💳