TestBook, a leading online platform for competitive exam preparation, has been a game-changer in the ed-tech space. Specializing in test series and coaching for government exams like UPSC, TestBook caters to millions of students who aspire to crack these prestigious exams. To facilitate smooth and affordable payment options for their users, TestBook has been leveraging Razorpay’s robust UPI stack for over eight years. By leveraging Razorpay’s SR boosters, Testbook was able to witness a 6.46% SR uptick in UPI payments which contributed to 6.5% additional revenue. To make payments more affordable, Testbook integrated with Razorpay’s UPI Autopay.
TestBook’s Payment Puzzle: Overcoming UPI SR Hurdles and Meeting Affordability Needs
As TestBook’s popularity grew, so did their transaction volumes. With over 70-75% of their transactions happening via UPI, ensuring a high payment success rate became a critical challenge. In the earlier stages of UPI adoption, TestBook faced inconsistencies in SR, which could lead to user dissatisfaction and potential revenue loss.
Additionally, the need for affordability was becoming increasingly apparent as many students struggled to pay large sums upfront for their courses. TestBook needed a solution that could not only improve their payment success rates but also introduce a flexible payment mechanism to accommodate their users’ financial constraints.
Razorpay’s UPI Autopay & SR Boosters: The Secret Behind TestBook’s Payment Transformation
Razorpay stepped in with a comprehensive solution tailored to TestBook’s needs. The introduction of Razorpay’s UPI Autopay was a game-changer for TestBook, particularly in addressing the affordability issue.
Razorpay UPI Autopay enabled TestBook to offer users the convenience of paying for courses in easy monthly instalments, automating the process for hassle-free repeat payments at a 65%+ success rate.
Additionally, Razorpay’s Success Rate Boosters significantly improved TestBook’s overall payment efficiency:
The Razorpay Advantage: TestBook’s Enhanced Affordability & Satisfaction
The implementation of Razorpay’s UPI Autopay and SR Boosters has significantly transformed TestBook’s operations. In June alone, TestBook achieved an SR of 62.57% on UPI, largely driven by the 6.46% SR increase from Razorpay’s SR Boosters. With over 70-75% of overall transactions processed through UPI, Razorpay’s UPI stack has proven its effectiveness. The introduction of Razorpay UPI Autopay further enhanced affordability for students, leading to improved customer retention by easing their financial situation.
To Wrap Up…
TestBook’s journey with Razorpay illustrates the transformative power of tailored payment solutions. By adopting Razorpay’s UPI Autopay and SR Boosters, TestBook not only overcame the challenges of maintaining high payment success rates but also introduced innovative affordability options that resonated with their user base. As TestBook continues to expand its offerings and subsidiaries, Razorpay remains an integral partner, helping it redefine the payment experience for students across India. The future looks promising for this partnership, with the potential for even greater collaboration on new payment solutions that further enhance accessibility and convenience for TestBook’s users.
