Today, providing a seamless payment experience is paramount for businesses. With more than 40% of all payments in India being digital and UPI holding a lion’s share, used by over 30 crore individuals and over 5 crore merchants, the importance of optimizing UPI transactions cannot be overstated. However, to truly leverage UPI’s potential, businesses must ensure the highest possible success rates for these transactions. Razorpay’s UPI suite is designed to help businesses achieve this by offering a wide range of features that enhance transaction success rates and increase customer conversion, ensuring a superior payment experience from consideration to post-purchase.
The Quest for Seamless Payments: Why Success Rates Matter
Success rates (SR) in payment transactions are crucial for any business. A high success rate not only reflects a smooth payment process but also enhances customer trust and satisfaction. When customers experience failed transactions, it can lead to high drop offs, cart abandonment, and ultimately, loss of revenue and trust.
Here’s how Razorpay’s UPI suite helps boost success rate
Razorpay’s UPI suite is packed with features designed to enhance the success rate of your transactions and provide a superior payment experience for your customers. Let’s explore these features that are transforming UPI transactions for businesses.
QR on Desktop: Dynamic QR on desktop offers an intuitive experience for your customers to scan with their mobile and pay, similar to what they would do in an offline shop. This makes desktop transactions seamless and familiar, enhancing the likelihood of successful payments.
Native Intent: With Native Intent, your customers can open their favorite UPI apps to make payments directly from your mobile website. This familiar and convenient flow significantly boosts the success rate of transactions.
VPA Validation: Validating the Virtual Payment Address (VPA) is an important step to ensure high success rates for Collect payments. This additional call validates the customer’s UPI ID, flagging any typos, wrong UPI IDs, or invalid UPI IDs before the customer performs the payment. This pre-validation helps prevent failed transactions.
Numeric Mapper: Numeric Mapper allows your customers to pay using their phone number, eliminating the need to remember UPI IDs. This feature smartly raises a Collect request based on the customer’s mapped UPI ID, simplifying the payment process and increasing the success rate.
Half Page SDK: The Half Page SDK enables the UPI payment app to open within your application using just the bottom half of the phone screen, allowing customers to make payments without any redirection. This enhances the user experience by keeping the transaction within the app. Currently available on Google Pay, with more support from other TPAPs coming soon, this feature reduces friction and boosts transaction success.
Turbo UPI: Turbo UPI is an experience layer that reduces merchant dependencies on third-party apps, providing customers with a streamlined, two-step in-app payment experience. This simplification helps in increasing the success rate of transactions by minimizing the steps required to complete a payment.
Dynamic Routing: Dynamic Routing leverages a best-in-class machine learning model to ensure the best terminal is picked for all transactions. It detects gateway degradations or unplanned downtimes within seconds, reducing the impact on payments.
From Good to Great: Transforming Your Business with Razorpay UPI
Razorpay’s UPI suite not only boosts your transaction success rates but also transforms your overall business performance. Here’s a quick snapshot:
Conclusion
Payments failures shouldn’t hold your business back. Customers expect a seamless payment experience and they deserve it. With these features designed to boost your UPI payments’ success rate, your business can increase customer conversion and repeat purchases significantly. Start using Razorpay’s UPI SR boosters and watch your business thrive.
Ready to take your business to the next level with Razorpay’s UPI Success Rate Boosters? Get started today and transform your UPI payments for your business and your customers.
