{"id":10745,"date":"2023-01-04T19:39:49","date_gmt":"2023-01-04T14:09:49","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=10745"},"modified":"2025-04-10T16:22:25","modified_gmt":"2025-04-10T10:52:25","slug":"introducing-the-most-effective-way-to-recover-failed-payments","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/introducing-the-most-effective-way-to-recover-failed-payments\/","title":{"rendered":"Introducing the most effective way to recover failed payments"},"content":{"rendered":"

India\u2019s digital payment volume has increased at an <\/span>average annual rate of 50%<\/span><\/a> over the past 5 years. In the next 5 years, digital payments users are set to triple to 750 million and businesses employing digital payments could double to 100 million, according to the NPCI. And with good reason. Digital payments make it easy and convenient for customers to pay using a payment method of their choice, while being a healthy source of revenue for businesses.<\/span><\/p>\n

Problem of failed payments<\/b><\/h2>\n

However, any breakage in payment experience has a negative impact on both customers and businesses. One such factor is payment failure. On an average, 20-25% of payments fail due to reasons that are beyond the control of the businesses.<\/span><\/p>\n

While some payment failures<\/a> are unavoidable, losing revenue because of issues as trivial as incorrect UPI Pin<\/a> entry or bad data network is plain hurtful. More than 50% payment failures are due to customer errors or network issues. Especially because they are recoverable if you employ an optimal payments recovery strategy.<\/span><\/p>\n

Why do payments fail?<\/b><\/h2>\n
\"Failed
Why payments fail<\/figcaption><\/figure>\n

Payments fail for a multitude of reasons. The primary reasons are listed below:<\/span><\/p>\n