- Razorpay joins hands with NPCI & Axis Bank to deliver a 1-step payment experience, without the customer having to leave the merchant’s mobile app
- Razorpay expects hundreds of businesses to adopt ‘Turbo UPI’ in the next few months, as the solution enables end-customers with a 5X faster payment experience, and helps businesses with a significant increase in success rate by 10%, and gives them visibility into customer drop-offs
INDIA, Bengaluru – 30th May 2023: Being a front-runner in driving innovations in UPI since 2017, Razorpay, India’s Leading Full-Stack Payments, and Banking Platform, today announced the launch of ‘Turbo UPI’, India’s fastest one-step UPI payment solution. This disruption is made possible in partnership with NPCI and Axis Bank. This new product allows customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout.
Razorpay Turbo UPI promises to deliver a 5X faster payment experience. It streamlines the payment process and eliminates any redirection to external apps thereby helping businesses achieve a significant increase in the success rate of UPI payments by 10%. Turbo UPI also offers granular insights into the end-users drop-off pattern and enables merchants to control the entire payment experience of their customers, end-to-end. For end-users, this means a simple 1-step UPI payment experience, as opposed to 5 steps. Customers of popular apps including Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan among others will soon be able to enjoy the benefits of this innovation.
Projected to reach 1 Bn transactions per day and touting to capture a 90% share of retail digital payments by 2026-27, according to a recent industry report launched yesterday, UPI is bound to dominate the retail digital payments landscape in India. Today, UPI has become the common and preferred mode of payment for end users, however, businesses are actively seeking solutions to address issues such as reliance on third-party UPI apps, and a lack of visibility into their customer drop-offs during the payment process.
In order to tackle these challenges and further enhance UPI adoption, it is essential to keep the cycle of innovation moving forward. Being a pioneer in UPI innovations since 2017, Razorpay believes Turbo UPI will help solve these challenges.
Talking about the industry-first solution, Shashank Kumar, Co-founder & MD at Razorpay, said, “With India’s consumers swiftly adopting UPI as a digital mode for its transaction needs, it is crucial for businesses to have access to a hassle-free, seamless payment experience like never before. Therefore, we wanted to build a solution that not only made the end-users’ UPI payment experience fast & frictionless but will also help businesses with a significant increase in success rate by 10% for UPI transactions, empowering businesses with higher revenue potential in the evolving digital landscape. So, as opposed to the 5-step process of UPI flow, our one-step solution reduces the scope of non-technical errors that can lead to drop-offs and provide a major boost to UPI transactions.
“This new offering is in tandem with Razorpay’s commitment to taking on the challenges of payments head-on that businesses face in their day-to-day operations. By providing a simplified and seamless payments experience, we believe we are enabling businesses to grow and thrive in a rapidly evolving digital landscape. This continuous innovation in the digital payments industry is a testament to the fact that the industry is headed towards a glorious future, especially with India’s UPI success story becoming a global benchmark today.” he added.
Radhakrishnan, Co-founder, Tata Starquik stated, “Providing a frictionless customer experience has been a top priority for us. And with UPI being the most preferred method among our users, we are thrilled to partner with Razorpay. As a business, it is of utmost importance to delight our customers by providing them with the best and most seamless payment experience, and ‘Turbo UPI’ has taken that up a notch. We are confident that this streamlined, frictionless, and time-saving payment solution will not only enhance our customers’ experience but also minimize drop-offs during the UPI payment journey. We are excited about the positive impact ‘Turbo UPI’ will have on our business.“
Razorpay has been powering innovations on UPI since 2017, right from launching payment acceptance for UPI in 2017 to introducing the UPI Autopay feature to enabling CC on UPI. The future of UPI payments in India is poised for exponential growth, and as it evolves, it holds the potential to revolutionize not only domestic transactions but also expand into cross-border payments, new sectors, and integrated digital experiences.
***
