{"id":4300,"date":"2023-05-30T04:46:50","date_gmt":"2023-05-30T04:46:50","guid":{"rendered":"https:\/\/razorpay.com\/newsroom\/?p=4300"},"modified":"2023-06-06T13:01:15","modified_gmt":"2023-06-06T13:01:15","slug":"from-five-steps-to-one-step-razorpay-unveils-turbo-upi-indias-fastest-payment-solution","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/from-five-steps-to-one-step-razorpay-unveils-turbo-upi-indias-fastest-payment-solution\/","title":{"rendered":"From Five-Steps to One-Step, Razorpay Unveils \u2018Turbo UPI\u2019, India&#8217;s Fastest Payment Solution"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Razorpay joins hands with <\/span><\/i><b><i>NPCI &amp; Axis Bank <\/i><\/b><i><span style=\"font-weight: 400;\">to deliver a 1-step payment experience, without the customer having to leave the merchant\u2019s mobile app<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><i>Razorpay expects<\/i><\/b><b><i> hundreds of businesses to <\/i><\/b><b><i>adopt \u2018Turbo UPI\u2019<\/i><\/b><i><span style=\"font-weight: 400;\"> in the next few months, as the solution enables end-customers with a <\/span><\/i><b><i>5X faster payment experience<\/i><\/b><i><span style=\"font-weight: 400;\">, and helps businesses with a <\/span><\/i><b><i>significant increase in success rate by 10%<\/i><\/b><i><span style=\"font-weight: 400;\">, and gives them <\/span><\/i><b><i>visibility into customer drop-offs<\/i><\/b><\/li>\n<\/ul>\n<p><b>INDIA, Bengaluru &#8211; 30th May 2023<\/b><span style=\"font-weight: 400;\">: Being a front-runner in driving innovations in UPI since 2017, <\/span><a href=\"https:\/\/razorpay.com\/\"><b>Razorpay<\/b><\/a><span style=\"font-weight: 400;\">,<\/span> <span style=\"font-weight: 400;\">India\u2019s Leading Full-Stack Payments, and Banking Platform, <\/span><b>today<\/b> <b>announced the launch of \u2018Turbo UPI\u2019, India&#8217;s fastest one-step UPI payment solution<\/b><span style=\"font-weight: 400;\">.<\/span><b> This disruption is made possible in partnership with NPCI and Axis Bank<\/b><span style=\"font-weight: 400;\">. This new product allows customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout.<\/span><\/p>\n<p><b>Razorpay Turbo UPI promises to deliver a 5X faster payment experience<\/b><span style=\"font-weight: 400;\">. It streamlines the payment process and eliminates any redirection to external apps thereby <\/span><b>helping businesses achieve a significant increase in the success rate of UPI payments by 10%. <\/b><span style=\"font-weight: 400;\">Turbo UPI<\/span> <span style=\"font-weight: 400;\">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. <\/span><b>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<\/b><b>, <\/b><b>FNP (Ferns N Petals), Trainman, and Dhan<\/b> <b>among others<\/b> <b>will soon be able to<\/b> <b>enjoy the benefits of this innovation.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">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, <\/span><b>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.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In order to tackle these challenges and further enhance UPI adoption, it is essential to keep the cycle of innovation moving forward. <\/span><b>Being a pioneer in UPI innovations since 2017, Razorpay believes<\/b> <b>Turbo UPI will help solve these challenges.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Talking about the industry-first solution<\/span><b>, Shashank Kumar, Co-founder &amp; MD at Razorpay, said<\/b><span style=\"font-weight: 400;\">, \u201c<\/span><i><span style=\"font-weight: 400;\">With India\u2019s 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\u2019 UPI payment experience fast &amp; 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. <\/span><\/i><b><i>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.\u00a0<\/i><\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cThis new offering is in tandem with Razorpay\u2019s 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, <\/span><\/i><b><i>we believe we are enabling businesses to grow and thrive in a rapidly evolving digital landscape<\/i><\/b><i><span style=\"font-weight: 400;\">. 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\u2019s UPI success story becoming a global benchmark today.<\/span><\/i><span style=\"font-weight: 400;\">\u201d <\/span><b>he added<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b style=\"font-size: 19px;\">Radhakrishnan, Co-founder,<\/b> <b style=\"font-size: 19px;\">Tata Starquik stated<\/b><span style=\"font-weight: 400;\">, <\/span><i style=\"font-size: 19px;\">\u201cProviding 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 \u2018Turbo UPI\u2019 has taken that up a notch. We are confident that this streamlined, frictionless, and time-saving payment solution will not only enhance our customers\u2019 experience but also minimize drop-offs during the UPI payment journey. <\/i><b style=\"font-size: 19px;\"><i>We are excited about the positive impact \u2018Turbo UPI\u2019 will have on our business.<\/i><\/b><i style=\"font-size: 19px;\">&#8220;<\/i><\/p>\n<p><span style=\"font-weight: 400;\">Razorpay<\/span><b> 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. <\/b><span style=\"font-weight: 400;\">The future of UPI payments in India is poised for exponential growth, and as it evolves, <\/span><b>it holds the potential to revolutionize not only domestic transactions but also expand into cross-border payments, new sectors, and integrated digital experiences.<\/b><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">***<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Razorpay joins hands with NPCI &amp; Axis Bank to deliver a 1-step payment experience, without the customer having to leave the merchant\u2019s mobile app Razorpay expects hundreds of businesses to adopt \u2018Turbo UPI\u2019 in the next few months, as the solution enables end-customers with a 5X faster payment experience, and helps businesses with a significant<\/p>\n","protected":false},"author":14,"featured_media":4301,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[28],"tags":[11,92,33,91,65],"class_list":{"0":"post-4300","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-technology","8":"tag-featured","9":"tag-npci","10":"tag-razorpay","11":"tag-razorpay-turbo-upi","12":"tag-upi"},"modified_by":"Giri Sandeep","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=4300"}],"version-history":[{"count":2,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4300\/revisions"}],"predecessor-version":[{"id":4303,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4300\/revisions\/4303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/4301"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=4300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=4300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=4300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}