{"id":4423,"date":"2024-01-22T08:36:37","date_gmt":"2024-01-22T08:36:37","guid":{"rendered":"https:\/\/razorpay.com\/newsroom\/?p=4423"},"modified":"2024-01-22T08:36:45","modified_gmt":"2024-01-22T08:36:45","slug":"revolutionizing-in-store-payments-razorpay-pos-introduces-instant-refunds-within-2-mins-for-failed-upi-transactions","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/revolutionizing-in-store-payments-razorpay-pos-introduces-instant-refunds-within-2-mins-for-failed-upi-transactions\/","title":{"rendered":"Revolutionizing In-Store Payments: Razorpay POS Introduces Instant Refunds Within 2 Mins For Failed UPI Transactions"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Customers will now receive instant refunds for failed UPI transactions at the POS <\/span><\/i><b><i>within 2 minutes versus the industry benchmark of 5-6 business days<\/i><\/b><\/li>\n<\/ul>\n<p><b>INDIA, Bengaluru \u2013 22 January 2024:<\/b><span style=\"font-weight: 400;\"> A front-runner in driving constant innovations in UPI since 2017, <\/span><a href=\"https:\/\/razorpay.com\/\"><b>Razorpay<\/b><\/a><b>,<\/b><span style=\"font-weight: 400;\"> India\u2019s Leading Omnichannel Payments and Banking Platform for Businesses, today <\/span><b>announced the launch of Instant Refunds on UPI transactions by Razorpay POS<\/b><span style=\"font-weight: 400;\">.<\/span><b> This industry-first solution<\/b> <b>will allow merchants to provide a more seamless in-store payment experience <\/b><span style=\"font-weight: 400;\">to their customers by providing instant refunds for failed UPI transactions within 2 minutes, resulting in faster checkouts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">UPI payments have rapidly emerged as the norm for digital payment acceptance in India. <\/span><b>In 2023, UPI platform transactions exceeded the 100 Billion mark<\/b><span style=\"font-weight: 400;\">, reaching around 118 Billion, marking a remarkable 60% growth from the previous year&#8217;s 74 billion, as reported by the<\/span><a href=\"https:\/\/www.moneycontrol.com\/news\/technology\/upi-crosses-100-billion-transactions-in-2023-11988691.html\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">National Payments Corporation of India (NPCI)<\/span><\/a><span style=\"font-weight: 400;\">. With a user base exceeding 300 million, the widespread adoption of this technology in just six years is evident among end customers. However, businesses are actively seeking solutions to address issues, particularly concerning delayed transactions made via POS devices. These delays result in a negative customer experience, leading to potential losses for merchants. When transactions are delayed, and funds are debited from the consumer&#8217;s account but not received by the merchant, customers hesitate to retry the payment or opt for an alternative method, often abandoning the purchase. This not only hampers the consumer experience, causing confusion and frustration but also raises operational costs for merchants, impacting their overall business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.livemint.com\/technology\/internet-snags-a-deterrent-for-upi-finds-survey-11684221552993.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">survey conducted by NeoGrowth<\/span><\/a><span style=\"font-weight: 400;\"> in 2023 revealed that 53% of MSME retailers identified internet issues and failed transactions as major demotivators for utilizing UPI transactions in their businesses. In this context, quick issue resolution becomes a key differentiator and the need of the hour.<\/span><b> Razorpay, being a trailblazing force in the fintech industry<\/b> <b>has leveraged cutting-edge technology to address this challenge with instant refunds on UPI payments by Razorpay POS. Using Razorpay POS device\u2019s fully automated system, the refund process now takes a maximum of 2 minutes compared to the industry standard of 5 to 6 business days<\/b><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">The <\/span><b>process involves a swift attempt within 3 seconds, <\/b><span style=\"font-weight: 400;\">concluding if successful. In case of failure, the system persistently attempts thrice, each attempt spaced 5 seconds apart, sparing a merchant\u2019s manual efforts altogether.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Commenting on the industry-first solution, <\/span><\/i><b><i>Byas Nambisan, CEO, Razorpay POS, said<\/i><\/b><i><span style=\"font-weight: 400;\">, \u201cWith the increasing preference towards providing omnichannel payment experiences, businesses must have access to the right solution that can make this happen, end-to-end. According to<\/span><\/i><i><span style=\"font-weight: 400;\"> our data, 5-<\/span><\/i><i><span style=\"font-weight: 400;\">15<\/span><\/i><i><span style=\"font-weight: 400;\">%<\/span><\/i><i><span style=\"font-weight: 400;\"> of UPI transactions see friction due to pending status and our merchants lose their business in 30-40% of the cases wherein the customer is not comfortable making a double payment via UPI or paying through any other method. It was therefore critical for us to nip this in the bud by empowering our merchants to make these instant refunds happen, enhancing customer satisfaction, trust, and faster checkouts. This new offering reiterates our goal of simplifying money movement and demonstrates our innovation-first mindset as we continue to work towards shaping the future of payments.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Razorpay POS has revolutionised the in-store payments landscape, opening a world of new possibilities for businesses of all sizes. In <\/span><a href=\"https:\/\/razorpay.com\/newsroom\/ezetap-thrives-post-acquisition-by-razorpay-records-60-growth-in-annualized-recurring-revenue-in-fy23\/\"><span style=\"font-weight: 400;\">December 2023<\/span><\/a><span style=\"font-weight: 400;\">, Razorpay POS announced it achieved a remarkable 60% growth in FY\u201923, contributing to nearly 10% of Razorpay\u2019s overall revenue. The platform\u2019s holistic expansion has made in-store payments seamless and hassle-free, adapting to an evolving business environment where a hybrid approach is essential for engaging with customers.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Customers will now receive instant refunds for failed UPI transactions at the POS within 2 minutes versus the industry benchmark of 5-6 business days INDIA, Bengaluru \u2013 22 January 2024: A front-runner in driving constant innovations in UPI since 2017, Razorpay, India\u2019s Leading Omnichannel Payments and Banking Platform for Businesses, today announced the launch of<\/p>\n","protected":false},"author":14,"featured_media":4425,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[28,30],"tags":[133,33,113,65],"class_list":{"0":"post-4423","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-technology","8":"category-featured-stories","9":"tag-instant-refund","10":"tag-razorpay","11":"tag-razorpay-pos","12":"tag-upi"},"modified_by":"Anu Saraswat","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4423","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=4423"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4423\/revisions"}],"predecessor-version":[{"id":4426,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4423\/revisions\/4426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/4425"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=4423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=4423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=4423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}