- Turbo UPI, a joint effort by NPCI and Axis Bank, enables online retailers to accept UPI payments.
- Razorpay has been at the forefront of UPI improvements since 2017.
- UPI payments in India will incorporate cross-border transactions, new industries, and seamless digital experiences as they grow exponentially.
Razorpay, India’s top payments and banking platform, recently launched Turbo UPI, an advanced payment solution revolutionizing the UPI payment process. Turbo UPI, a joint effort by NPCI and Axis Bank, enables online retailers to accept UPI payments seamlessly during checkout, eliminating the need for redirection to external UPI apps.
Enhanced Payment Experience
Turbo UPI offers a 5X quicker payment experience by optimizing the payment process and doing away with external app redirection. Due to this upgrade, businesses gain from the 10% increase in the success rate of UPI payments. Furthermore, Turbo UPI enables firms to manage the whole payment process and provides them with detailed data on consumer drop-off behaviors.
Simplified User Experience
Instead of the standard 5-step procedure, Turbo UPI enables end-users to enjoy a straightforward 1-step UPI payment experience. Soon, well-known applications like Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan, among others, will integrate Turbo UPI, enabling users to use this ground-breaking technology.
The Growing Dominance of UPI
According to a recent industry analysis, UPI is expected to handle 1 billion daily transactions and dominate 90% of retail digital payments by 2026-2027. Customers favor UPI for payments, yet businesses need help with external UPI apps and limited visibility into customer drop-offs.
Addressing Challenges and Driving Innovation
To solve these problems and increase UPI acceptance, Razorpay has been at the forefront of UPI improvements since 2017. It is an example of their commitment to providing hassle-free, frictionless payment experiences to businesses and end consumers. This approach dramatically increases the success rate of UPI transactions while reducing non-technical errors that might lead to drop-offs.
Quotes from Razorpay and Tata Starquik
Shashank Kumar, Co-founder & MD at Razorpay, highlighted the importance of a frictionless payment experience for businesses and end-users. He emphasized the potential revenue growth for companies in the evolving digital landscape and the simplified one-step UPI payment experience offered by Turbo UPI.
Radhakrishnan, Co-founder of Tata Starquik, expressed excitement about partnering with Razorpay to enhance customer experience. He believes that Turbo UPI will not only streamline payments but also minimize drop-offs during the UPI payment journey, positively impacting their business.
The Future of UPI Payments
Razorpay has led UPI advancements since 2017, offering payment acceptance, UPI Autopay, and CC usage on UPI. UPI payments in India will incorporate cross-border transactions, new industries, and seamless digital experiences as they grow exponentially.