New Delhi: Razorpay, a comprehensive payments and banking platform, has recently introduced ‘Turbo UPI,’ a UPI payment solution, through a strategic collaboration with NPCI and Axis Bank. This innovative offering enables online merchants’ customers to make UPI payments directly, eliminating the need for redirection to a third-party UPI app during the checkout process.
According to Razorpay, Turbo UPI provides a significantly faster payment experience, claiming to be five times quicker than conventional methods. By streamlining the payment process and eliminating the need for external app redirection, this solution helps businesses achieve a remarkable 10% increase in the success rate of UPI payments, as stated by the company.
For end-users, Turbo UPI translates into a simplified one-step UPI payment experience, replacing the previous five-step process. Soon, customers of popular apps such as Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan, among others, will be able to enjoy the benefits of this innovative payment solution.
Shashank Kumar, Co-founder and Managing Director at Razorpay highlighted the advantages of this one-step solution by stating, “Compared to the previous five-step UPI flow, our streamlined approach reduces the potential for non-technical errors that can lead to drop-offs and significantly boosts UPI transactions.”
K. Radhakrishnan, Co-founder of Tata Starquik, expressed confidence in the streamlined and frictionless nature of Turbo UPI, emphasizing that it will not only enhance customers’ experience but also minimize drop-offs during the UPI payment journey. The positive impact of Turbo UPI on their business is something they are eagerly anticipating.
After Paytm’s ‘UPI SDK’, Razorpay launches Turbo UPI to bring an innovative offering which enables online merchants’ customers to make UPI payments directly, eliminating the need for redirection to a third-party UPI app during the checkout process.
With the launch of Turbo UPI, Razorpay aims to revolutionize the UPI payment experience by providing a faster, more seamless, and more user-friendly solution. This innovation is expected to enhance customer satisfaction and drive increased adoption of UPI payments in the digital ecosystem by eliminating the complexities and challenges associated with multiple steps and app redirection.