Fintech major Razorpay has launched Turbo UPI in partnership with Axis Bank and the National Payments Council of India (NPCI). The new product will allow customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout. Turbo UPI aims to reduce potential payment failures, the company said in a statement.

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According to the company, Razorpay Turbo UPI can deliver a 5X faster payment experience and can help businesses achieve an increase in the success rate of UPI payments by 10 percent.

“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.

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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,” said Shashank Kumar, Co-founder and MD, Razorpay.

Turbo UPI has been integrated with apps like grocery delivery platform Tata StarQuik, online travel aggregators ixigo and Trainman, gifts and flowers platform Ferns N Petals, and stock trading platform Dhan, among others.

The move comes after Paytm last week launched a similar product called "UPI SDK", a software plug-in that a merchant can integrate with their payment gateway.

According to NPCI, the number of UPI transactions reached a record high in April 2023, rising 2.45 percent to 889.81 crore from 868.53 crore in March. The NPCI has set a target of achieving 1 billion daily UPI transactions. April saw about 296.60 million transactions per day, close to 30 percent of the intended goal.

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First Published:May 30, 2023 9:50 AM IST