Mumbai, May 30: Razorpay has partnered with the National Payments Corporation of India (NPCI) and Axis Bank to launch a new UPI solution. The new Razorpay Turbo UPI is said to be the fastest one-step UPI payment solution in India.

The Razorpay Turbo UPI is targeted at businesses. It offers a 1-step UPI payment experience instead of the 5 steps on traditional solutions. This will allow customers to make UPI payments without getting redirected to a third-party UPI app during checkout. Google Pay To Support RuPay Credit Cards on UPI in India for Online and Offline Payments.

Currently, you have to switch from the online merchant app to a UPI app while making a payment. Then, you have to authorize the UPI app, choose the account, enter your UPI Pin, and wait to be redirected back to the online merchant app.

With Razorpay Turbo UPI, a pre-selected UPI account is already in the app. You will just need to enter the UPI Pin to authorize the transaction. The whole transaction will be complete without leaving the app.

The company claims that the new system will significantly increase the success rate of UPI payments for businesses by 10%. Additionally, it will offer insights into customer behaviour like drop-off patterns.

Razorpay claims that the new solution will be available on popular apps like Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, Dhan, and more. Paytm Money Launches Advanced Bonds Platform To Simplify Investments.

"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. 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 & MD, Razorpay.

"This new offering is in tandem with Razorpay’s 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, we believe we are enabling businesses to grow and thrive in a rapidly evolving digital landscape. 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’s UPI success story becoming a global benchmark today," he added.

(The above story first appeared on LatestLY on May 30, 2023 03:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).