Fintech platform Razorpay has launched ‘Turbo UPI’, a one-step payment solution for the UPI network, just days after Paytm introduced its UPI SDK. With Turbo UPI, users can make payments without being redirected to a third-party app during checkout. Razorpay collaborated with the National Payments Corporation of India (NPCI) and Axis Bank to bring this service to market.
According to Razorpay, Turbo UPI will provide a faster payment experience by eliminating the need for redirection to other payment apps. The company also claims that businesses using the service could witness up to a 10% increase in the success rate of UPI payments on their platforms. Additionally, Turbo UPI offers detailed insights into user drop-off patterns and empowers merchants to control the entire payment experience from start to finish.
The service has already been integrated with popular apps and platforms such as Tata StarQuik, ixigo, Trainman, Ferns N Petals, and Dhan. Razorpay aims to address the reliance on third-party apps and improve visibility into customer drop-offs during the payment process, responding to the growing demand for UPI as the preferred digital payment method.
Shashank Kumar, Co-founder and Managing Director at Razorpay, explained that the one-step solution reduces non-technical errors that often lead to drop-offs, ultimately boosting UPI transactions and providing businesses with higher revenue potential.
The popularity of UPI transactions continues to grow, as evident from NPCI data, which reported a record high of 889.81 crore transactions in April 2023, a 2.45% increase compared to the previous month. NPCI has set an ambitious target of achieving 1 billion daily UPI transactions.
Fintech platforms in India are capitalizing on the potential of UPI payments, with CRED launching its UPI service last year and capturing a small share of the market. PhonePe, Google Pay, and Paytm dominated UPI transactions, accounting for nearly 97% of the total in April 2023.
As the UPI ecosystem evolves, companies like Razorpay are innovating to enhance the user experience and cater to the increasing demand for seamless digital payments. With Turbo UPI, Razorpay aims to empower businesses and contribute to the continued growth of UPI transactions in India.
