HomeNewsRazorpay Introduces 'Turbo UPI': A 5x Faster UPI Payment Solution

Razorpay Introduces ‘Turbo UPI’: A 5x Faster UPI Payment Solution

In collaboration with the National Payments Corporation of India (NPCI) and Axis Bank, Razorpay has introduced ‘Turbo UPI,’ an innovative one-step UPI payment solution designed specifically for businesses, claiming it to be India’s fastest.

By enabling customers of online merchants to make UPI payments directly without redirection to a third-party UPI app, businesses can experience a notable 10% increase in the success rate of UPI payments, leading to a smoother checkout process.

Razorpay Turbo UPI offers end-users a streamlined 1-step UPI payment experience, significantly reducing the usual 5-step process and making the payment process 5X faster.

With Razorpay Turbo UPI, the cumbersome process of switching between the merchant app and UPI app, authorizing the UPI app, selecting the account, entering UPI Pin, and returning to the merchant app is eliminated. Instead, the app pre-selects a UPI account, requiring only the entry of the UPI Pin for transaction authorization within the app itself.

Furthermore, Razorpay’s Turbo UPI provides merchants with detailed insights into end-users’ drop-off patterns and grants them full control over the entire payment experience. Notably, popular apps such as Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan, among others, will soon integrate Turbo UPI for their customers, as announced by Razorpay.

“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 at Razorpay.

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