- Razorpay will now let users make UPI payments with just one step.
- This new feature is called Turbo UPI and it will soon be available with select brands.
- It essentially cuts the process from five steps to just one step.
Razorpay has launched a new and faster UPI system called ‘Turbo UPI’ which is said to offer a 1-step payment experience, five times faster than normal UPI, as claimed by the company. The finance platform partnered with the National Payments Corporation of India (NPCI) and Axis Bank for the launch of Turbo UPI. This new payment system will essentially make it easier and faster for consumers to make UPI payments to online merchants.
Razorpay Turbo UPI
Razorpay Turbo UPI will let users make payments to online merchants directly and remove the process of redirecting to a third-party UPI app. This quick process is said to help increase the success rate of UPI payments by 10 percent. In addition to this, Turbo UPI gives merchants control over the payment experience by showing them insights of the end-users drop-off pattern.
Razorpay has collaborated with popular brands to enable Turbo UPI on their platforms. Some of the first merchants for Turbo UPI include Tata Starquik, Ixigo, FNP (Ferns N Petals), Trainman, and Dhan. So merchants will have to enable Turbo UPI to get the quick payment system.
How Razorpay Turbo UPI works
- At present, UPI payments have a long process where you have to first choose the payment method, then enter your UPI ID.
- You will then be redirected to your UPI payment app or website and enter your UPI PIN to complete the payment.
- With Turbo UPI, the whole five-step process will be shortened to just one.
- All you’ll have to do is select the Turbo UPI payment option from the list of payment modes, enter your UPI PIN and the payment will be completed.
- The initial process will require you to link your bank account to your UPI account so you can easily complete the payment when you use the feature.
Razorpay Turbo UPI is similar to Paytm UPI SDK that launched just last week. This feature too lets users make UPI payments directly without getting redirected to another page during checkout. Similar to Razorpay Turbo UPI, Paytm UPI SDK also lets you complete the payment by simply entering the UPI PIN from the merchant’s app itself.
