Razorpay Turbo UPI
The Razorpay Turbo UPI will allow users to 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. Additionally, Turbo UPI gives merchants control over the checkout experience by showing insights into the dropout pattern of end users.
Razorpay has partnered with popular brands to enable Turbo UPI on their platforms. Some of the early traders 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 fast checkout system.
How does Razorpay Turbo UPI work?
- Currently, UPI payments have a lengthy process where you first have to choose a 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 entire five-step process will be shortened to just one step.
- All you have to do is select the Turbo UPI payment option from the list of payment methods, 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 that you can easily complete the payment when using this feature.
Razorpay Turbo UPI is similar to Paytm UPI SDK which was launched just last week. This feature also allows users to make direct UPI payments without being redirected to another page during checkout. Similar to the Razorpay Turbo UPI, the Paytm UPI SDK also allows you to complete a payment by simply entering your UPI PIN from the merchant app itself.
