Razorpay, an omnichannel payments and banking platform for businesses, on Monday, January 22, announced the launch of instant refunds on UPI transactions by Razorpay POS. This development will allow merchants to provide a more seamless payment experience by providing instant refunds for failed UPI transactions within 2 minutes, Razorpay said.
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UPI payments have rapidly emerged as the norm for digital payment acceptance in India.
In 2023, UPI platform transactions exceeded the 100 billion-mark, marking 60% growth from the previous year's 74 billion, as reported by the National Payments Corporation of India (NPCI).
A survey conducted by NeoGrowth in 2023 revealed that 53% of MSME retailers identified internet issues and failed transactions as major demotivators for utilising UPI transactions in their businesses.
Commenting on the industry-first solution, Byas Nambisan, CEO, Razorpay POS, said, “According to our data, 5-15% of UPI transactions see friction due to pending status and our merchants lose their business in 30-40% of the cases wherein the customer is not comfortable making a double payment via UPI or paying through any other method. This new offering reiterates our goal of simplifying money movement and demonstrates our innovation-first mindset as we continue to work towards shaping the future of payments.”
(Edited by : Anshul)
First Published: Jan 22, 2024 5:11 PM IST
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