New Delhi: On January 22, Razorpay, a platform offering payments and banking services for businesses unveiled the introduction of immediate refunds for UPI transactions through Razorpay POS. As per Razorpay the new feature enables merchants to enhance the payment experience by offering swift refunds for unsuccessful UPI transactions within a span of 2 minutes.
According to the National Payments Corporation of India (NPCI), In India, UPI payments have quickly become the standard for accepting digital payments. In 2023 transactions on the UPI platform surpassed 100 billion marking a 60% increase from the previous year's 74 billion. (Also Read: Protect Your Aadhaar Biometrics: Learn How To Lock And Unlock Your Details)
A 2023 survey by NeoGrowth found that 53% of MSME retailers pointed out internet problems and unsuccessful transactions as significant factors discouraging them from using UPI transactions in their businesses. (Also Read: Zomato Suspends Delivery Of Non-Veg Items In North India Due To THIS Reason)
Byas Nambisan, CEO of Razorpay POS, commented on their industry-first solution, highlighting that 5-15% of UPI transactions face challenges with pending status. This can result in a loss of business for merchants as customers may not be comfortable making a double payment or using an alternative method.
The new offering aims to simplify money movement, showcasing their commitment to innovation and shaping the future of payments. In December of the previous year, Razorpay POS reported a 60% growth in the fiscal year 2023, making up almost 10% of the company's total revenue.
