Author: Subharthi Bayen
Date: May 30, 2023
Time: 4 pm
Last week, Indian fintech major Paytm introduced a new payment solution named UPI SDK.
It supports UPI payments through UPI Lite, as well as Rupay Credit Cards linked to the UPI account.
Razorpay has launched a similar product called Turbo UPI.
For this product, Razorpay has partnered with Axis Bank and the National Payments Council of India (NPCI).
Turbo UPI claims to make UPI payments faster and reduce potential payment failures.
The company will also allow merchants to integrate Turbo UPI at the payment gateway.
Customers can pay directly from their UPI-linked bank accounts within the merchant app.
Razorpay also claims that this product will also help businesses to achieve nearly a 10% increase in the success rate of UPI payments.