Razorpay POS, a fintech platform has recently launched an industry-first 'instant refunds' feature on failed unified payments interface (UPI) transactions in India. The solution by Razorpay POS will provide users with instant refunds for failed UPI transactions within two minutes, which is against the industry's benchmark of 5-6 business days.
Byas Nambisan, CEO, of Razorpay POS said, “According to our data, 5-15 per cent of UPI transactions see friction due to pending status and our merchants lose their business in 30-40 per cent of the cases wherein the customer is not comfortable making a double payment via UPI or paying through any other method."
“It was critical for us to nip this in the bud by -empowering our merchants to make these instant refunds happen, enhancing customer satisfaction, trust, and faster checkouts,” he added.
In December last year (20223), Razorpay POS announced that it achieved a 60 per cent growth in FY23, by contributing nearly 10 per cent of the company's overall revenue.
Investors such as Lone Pine Capital, Sequoia Capital India, Ribbit Capital, Alkeon Capital, TCV, GIC, Tiger Global, Y Combinator, MasterCard, Matrix Partners, and Salesforce Ventures which has invested USD 741.5 million in Razorpay to date.
In 2023, UPI platform transactions exceeded the 100 billion mark, reaching around 118 billion, marking a 60 per cent growth from the previous year's 74 billion, as per the National Payments Corporation of India (NPCI).
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Inputs from IANS
