Razorpay POS offers industry-first ‘instant reimbursements’ within two minutes for failed UPI transactions in India, reducing friction and enhancing customer satisfaction. The 60% FY23 growth solution is popular with investors.
Indian banking platform Razorpay POS promised industry-first ‘instant reimbursements’ for failed UPI transactions. The industry takes 5-6 business days to refund rejected UPI transactions, whereas Razorpay POS does it in two minutes.
Byas Nambisan, CEO of Razorpay POS “According to our data, 5-15% of UPI transactions see friction due to pending status, and our merchants lose business in 30-40% of cases where customers are uncomfortable making a double UPI payment or paying through another method.”
“We needed to empower merchants to make instant refunds to improve customer satisfaction, trust, and checkout times,” he stated.
Over 10% of Razorpay’s income came from POS, which grew 60% in FY23.
Razorpay received USD 741.5 million from Lone Pine Capital, Sequoia Capital India, Ribbit Capital, Alkeon Capital, TCV, GIC, Tiger Global, Y Combinator, MasterCard, Matrix Partners, and Salesforce Ventures.
The National Payments Corporation of India reported 118 billion UPI platform transactions in 2023, up 60% from 74 billion in 2022.
Conclusion
Razorpay POS, an Indian banking platform, guarantees ‘instant refunds’ for unsuccessful UPI transactions. The solution refunds in two minutes, versus 5-6 business days for the industry. It improves customer satisfaction, trust, and checkout speed. Razorpay POS increased 60% in FY23 with investments from Lone Pine Capital, Sequoia Capital India, Ribbit Capital, Alkeon Capital, TCV, GIC, Tiger Global, Y Combinator, MasterCard, Matrix Partners, and Salesforce Ventures.Razorpay POS offers industry-first ‘instant reimbursements’ within two minutes for failed UPI transactions in India, reducing friction and enhancing customer satisfaction. The 60% FY23 growth solution is popular with investors.
Indian banking platform Razorpay POS promised industry-first ‘instant reimbursements’ for unsuccessful UPI transactions. The industry takes 5-6 business days to refund rejected UPI transactions, whereas Razorpay POS does it in two minutes.
Byas Nambisan, CEO of Razorpay POS “According to our data, 5-15% of UPI transactions see friction due to pending status, and our merchants lose business in 30-40% of cases where customers are uncomfortable making a double UPI payment or paying through another method.”
“We needed to empower merchants to make instant refunds to improve customer satisfaction, trust, and checkout times,” he stated.
Over 10% of Razorpay’s income came from POS, which grew 60% in FY23.
Razorpay received USD 741.5 million from Lone Pine Capital, Sequoia Capital India, Ribbit Capital, Alkeon Capital, TCV, GIC, Tiger Global, Y Combinator, MasterCard, Matrix Partners, and Salesforce Ventures.
The National Payments Corporation of India reported 118 billion UPI platform transactions in 2023, up 60% from 74 billion in 2022.
Conclusion
Razorpay POS, an Indian banking platform, guarantees ‘instant refunds’ for failed UPI transactions. The solution refunds in two minutes, versus 5-6 business days for the industry. It improves customer satisfaction, trust, and checkout speed. Razorpay POS increased 60% in FY23 with investments from Lone Pine Capital, Sequoia Capital India, Ribbit Capital, Alkeon Capital, TCV, GIC, Tiger Global, Y Combinator, MasterCard, Matrix Partners, and Salesforce Ventures.
