UPI applications are excited about the new innovation, which allows online retailers to add virtual payment addresses without a payments app. This allows for faster, more seamless payments without requiring third-party apps. Payment gateways Paytm, Razorpay, and Juspay have provided merchants with the SDK.
While the UPI applications are likely concerned about any possible threat to their hegemony on the mobile payments network, NPCI and online merchants are enthusiastic about the new innovation, which facilitates speedier payments.
Rahul Chari, co-founder and CTO of PhonePe, wrote in a blog post last month that adopting a new Unified Payments Interface (UPI) innovation would be difficult.
Online retailers can add a virtual payment address to receive payments without a payments app thanks to a product called UPI Plugin or merchant SDK (software development kit). This enables them to provide quicker, more seamless payments without requiring users to use a third-party app.
For instance, if a consumer uses the Swiggy app and chooses UPI payment, a notice prompt directs them to a UPI app like Google Pay or PhonePe. It returns the consumer to Swiggy where the order is fulfilled when the payment has been made. However, this extra step causes payment failures for a variety of reasons.
Due to the UPI Plugin, the payment may be made from within the Swiggy app rather than via a separate UPI app. With the goal of increasing success rates by up to 15%, payment gateway and processing companies Paytm, Razorpay, and Juspay have given their merchants the opportunity to use the SDK.
Conclusion:-
UPI applications are excited about the new Unified Payments Interface (UPI) innovation, which enables faster and more seamless payments without requiring third-party apps. Online retailers can add virtual payment addresses without a payments app using the UPI Plugin or merchant SDK. This allows for quicker, more seamless payments without requiring users to use a third-party app. However, this extra step can cause payment failures. Payment gateway and processing companies Paytm, Razorpay, and Juspay have given their merchants the opportunity to use the SDK, aiming to increase success rates by up to 15%.
