Razorpay POS Introduces 2-minute Instant Refunds on Failed UPI Transactions
IANS 22 January 2024
Fin-tech platform Razorpay POS on Monday launched an industry-first 'instant refunds' feature on failed unified payments interface (UPI) transactions in the country.
The solution by Razorpay POS will provide instant refunds for failed UPI transactions within two minutes, as against the industry benchmark of five to six business days, said the company.
“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,” said Byas Nambisan, chief executive officer (CEO), Razorpay POS.
“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, Razorpay POS announced it achieved a 60% growth in FY22-23, contributing to nearly 10% of the company's overall revenue.
Investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested US$741.5mn (million) in Razorpay to date.
In 2023, UPI platform transactions exceeded the 100bn (billion) mark, reaching around 118bn, marking a 60% growth from the previous year's 74bn, as per the National Payments Corporation of India (NPCI).
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5 months ago
It's very surprising to me when I get a expired massage in pos machine.. but the same amount credited,nextday statement (not all thecase)
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