Razorpay POS Introduces Instant Refunds Within 2 Mins For Failed UPI Transactions
Razorpay launched Instant Refunds on UPI transactions by Razorpay POS. This solution will allow merchants to provide a more seamless in-store payment experience to their customers by providing instant refunds for failed UPI transactions within 2 minutes, resulting in faster checkouts.
Commenting on the industry-first solution, Byas Nambisan, CEO, Razorpay POS, said, “With the increasing preference towards providing omnichannel payment experiences, businesses must have access to the right solution that can make this happen, end-to-end. According to our data, 5-15% of UPI transactions see friction due to pending status and our merchants lose their business in 30-40% of the cases wherein the customer is not comfortable making a double payment via UPI or paying through any other method. It was therefore 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. This new offering reiterates our goal of simplifying money movement and demonstrates our innovation-first mindset as we continue to work towards shaping the future of payments.”
Using Razorpay POS device’s fully automated system, the refund process now takes a maximum of 2 minutes compared to the industry standard of 5 to 6 business days. The process involves a swift attempt within 3 seconds, concluding if successful. In case of failure, the system persistently attempts thrice, each attempt spaced 5 seconds apart, sparing a merchant’s manual efforts altogether.
