How Turbo UPI is different from regular UPI
Turbo UPI claims to make UPI payments faster and reduce potential payment failures. The company will also allow merchants to integrate Turbo UPI at the payment gateway. This will eliminate the need for customers to go to third-party UPI payment apps and they can pay directly from their UPI-linked bank accounts within the merchant app. Razorpay also claims that this product will also help businesses to achieve nearly a 10% increase in the success rate of UPI payments. Turbo UPI also promises a 2-step UPI payment experience for end-users. This also claims to make the payment experience 5X faster.
Early adopters of Turbo UPI
Turbo UPI is still in the pilot stage. However, some popular apps including Tata StarQuik, Ixigo, FNP (Ferns N Petals), Trainman and Dhan are among the multiple companies that are soon going to enable this product on their platforms.
Importance of platform-specific UPI payment solutions
Using third-party apps like Google Pay or PhonePe can make the payment process inconvenient due to the additional steps involved. At times, customers can also miss payments if messages or notifications for the payment prompt get delayed.
This is why major digital merchants prefer to build their own UPI payment solutions. For example, Amazon has Amazon Pay UPI, while Zomato recently launched Zomato UPI. Reports suggest that Walmart-owned Flipkart is also planning to start its own UPI payments solution.
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