The solution by Razorpay POS will provide instant refunds for failed UPI transactions within two minutes, as against the industry benchmark of 5-6 business days, said the company.
These objectives are poised to accelerate UPI's global acceptance, allowing foreign merchants’ access to Indian customers who will no longer be restricted to foreign currency, credit cards, or forex cards for digital payments
India has emerged as one of the fastest-growing ecosystems for fintech innovation and the government and the central bank have been instrumental in driving the globalisation of India s digital payment infrastructure, , UPI Transaction, hospitals, Education Institutes