Razorpay Revolutionizes UPI Retail with Instant Refunds - Continuously driving innovation in the Unified Payments Interface (UPI) landscape since 2017, Razorpay, India's premier Omnichannel Payments.
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.
In December last year, Razorpay POS announced it achieved a 60 per cent growth in FY23, contributing to nearly 10 per cent of the company's overall revenue. Razorpay New Update: Fintech Platform Launches Industry-First ‘Instant Refunds’ Feature on Failed UPI Transactions.