Razorpay introduces 2-minute instant refunds on failed UPI transactions

Full-stack fintech platform Razorpay on Monday launched an industry-first ‘instant refunds’ feature on failed unified payments interface i(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 5-6 business days, said the company.