Razorpay POS announces instant refund for failed UPI transactions; here’s how it works

Omnichannel payments and banking platform Razorpay will now let merchants enable instant refund of failed UPI transactions of their customers on Razorpay POS within 2 minutes, the company announced on Monday. Using the POS device’s fully automated system, the refund process will take up to 2 minutes compared to the industry standard of 5 to 6 business days, the company said. The process involves an attempt within 3 seconds of the failed transaction. In case of failure, the system persistently attempts thrice, each attempt spaced 5 seconds apart.

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