Transforming India’s Retail Payments! RAZORPAY Launches Country’s First UPI-Led QR Stack for Enterprises at FTX’24

Most of us have been there when we are at our favourite retail store, eagerly awaiting our turn at the checkout counter. As we inch closer to the cashier, we notice the familiar sight of card machines and cash registers, but something seems amiss. Despite the convenience of QR payments, organized stores still rely on traditional card machines, making the payment process slow and leaving customers and cashiers frustrated with long queues and cumbersome transactions.  Additionally, SQR (Static QR) devices require frequent servicing and cashiers need to do reconciliation manually, leading to leakages! 

Left to Right – Praveena Rai, COO NPCI & Byas Nambisan, CEO Razorpay POS

On the other hand, as a buyer, we can see so many QRs in small unorganised retail shops, and when we go to a large format retail store in our neighbourhood mall, we are expected to make payment on a traditional Cards-first PoS which gives a very inferior payment experience. The real reason is that most PoS devices in India are tailored for debit and credit card customers and QR traditionally has been built for unorganised retail today.

This disconnect underscores a critical challenge in organized retail: the need for seamless, user-friendly payment solutions. There is no denying that we all crave simplicity and speed, while retailers seek efficient queue management and versatile payment options to enhance the shopping experience.

Enter Razorpay, with an Industry-First Product! Transforming the way enterprises accept UPI payments

Keeping in mind the current needs of the customers, Razorpay introduced its latest innovation- India’s first UPI-Led QR Stack and card tap contactless payments device for Enterprises at the 5th edition of the flagship event, FTX’24. This all-in-one solution supports both QR-based and contactless tap card payments on a single device, priced affordably to drive digital payment adoption in larger retail spaces. The device enhances the payment experience with targeted offers, UPI payments, tap card transactions, and seamless EMI options, catering to diverse customer preferences.

Diving Deeper into Innovation

As we dive deep into the innovation brought by Razorpay, there are a host of benefits that come along to make user’s experience extremely easy and quick like:

• Buyers can make payments via their UPI app
• It supports credit cards and users can easily tap their card

• When connected to billing POS, it shows a QR with the right amount, the moment the bill is generated

• While the cashier is generating the bill, this device displays a rich screen that shows relevant and targeted offers
• And if you are buying a higher-value item that needs a PIN, you can dip your card and enter a PIN
• If you are buying something even more expensive and need an EMI, that too is available right away

Addressing Holistic Solutions

Razorpay’s innovation doesn’t stop there. Beyond hardware enhancements, Razorpay addresses the broader challenges of organized retail with a comprehensive suite of solutions. From affordability options like EMI payments and targeted offers to AI-powered 3-way reconciliation, remote diagnostics, and out-of-the-box digital bills that drive customer growth, Razorpay’s offerings are designed to streamline operations and enhance customer experiences. With features like queue-busting technology and a unified dashboard for retailers, Razorpay empowers businesses to thrive in the digital age.

Revolutionizing Retail Payments: How Razorpay is Bridging the Gap

In conclusion, Razorpay is revolutionizing the ways businesses transact and interact with money. By offering innovative solutions like QR-based payments and contactless tap card payments, Razorpay is driving the adoption of digital payments in organized retail. Their all-in-one device not only simplifies the payment process but its rock-solid UPI infrastructure ensures high success rates and no hanging payments at the point of transaction. It also aims to eliminate the risk of financial losses or theft, providing a hassle-free experience to the customers. As Razorpay continue to innovate and evolve, it remains committed to shaping the future of finance and enabling businesses to thrive in a digital-first world. With this, we hope that QR gets first-class citizen treatment in organised retail and you & I can open our favourite UPI app and make the payment via that at all places now!