News

Razorpay Collaborates with NBSL & Axis Bank to Launch 'Turbo UPI Plugin' on BHIM Vega Platform.

Banking & Finance | Dated: 12 Apr 2025

In April 2025, Bengaluru (Karnataka)-based fintech company Razorpay Software Private Limited collaborated with NPCI BHIM Services Limited (NBSL)—a wholly owned subsidiary of the National Payments Corporation of India (NPCI)—and Axis Bank Limited, headquartered in Mumbai (Maharashtra), to launch the ‘Razorpay Turbo Unified Payments Interface (UPI) Plugin’ on the Bharat Interface for Money (BHIM) Vega platform.

🎯 Key Highlights:

- With this launch, Razorpay became the first payment gateway to integrate the new in-app UPI solution, marking a significant milestone in enhancing digital payment experiences.
- The partnership is aimed at reducing friction in online transactions by minimizing payment drop-offs and improving transaction success rates. It streamlines the user experience and onboarding for businesses, offering a faster, seamless payment process.
- BHIM Vega is a next-generation UPI plugin developed by NBSL, built upon the existing BHIM infrastructure to enable smoother in-app payment experiences.

💡 Other Important Facts:

(i) The Razorpay Turbo UPI Plugin offers seamless in-app transactions by allowing users to complete payments without switching to third-party UPI applications. This feature reduces payment drop-offs and provides a smoother, more convenient user experience for customers making online transactions.
(ii) The plugin is designed with enhanced reliability by using smart routing through multiple banking partners. This ensures higher success rates for transactions, even during downtimes or technical issues with one of the banks, making the payment process more stable and dependable.
(iii) For businesses, the plugin simplifies onboarding and integration. It enables companies to adopt the solution quickly and go live faster, helping them streamline operations and deliver a better payment experience to their customers.

📚 Test Your Knowledge:

Recently, which fintech company collaborated with NBSL and Axis Bank to launch the 'Turbo UPI Plugin' on the BHIM Vega platform?

Correct Answer: Razorpay

🚀 Quick Recap:

About Axis Bank

CEO: Amitabh Chaudhry
Headquarter : Mumbai