Since its launch in 2016, UPI has grown to become not just India’s favourite payment method, but the default payment option. It is evolving into a platform that powers various payment methods, such as credit cards, prepaid wallets, credit lines, and mandates. By 2030, 90% of all digital transactions are expected to be via UPI, with over 2 billion transactions daily. At this pace, we are heading into a future where UPI is not just a payment method but the default checkout! In order to enable this future, UPI needs powerful infrastructure capable of supporting its rapid growth demanded by the market.
The success of UPI transactions depends on the quality of infrastructure deployed at banks.
This infrastructure, also known as UPI switch, is responsible for driving seamless communication between banks and NPCI to process UPI payments. It holds the power to process transactions at scale and enable access to new UPI innovations for millions of businesses.
Most banks today are powered by legacy UPI infrastructure stacks built by Technology Service Providers (TSPs), impacting their scalability, latency, and availability to process UPI payments. It also affects TSPs’ ability to innovate faster and build customised features for specific business use cases. Banks are keen on onboarding modern technology partners who can innovate rapidly & prioritize solving customer & business-centric challenges. This shift marks a new dawn for businesses that are looking to improve customer experience by optimising their UPI payment stack.
It is with this vision in mind that Razorpay today is launching its UPI Switch. By combining the strength of its industry-leading tech stack with a cloud-first integration, Razorpay’s UPI Switch aims to power a next-gen UPI stack for businesses to harness the constantly evolving realm of UPI. Razorpay’s UPI Switch readies India for the future and provides a holistic infrastructure that solves all the above challenges and enhances the experience of businesses with its range of features.
What businesses stand to gain
Razorpay’s UPI Switch aims to address all the problems businesses face with legacy tech stacks
– Enable 5X faster access to UPI innovations for your customers
– Work with Razorpay to develop customised solutions for category-specific innovations, setting your business apart as a true innovator
– Experience a 4-5% boost in success rates as Razorpay’s UPI Switch reduces latency to under 100 milliseconds, facilitating uninterrupted, reliable payment services
– Scale up quickly to support high payment volumes during the festive season as Razorpay’s UPI Switch handles 10,000 transactions per second.
Razorpay offers same-day support, which is 7X faster than the industry standard. It also provides real-time updates, allowing businesses to transform the customer experience, improve retention rates, and reduce the cost of new customers. Get Early Access Now!
Commenting on their partnership with Razorpay, Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Banks, said “We’re thrilled to announce our collaboration with Razorpay, aimed at providing our customers with a seamless, secure, and scalable payment experience. Our integration with Razorpay’s UPI Switch, a cloud-based infrastructure for the most advanced UPI Stack, ensures 99.99% uptime and enables up to 10,000 transactions per second. As UPI transactions continue to surge, our collaboration sets a new standard for business payments, aligning perfectly with the vision of a digital India.”
Khilan Haria, Head of Payments Product at Razorpay, said “India has always been at the forefront of innovation in the digital payments ecosystem and its possibilities have compounded in the last few years, thanks to the versatility of UPI. As a result, the country has been able to set a global standard, emphasizing the need to continually raise the bar with each advancement. Razorpay’s UPI Switch is designed with a similar vision to provide scalability and best performance to businesses. This venture into UPI Infrastructure marks a strategic move to manage the end-to-end merchant experience and provide the industry’s leading stack. With latency below 100 milliseconds, a 4-5% increase in success rates, and features customized to suit business needs, our switch is crafted to enrich the payment experience and ensure that businesses can now manage the surge in UPI transactions on any sale or non-sale day.”
He added, “At Razorpay, innovation is at the core of everything we do. We are proud to be a driving force behind the transformation of India’s digital payments ecosystem and are committed to continuing to deliver innovative solutions that will change how businesses engage with their customers.”
With its UPI Switch, Razorpay brings merchants a comprehensive UPI experience that is unmatched in the industry. Razorpay’s UPI Switch, which is NPCI certified, will now power Turbo UPI and the TPAP solution offered by Razorpay. Razorpay’s foray into infrastructure aims to fuel the growth of UPI acceptance in the country and offer its contribution to a cashless India. Get Early Access Now!
