Razorpay stated that its ‘UPI Switch’ is designed to handle up to 10,000 transactions per second (TPS) at any given moment. The financial firm said that its ‘UPI Switch’ excels in dispute resolution, resolving disputes seven times faster, within 24 hours compared to the industry average of seven days. It further claimed that its switch service can execute refunds instantaneously, unlike the industry standard of up to three days.
Razorpay, a fintech unicorn, announced the introduction of its own United Payment Infrastructure (UPI) with ‘UPI Switch’ in collaboration with Airtel Payment Bank.
Razorpay also declared that their ‘UPI Switch’ is capable of processing nearly 10000 transactions per second (TPS) at any given moment; stated their statement.
The CEO speaking on behalf of the Fintech company went ahead to demonstrate how Razorpay UPI Switch functions. He stated that the availability of UPI infrastructure is crucial in determining the rate of the success of UPI transactions because they link the UPI technology to the core banking systems, which are processing transactions.
This is known as a UPI, or Unified Payments Interface switch, owned by the TSPs.
Razorpay claims they are capable to handle volumes involved with a business-like operations and also build new functionality of UPI through this infrastructure but at the same time, do not have complete flexibility to make it more personal to each business. Consequently, scalability issues, technical glitches, and dead times affect customers in general, limiting positive interaction with the services. In addition to this, legacy TSPs -whether their intention is or not– are struggling to follow the rules and regulations. This, clearly, restricts their scope of flexibility when it comes to creating innovative solutions and offer what is needed by current organizations as per modern requirements.
Speaking of the challenges above, our product, “UPI Switch,” comes to rescue for the future of India by providing a comprehensive infrastructure that solves these and also provides a value added set of features to improve business experience. It is the most effective in the dispute resolution area where situations are dealt with 7 times quicker than is supposed in the industry, that is, in 24 hours instead of 7 days, the chief maintains.
The business will give their switch service execution a priority over banking industry standards of maintaining a waiting time up to three days, so the client experience for customers is smooth. The company claims its comprehensive UPI Suite that includes the UPI Switch as a base digital infrastructure for the future and solutions such as Turbo UPI for today will serve as a cornerstone.
Khilan Haria, head of payments product at Razorpay, commented on the new launch, stating that Razorpay’s UPI Switch is created with the goal of providing businesses with scalability and optimal performance.
“This expansion into UPI Infrastructure is a strategic step to manage the entire merchant experience and deliver the industry’s leading stack. With latency below 100 milliseconds, a 4-5% boost in success rates, and features tailored to business demands, our move is designed to improve the payment experience and enable businesses to handle the rise in UPI transactions on any sale or non-sale day,” Haria stated.
It is worth noting that, as digital payments become more popular, the overall number of UPI transactions in the country increased by 55% in March this year to 13.44 billion, up from 8.7 billion in the same period previous year.
Razorpay, founded in 2014 by Shashank Kumar and Harshil Mathur, began UPI innovation in 2017, beginning with payment acceptance and the introduction of the UPI Autopay tool, among other things.
Last year, Razorpay also introduced ‘Turbo UPI’, a one-step payment solution for the UPI platform.
