News

Phi Commerce Secures NPCI Certification for UPI Switch to Enhance Enterprise Payment Solutions

• ByStartupStory     |    November 22, 2024

Digital payments fintech Phi Commerce has received certification from the National Payments Corporation of India (NPCI) to offer UPI Switch, a critical solution designed to sustain high transaction volumes for enterprise customers.

The UPI Switch aims to streamline the onboarding process for enterprise customers, significantly reducing the turnaround time typically associated with bank-driven processes. This innovation enables enterprises to quickly offer a broad range of payment options to their customers, expediting the launch of new products and services.

Rajesh Londhe, co-founder and head of payments at Phi Commerce, emphasized the importance of the solution in achieving NPCI’s ambitious target of one billion transactions per day within the next three to five years. “UPI Switch distributes traffic across multiple servers, preventing system overloads and reducing processing times. During peak times, when people rush to make payments, UPI Switch helps by spreading the load across multiple servers. It’s like opening more checkout lanes at a grocery store during rush hour, making things move faster. This way, users experience quick, efficient transactions without delay,” Londhe said.

Key Features of UPI Switch

Phi Commerce’s UPI Switch offers an on-premises or cloud-based architecture, seamless integration capabilities, risk management tools, and 24/7 support and maintenance to ensure maximum uptime and reliability. The solution also integrates with NPCI’s latest features, such as UPI Auto Pay, recurring mandates, instant refunds, and credit card linkages.

Designed as part of a unified payment stack, the UPI Switch reduces operating costs for enterprise customers by cutting processing times, improving efficiency, and enhancing customer experiences.

Additionally, the solution incorporates real-time fraud monitoring algorithms to detect unusual or suspicious transactions, offering robust security for businesses and their customers.

Omnichannel Payment Solutions

Phi Commerce, a payment aggregator payment gateway (PAPG) license holder from the Reserve Bank of India, offers omnichannel payment solutions for enterprises worldwide. The platform supports payments across all consumer touchpoints, including browser, mobile, in-store, and remote channels, catering to both B2B and B2C requirements.

The UPI Switch’s sub-second response times and API-based integration capabilities enable connectivity with a variety of financial institutions and fintech platforms, positioning Phi Commerce as a leader in enterprise payment innovation.

Follow Startup Story