Razorpay and Airtel Payments Bank Team Up to Launch UPI Switch, Revolutionizing Digital Transactions

• ByStartupStory     |    April 23, 2024

Razorpay, a leading payment gateway, has joined forces with Airtel Payments Bank to introduce their groundbreaking UPI infrastructure, UPI Switch. This strategic partnership heralds a new era of seamless, secure, and efficient transactions, promising to redefine the standards of user experience in the digital payments realm.

Razorpay’s UPI Switch, a cloud-based solution, aims to significantly enhance transaction success rates on the Unified Payments Interface (UPI) platform by 4-5%, while handling an impressive volume of up to 10,000 transfers per second. With a steadfast focus on customer satisfaction, Razorpay’s UPI Switch boasts remarkable efficiency in dispute resolution, resolving issues at a remarkable pace of 7 times faster, within 24 hours, compared to the industry average of 7 days. Moreover, it sets a new benchmark by processing refunds instantaneously, ensuring a seamless and hassle-free experience for users.

“We’re thrilled to announce our partnership 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,” remarked Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank.

The UPI Switch platform serves as the central nerve system for routing and processing UPI transactions, functioning as a trusted switch to connect banks and Payment Service Providers (PSPs). Similar to the pivotal role played by VISA in card payments, Razorpay’s UPI Switch ensures that data flow between banks and payment apps is seamlessly routed to verified destinations, guaranteeing utmost reliability and security.

This pioneering initiative positions Razorpay at the forefront of innovation in the digital payments landscape, with UPI Switch poised to be the cornerstone platform driving future UPI advancements. From powering existing offerings like Turbo UPI and TPAP solutions to catalyzing forthcoming innovations, Razorpay’s UPI Switch stands as a testament to the company’s commitment to revolutionizing digital transactions.

With this launch, Razorpay enters a competitive arena, vying with notable players such as Network People Services Technologies Ltd and emerging startups like Tech Fini. Juspay also makes its mark in this space with its own UPI switch, Juspay HyperUPI, developed in collaboration with Yes Bank.

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