- Razorpay and Airtel Payments Bank collaborate to launch UPI Switch for seamless transactions.
- UPI Switch aims to enhance success rates by 4-5% and handle up to 10,000 transactions per second.
- Features include accelerated dispute resolution and instant refunds for improved transaction experience.
Razorpay, a leading fintech unicorn, partners with Airtel Payments Bank to launch its own UPI infrastructure, called UPI Switch. This cloud-based product is designed to boost success rates by 4-5% and handle up to 10,000 transactions per second, catering to the rapid adoption of UPI as the preferred payment method in India. With UPI transactions reaching Rs 18.41 trillion in January 2024, the need for scalable and efficient payment infrastructure has become paramount.
The UPI Switch aims to enhance the transaction experience by offering features like accelerated dispute resolution and instant refunds, ensuring seamless communication between businesses and consumers. Khilan Haria, Head of Payments Product at Razorpay, highlights the switch’s scalability and performance, with latency below 100 milliseconds, catering to businesses’ evolving needs. Airtel Payments Bank’s Chief Operating Officer, Ganesh Ananthanarayanan, emphasizes the collaboration’s role in providing customers with a seamless and secure payment experience, aligning with the vision of a digital India. This partnership sets a new standard for business payments, paving the way for future UPI innovations.
