Razorpay, a leading payment gateway, has announced the launch of its UPI infrastructure, UPI Switch, in collaboration with Airtel Payments Bank. This cloud-based solution aims to significantly improve transaction success rates on UPI while enhancing scalability and efficiency.
The UPI Switch is designed to boost transaction success rates by 4-5% and has the capability to handle up to 10,000 transfers every second. It offers several key advantages, including faster dispute resolution, with issues being resolved seven times faster than the industry average of seven days. Additionally, the UPI Switch enables instant refunds, ensuring a seamless customer experience compared to the industry standard of up to three days.
According to Razorpay, UPI Switch will serve as the foundational platform for driving future UPI innovations, powering existing offerings such as Turbo UPI and T PAP solutions. This infrastructure aims to revolutionize the UPI ecosystem, providing users with enhanced reliability and performance.
Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank, expressed excitement about the partnership with Razorpay, emphasizing the goal of delivering a seamless, secure, and scalable payment experience to customers. He highlighted the UPI Switch’s ability to ensure 99.99% uptime and handle up to 10,000 transactions per second, underscoring its reliability and efficiency.
UPI Switch acts as a central platform for routing and processing UPI transactions, functioning as a trusted switch to connect banks and Payment Service Providers (PSPs). Similar to VISA’s role in card payments, UPI Switch ensures that data flow between banks and payment apps is routed accurately and securely.
With the introduction of UPI Switch, Razorpay enters into competition with other players in the UPI infrastructure space, including listed companies and startups. However, with its focus on innovation, scalability, and efficiency, Razorpay aims to carve out a prominent position in this rapidly evolving landscape.
As digital transactions continue to proliferate in India, the introduction of UPI Switch marks a significant step towards enhancing the reliability, speed, and security of UPI transactions, ultimately benefiting consumers and businesses alike.
