Razorpay has unveiled UPI Switch, a next-generation cloud-based innovation, in collaboration with Airtel Payments Bank. The solution increases success rates by four to five per cent, and can manage up to 10,000 Transactions Per Second (TPS) at any given moment, a statement from Razorpay notified.
It said that UPI Switch would also provide five times faster access to UPI technologies for enterprises.
Commenting on the launch, Khilan Haria, Head – Payments Product, Razorpay, said in the statement, “Razorpay’s venture into UPI Infrastructure marks a strategic move to manage the end-to-end merchant experience and provide the industry’s leading stack. With latency below 100 milliseconds, a four-to-five per cent increase in success rates, and features customised to suit business needs, our switch is crafted to enrich the payment experience and ensure that businesses can now manage the surge in UPI transactions on any sale or non-sale day.”
Further, according to the statement, Razorpay‘s UPI Switch prepares India for the future by providing a comprehensive infrastructure. It excels at dispute resolution, resolving disputes seven times faster, in 24 hours, versus the industry average of seven days. Furthermore, it can process refunds instantaneously, compared to the industry standard of up to three days, assuring a consistent consumer experience. Razorpay UPI Switch will serve as the underlying framework for all future UPI advancements, as well as supporting current Razorpay UPI breakthroughs like Turbo UPI and TPAP solutions.
Ganesh Ananthanarayanan, Chief Operating Officer (COO), Airtel Payments Bank, also said in the statement, “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 per cent uptime and enables up to 10,000+ transactions per second. As UPI transactions continue to surge, our collaboration sets a new standard for business payments, aligning perfectly with the vision of a digital India.”
