Payment gateway Razorpay has launched its own UPI infrastructure, UPI Switch, in collaboration with Airtel Payments Bank.
The cloud-based solution aims to boost transaction success rates on UPI by 4-5% and handle up to 10,000 transfers every second.
“It excels in dispute resolution, resolving issues 7X faster, within 24 hours than the industry average of 7 days. Moreover, it can process refunds instantly compared to the industry standard of up to 3 days, ensuring a seamless customer experience,” Razorpay said in a statement.
Razorpay’s UPI Switch will be the foundational platform that will drive all future UPI innovations along with powering current offerings such as Turbo UPI, and TPAP solutions, it said.
“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,” Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank, said.
UPI Switch serves as the central platform for routing and processing UPI transactions. It acts as a trusted switch to connect banks and Payment Service Providers (PSPs), similar to the role played by VISA in the case of card payments. It ensures that data flow between banks and payment apps is routed to the correct and verified destinations.
The payments gateway provider now competes with several large and small companies in this space such as listed company Network People Services Technologies Ltd, and startups such as Mumbai-based infrastructure provider Tech Fini. Juspay also has its own UPI switch in the form of Juspay HyperUPI made in partnership with Yes Bank.
Edited by Affirunisa Kankudti
