RazorPay-Airtel Payment Bank UPI- Fintech business Razorpay introduced its own UPI infrastructure on Tuesday with the cloud-based invention 'UPI Switch' through a collaboration with Airtel Payments Bank, and said the solution is arranged to ensure smooth and quicker transactions. According to a statement, the service is made to handle up to 10,000 transactions per second (TPS) anytime, increasing the accomplishment rate to four to five percent.
"Today, Razorpay launches its own UPI infrastructure with UPI Switch, a next-generation cloud-based innovation, in partnership with Airtel Payments Bank," according to a release.
Khilan Hariya, head of payment products at Razorpay, said that India has always been at the forefront of innovation in the digital payments ecosystem and its potential has grown over the years with the versatility of UPI.
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"This 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 4-5 percent 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," Haria said.
Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank, said that the 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.
"As UPI transactions continue to surge, our collaboration sets a new standard for business payments, aligning perfectly with the vision of a digital India," Ananthanarayanan said.
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(With PTI's Input)