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Razorpay Unveils ‘UPI Switch’ with Airtel

UPI Switch will also enable 5 times faster access to UPI innovations for businesses…report Asian Lite News

Fintech major Razorpay on Tuesday launched its own Unified Payments Interface (UPI) infrastructure with ‘UPI Switch’ — a next-generation cloud-based innovation, in partnership with Airtel Payments Bank.

Boosting success rates by 4 to 5 per cent, the company said that it is designed to handle up to 10,000 transactions per second (TPS) at any given time.

UPI Switch will also enable 5 times faster access to UPI innovations for businesses, the company mentioned.

“Razorpay’s UPI Switch is designed with a similar vision to provide scalability and the best performance to businesses. This venture into UPI Infrastructure marks a strategic move to manage the end-to-end merchant experience and provide the industry’s leading stack,” Khilan Haria, Head of Payments Product at Razorpay, said in a statement.

Explaining how UPI Switch works, the company said that the success of UPI transactions has a strong dependency on the UPI infrastructure deployed at the banks.

Banks connect with the existing UPI infrastructure to enable seamless communication between core banking systems and UPI technology while processing a UPI transaction. This infrastructure is called a UPI switch and is powered by Technology Service Providers (TSPs) for banks.

“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,” said Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank.

In January, UPI transactions reached a record Rs 18.41 trillion, showcasing its rapid adoption. With the addition of new payment methods like credit cards, wallets, and credit lines, UPI is expected to reach 2 billion transactions per day by 2030, the company mentioned.

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Asia News Business

Razorpay launches first int’l payment gateway in Malaysia

Razorpay.(photo:Instagram)

The Razorpay release, citing unnamed reports, said digital trade in Malaysia today contributes to 22.6 per cent to it’s GDP and is expected to rise to 25.5 per cent by 2025…reports Asian Lite News

India’s home-grown fintech and payments solutions provider Razorpay has announced the launch of its first international payment gateway services in the Malaysian market with Curlec, the startup it acquired earlier.

In February 2022, Bengaluru-headquartered Razorpay which was established in 2014, announced its first international expansion into South-East Asia with the acquisition of a majority stake in Curlec. The new Curlec payment gateway by Razorpay aims to serve more than 5,000 businesses with a target of Malaysian Ringgit worth 10 billion in annualised Gross Transaction Value (GTV) by the year 2025.

India has emerged as one of the fastest-growing ecosystems for fintech innovation and the PM Modi-led government has been instrumental in driving the globalisation of India’s digital payment infrastructure. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only, but other countries, too, benefit from it.

Meanwhile, Razorpay in a release Wednesday said the firm has 10 million businesses in India, and added that with today’s launch it aims to bridge the gap between local and international payment gateways.

This launch, the company said, is expected to pave the way to further “penetrate into international waters and make its capabilities available in emerging markets”, besides strengthening the Digital India initiative back home.

Stating South-East Asia (SEA) as a digital payment powerhouse, Razorpay said Malaysia and its businesses have the potential to achieve a remarkable 150 per cent increase in economic activity, reaching USD 52.7 billion by 2030.

The Razorpay release, citing unnamed reports, said digital trade in Malaysia today contributes to 22.6 per cent to it’s GDP and is expected to rise to 25.5 per cent by 2025.

“We have always been aware that simplifying payments is a universal problem. We see great potential in SEA (South-East Asia), we recognise the power of payments in Malaysia and what it means for businesses of any kind and size. We firmly believe that our extensive experience in operating within the diverse and dynamic market of India has prepared us to tackle different challenges and solve payment problems on a global scale,” said Shashank Kumar, MD and Co-Founder, Razorpay India.

Zac Liew, Co-Founder and CEO of Curlec said, “We are very excited about bringing a first-of-its-kind offering for our Malaysian businesses. With the launch of our Payment Gateway, ‘Curlec by Razorpay’, we are now a full-stack payment solutions provider, combining the might of both worlds – world-class tech capabilities and an understanding of the local payment ecosystem. In the recent past, Curlec has enjoyed significant traction in insurance, lending, and savings, having tracked a 110 per cent increase in transaction volumes.

Curlec’s Co-Founder and CEO added it aims for about 10X growth in the next two years. (ANI)

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India News

Razorpay buys fintech startup PoshVine

Razorpay acquires PoshVine to foray into loyalty, rewards management market

PoshVine, which witnessed a three times growth in FY 2022, offers payments-linked loyalty and engagement solutions to banks, payment networks and businesses…reports Asian Lite News

Full-stack financial services company Razorpay on Tuesday said it has acquired fintech startup PoshVine to foray into the loyalty and rewards management sector. The company, however, did not disclose the acquisition amount.

PoshVine, which witnessed a three times growth in FY 2022, offers payments-linked loyalty and engagement solutions to banks, payment networks and businesses.

Since 2016, PoshVine has been offering its loyalty-as-a-service product to over 20 banks and networks such as SBI Card, HDFC Bank, IDFC FIRST Bank, AU Bank, DBS, Visa and Amex across India and SEA (South East Asia).

“With an increasing percentage of customer spends moving online, there is a massive opportunity to help banks and merchants engage with their customers across the lifecycle using payment-linked loyalty including rewards, offers, and redemption of loyalty points,” said Shashank Kumar, MD and Co-founder of Razorpay.

With over 7.68 crore credit card holders who spent about Rs 1,13,695 crore through online and PoS payments, there is a growing market for banks and merchants to focus on creating unique personalised purchase experiences for end-customers and increasing customers’ spends.

PoshVine marks Razorpay’s 7th acquisition to date. The entire PoshVine team will join Razorpay.

“While we have introduced significant innovations focused primarily on banks, we have a large opportunity to deepen our relationships with both banks and merchants and help them maximize their share of spends,” said Richik Nandi, Co-Founder and CEO of PoshVine.

Razorpay, that has over 8 million businesses on its platform, recently acquired Ezetap, a leading offline POS company, along with fintech startup IZealiant Technologies, among others.

It is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator.

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Business

Razorpay buys Ezetap

The Ezetap Team of around 300 employees will join Razorpay and work as an independent business unit…reports Asian Lite News

Fintech services platform Razorpay on Thursday announced it has acquired offline payments services provider Ezetap, becoming one of the few companies globally with a significant online and offline presence in payments.

According to sources, the deal size is around $150-200 million. This marks Razorpay’s sixth and biggest acquisition to date.

The Ezetap Team of around 300 employees will join Razorpay and work as an independent business unit.

“We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform,” said Harshil Mathur, CEO and Co-founder, Razorpay.

Ezetap provides software for financial technologies, including point of sales (POS) solutions, billing, loyalty solutions among others, enablingAbusinesses to accept payments in-store and on-delivery.

It currently serves over 500,000 touchpoints, including Amazon and BigBasket, and works closely with banks like SBI, HDFC, ICICI and Axis, among others, processing over $10 billion in annual transactions on its platform.

“We join Razorpay’s suite of products to collectively offer businesses the best-in-class omni-channel payments experience and are excited at the limitless possibilities that together both the companies are looking to explore in the omnichannel payment world,” said Byas Nambisan, CEO of Ezetap.

Prior to this, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch.

With a $80 billion total payment value (TPV) as of April, Razorpay is eyeing a 10-12 million merchant base by next year.

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