Indian Fintech Razorpay Launches AI-Powered Solution to Streamline Digital Payments

Razorpay introduces what it claims is India’s “first” AI-powered payments Infinity Router – Razorpay Optimizer.

Razorpay designed this solution “to help you make the smartest routing decisions when working with multiple payment gateways.”

Using the Razorpay solution, businesses can “set up their own rules to route transactions to different payment gateways.” This tool reportedly helps businesses “optimize payment processing costs and ensure higher success rates on transactions.” It eliminates payment failures “due to gateway downtime, or over-dependence on one single gateway.”

Khilan Haria, SVP & Head of Payments, Product at Razorpay said:

“As India’s digital payments ecosystem continues to soar, we’re thrilled for the next chapter in the country’s growth journey. Optimizer is born from our relentless payment innovation, leveraging insights from one billion+ transactions. Powered by AI and advanced Machine Learning, we’re not just meeting today’s needs; we’re creating a future-ready payment infrastructure for India that can handle a scale from 5000 transactions per second (TPS) to 10,000 TPS daily by 2024.”

He added:

“Yet again we redefine industry standards, optimizing success rates, eliminating downtime, and delivering seamless payment experiences. Our solution empowers businesses of all sizes for unhindered growth, dedicated to overcoming payment complexities and ensuring India remains at the forefront of digital payment innovation.”

As per the RBI Index, in India, digital payments “grew significantly at 13.24% in FY’23. At the same time Indian businesses lose around 30% revenue due to failed transactions.”

Once a transaction fails, the end-customer “abandons not just the product but the entire website.” Nearly 33% of failed transactions “are never re-attempted.”

In an ecosystem where digital payments are heavily relied on, businesses “need a more robust solution for their payments infrastructure that can operate at scale.” Taking advantage of the power of AI, Razorpay Optimizer is “a future-ready payment infrastructure that will help businesses in India handle transactions at a blazing 5000 TPS even during peak loads and and aims to scale to handle 10,000 Transactions Per Second (TPS) daily by 2024.”

This streamlined approach also makes it easier “to integrate new payment gateways and payment methods, relieving you of the burden of maintenance and coding.”

Optimizer gives you access “to over 15 Payment Aggregators and gateways on all payment methods, and provides support for over 160 international currencies.”

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