IANS | 23 Apr, 2024
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.