Bengaluru-based Fintech major Razorpay achieved an annualised total payment volume (TPV) of $150 billion and introduced new features like an AI chatbot and ‘Payment Gateway 3.0’. At the ‘FTX 2024’ event, CEO and Co-Founder Harshil Mathur highlighted the impact of these advancements on the Indian fintech industry. The company aims to simplify the money movement ecosystem for businesses and deliver intelligent payment and business banking solutions.
The digital P2M payments market in India is projected to reach $4 trillion by 2030. According to the Finance Ministry’s monthly economic review, India is poised to become the world’s third-largest economy with a GDP of $7 trillion by 2030. With over 91 billion digital payment transactions in 2023, India is the fastest-growing fintech market in the world. The ‘Digital India Stack’ is now a global benchmark for most countries, providing a competitive advantage for growing businesses.
Razorpay also introduced India’s first UPI-led enterprise-ready dynamic QR (DQR) device which supports QR-based payments and contactless tap card payments (NFC). Additionally, the company launched ‘Engage’, a full-stack marketing growth suite, and ‘RAY’, an AI assistant for e-commerce businesses that resolves all payment-related functions.
“We are heavily leveraging the true power of AI in our products, from chargeback protection to RTO fraud detection to ‘DoclessAI’ integration that enables businesses to go live in just 10 minutes,” said Shashank Kumar, MD and Co-founder, Razorpay.
The company’s proprietary AI engine called ‘AI Nucleus’ is expected to help businesses achieve more than 30 per cent higher conversions, leading to higher revenues. The tech advancements by Razorpay aim to address age-old complexities in the money movement ecosystem for small and large businesses. India’s fintech market is poised for exponential growth, and Razorpay’s innovations align with the evolving landscape of digital payments and technology in the country.
Razorpay’s introduction of new features and advancements in AI technology at ‘FTX 2024’ indicate a significant step forward for the company in providing intelligent payment solutions to businesses in India. With the fast-growing digital payments market in India, Razorpay’s innovations promise to revolutionize the fintech industry and drive efficiency and convenience for businesses and consumers alike.
