India's leading provider of digital payment solutions, Razorpay, has partnered with Airtel Payments Bank to build a UPI infrastructure called 'UPI Switch'. The new platform promises to improve transaction success rates and speed while resolving fundamental issues in the UPI payment system.
'UPI Switch' is a cloud-based invention that can process up to 10,000 transactions per second. This next-generation system is projected to give businesses five times faster access to UPI breakthroughs, increasing the scalability and performance of digital transactions.
Khilan Haria, Razorpay's Head of Payments Product, stressed the switch's capacity to optimize scalability and overall performance for businesses. It is designed to increase transaction success rates by 4-5% and includes features geared to fit a variety of corporate demands. The system also enables instant refunds and substantially speedier dispute settlement, enhancing the entire consumer experience. The UPI Switch is expected to fuel all future UPI breakthroughs at Razorpay, including solutions such as Turbo UPI and TPAP. By 2030, UPI is predicted to account for 90% of digital transactions, with up to 2 billion transactions each day.
