Financial solutions company Razorpay, on Tuesday, launched Unified Payments Interface (UPI) Switch, in partnership with Airtel Payments Bank to handle up to 10,000 transactions per second (TPS) at any given time.
The company said the solution is a UPI infrastructure and next-generation cloud-based innovation that is aimed to increase success rates by 4-5%, while also providing businesses with five times faster access to UPI innovations.
The UPI Switch functions like a neural network, interfacing with multiple components such as banks and NPCI. It is based on this vision for Indian enterprises, UPI Switch is designed to assist organizations in improving their payment processing speed, powering scalable innovations, and bringing new UPI features to market quickly.
UPI is accounting for 70% of digital transactions in the country, said the e-commerce provider and continued, with new payment methods such as credit cards, wallets, and credit lines added in January 2024, UPI transactions have reached a record ₹18.41 trillion.
UPI payments recorded over 12.2 billion transactions, highlighting its widespread adoption.
“Our integration with Razorpay’s UPI Switch ensures 99.99% uptime and enables up to 10,000+ transactions per second,” said Ganesh Ananthanarayanan, Operating Chief of Airtel Payments Bank.
Razorpay launched Turbo UPI, a business-oriented UPI payment service in 2023. Turbo UPI, developed in conjunction with the NPCI and Axis Bank, enables end users to complete their payments in-app, with no redirections or reliance on third-party UPI applications. Payments with Turbo UPI will be 5x faster, with a 10% success rate.
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