Razorpay, a leading player in the fintech industry, revealed that it had reached an annualized Total Payment Volume (TPV) milestone of $150 billion. Alongside this achievement, the company introduced a range of innovative features, including an AI-powered chatbot. Furthermore, Razorpay rolled out 'Payment Gateway 3.0', distinguishing itself as India's sole payment gateway that addresses not only the payment process but the entire buyer journey.
At its event 'FTX 2024', the company stated that its checkout option, driven by its exclusive AI engine known as 'AI Nucleus', is poised to assist businesses in anticipating over a 30 percent increase in conversions. This enhancement is expected to result in elevated revenues for these businesses. “Today’s event marks yet another turning point in the Indian fintech industry as we transform age-old complexities in the money movement ecosystem of small and large businesses and deliver real-time intelligent payment and business banking solutions", said Harshil Mathur, CEO and Co-Founder of Razorpay.
According to the Finance Ministry’s recent monthly economic review, the digital person-to-merchant (P2M) payments sector in India is projected to maintain exponential growth, potentially reaching $4 trillion by 2030. By the same year, India is expected to emerge as the world's third-largest economy, boasting a GDP of $7 trillion. Additionally, India recorded more than 91 billion digital payment transactions in 2023, solidifying its position as the globe's fastest-growing fintech market.
The 'Digital India Stack' has evolved into a global standard for numerous countries, offering a competitive edge for expanding enterprises. Presently, India boasts over 27 million QR stickers and more than 10 million soundboxes. Additionally, Razorpay has introduced India's inaugural UPI-driven enterprise-ready dynamic QR (DQR) device, facilitating QR-based payments and contactless tap card transactions (NFC).
Expanding its reach into marketing and growth initiatives, the fintech company introduced 'Engage,' a comprehensive marketing growth suite. Additionally, Razorpay introduced 'RAY,' an AI assistant tailored for e-commerce enterprises aimed at handling various tasks such as payments, payouts, payroll, vendor payments, and more. “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.
Source : IANS