Razorpay, payment gateway service, launches Unified Payment Interface (UPI), for its 10,000+ merchants. The option will enable customers to make online payments via UPI in addition to netbanking, wallets and credit/debit cards.
This will be the first large scale rollout on the merchant side and does not require the addition of any code to start offering UPI payment options to their customers. All of Razorpay’s merchants will have access to receiving payments via UPI starting today. UPI is a unique payment solution built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication.
“In keeping with our robust technology, our systems will automatically update this option for our entire merchant base. Merchants need not worry about integrating extra lines of code to offer UPI. We’ve been in conversations with multiple stakeholders to vet our internal systems and have run successful pilots to ensure a seamless payment experience. Anyone with a mobile phone and a bank account will be able to benefit from UPI for transacting money online. This is a major change for online commerce as UPI will allow merchants reduce transaction costs and create a faster checkout experience”, said Harshil Mathur, CEO and Co-Founder of Razorpay.
The on-going technological innovation in the current Indian fintech ecosystem has disrupted the online payments landscape and is providing a smooth transactional experience to the end consumer. Sharad Sharma, Co-Founder, iSPIRIT, adds, “By being an early mover in offering UPI to merchants, Razorpay is helping bring frictionless commerce to India”.
Created by the National Payment Corporation of India (NPCI) with the support of the Reserve Bank of India and Indian Banks Association (IBA), financial experts believe UPI will boost the online payments industry and is a major step towards building a ‘cashless society’.
“The launch of UPI is set to increase online transactions and help users get comfortable with digital money. All our customers will now be able to transact via UPI, further simplifying payments. By providing a smooth transactional experience, a payment gateway like Razorpay will help increase the adoption of digital payments in India. We have no extra lines of code to be added or tweaked, making the process easy and simple for us and importantly, providing multiple options to our customers”, said Rajesh Sawhney, Co-founder at InnerChef & Founder of GSF Accelerator.
Razorpay is the second India focused company to be selected to the Y Combinator. Razorpay has been rapidly growing since its inception in 2014, with merchants like Videocon, Nykaa, Zerodha, NestAway, Udacity and Chai Point among others. Razorpay’s other investors include MasterCard, Tiger Global, and Matrix Partners.
The Indian payments market is expected to reach INR 8,172.7 billion by 2019, according to Ken Research. As the internet penetration increases in the country, Razorpay is working with banks, merchants, users and others to enable secured and safe online transactions across different platforms.