Boosting the success rate to 4 to 5 percent, the company said it is designed to handle up to 10,000 transactions per second (TPS) at any time.
The company said that the UPI switch will enable 5 times faster access to UPI innovations for businesses.
“RazorPay's UPI Switch is designed with a consistent approach to provide businesses with scalability and best-in-class performance. This venture into UPI infrastructure is designed to manage an end-to-end merchant experience and provide an industry-leading stack of is a strategic move,” Khilan Hariya, head of payments products at Razorpay, said in a statement.
Explaining how the UPI switch works, the company said that the success of UP transactions has a strong dependency on the UPI infrastructure deployed in banks.
Banks connect to the existing UPI infrastructure to enable seamless communication between the core banking system and UPI technology while processing UPI transactions. This infrastructure is called UPI Switch and is operated by Technology Service Providers (TSPs) for banks.
Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “Our integration with Razorpay's UPI Switch, the cloud-based infrastructure for the most advanced UPI stack, ensures 99.99 percent uptime and enables over 10,000 transactions per second. Is."
In January, UPI transactions reached a record Rs 18.41 trillion, showing its rapid adoption. The company mentioned that with new payment methods like credit card wallets and lines of credit, UPI is expected to reach 2 billion transactions per day by 2030.
The company said that the UPI switch will enable 5 times faster access to UPI innovations for businesses.
“RazorPay's UPI Switch is designed with a consistent approach to provide businesses with scalability and best-in-class performance. This venture into UPI infrastructure is designed to manage an end-to-end merchant experience and provide an industry-leading stack of is a strategic move,” Khilan Hariya, head of payments products at Razorpay, said in a statement.
Explaining how the UPI switch works, the company said that the success of UP transactions has a strong dependency on the UPI infrastructure deployed in banks.
Banks connect to the existing UPI infrastructure to enable seamless communication between the core banking system and UPI technology while processing UPI transactions. This infrastructure is called UPI Switch and is operated by Technology Service Providers (TSPs) for banks.
Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “Our integration with Razorpay's UPI Switch, the cloud-based infrastructure for the most advanced UPI stack, ensures 99.99 percent uptime and enables over 10,000 transactions per second. Is."
In January, UPI transactions reached a record Rs 18.41 trillion, showing its rapid adoption. The company mentioned that with new payment methods like credit card wallets and lines of credit, UPI is expected to reach 2 billion transactions per day by 2030.
