Razorpay surpasses $150 bn in TPV, unveils new payment gateway & AI chatbot

Bengaluru, Feb 23 (IANS) Fintech major Razorpay on Friday announced it has achieved an annualised total payment volume (TPV) of $150 billion, and unveiled several new features including an AI chatbot.

The company also launched ‘Payment Gateway 3.0’, making it India’s only payment gateway that solves not just the payment journey but the whole buyer journey.

Powered by its proprietary AI engine called ‘AI Nucleus’, the checkout option will help businesses expect more than 30 per cent higher conversions, translating to higher revenues, the company said at its event 'FTX 2024' here.

“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.

The digital P2M (person-to-merchant) payments market in India will continue to grow exponentially and is likely to reach $4 trillion by 2030.

As per the Finance Ministry’s latest monthly economic review, India is set to become the world’s third-largest economy with a GDP of $7 trillion by 2030.

With over 91 billion digital payment transactions in 2023, India is also the fastest-growing fintech market in the world.

The ‘Digital India Stack’ is now a global benchmark for most countries, providing a competitive advantage for growing businesses.

Today, India has over 27 million QR stickers and more than 10 million soundboxes.

Razorpay also announced India’s first UPI-led enterprise-ready dynamic QR (DQR) device which supports QR-based payments and contactless tap card payments (NFC).

The fittech company also forayed into marketing and growth territory by launching ‘Engage’ which is a full-stack marketing growth suite.

Razorpay also unveiled ‘RAY’ which is an AI assistant for e-commerce businesses that will resolve all things 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.