Razorpay Hits $150 Billion TPV, Introduces AI Chatbot and Payment Gateway 3.0

By siliconindia  |  Friday, February 23, 2024

Razorpay Hits $150 Billion TPV, Introduces AI Chatbot and Payment Gateway 3.0
Razorpay, a leading fintech company, announced that it has achieved an annualized total payment volume (TPV) of $150 billion. The company introduced several new features, including an AI chatbot, and launched 'Payment Gateway 3.0', positioning itself as India's sole payment gateway addressing not only the payment journey but the entire buyer journey.
Driven by its proprietary AI engine, 'AI Nucleus,' the new checkout option is expected to boost conversions by more than 30%, leading to increased revenues for businesses. Razorpay's CEO and Co-Founder, Harshil Mathur, highlighted the transformative impact on the Indian fintech industry, simplifying complexities in money movement for businesses through real-time intelligent payment and business banking solutions.
The digital person-to-merchant (P2M) payments market in India is projected to grow significantly, potentially reaching $4 trillion by 2030. India, with over 91 billion digital payment transactions in 2023, stands as the fastest-growing fintech market globally. The country's 'Digital India Stack' has become a global benchmark, providing a competitive edge for businesses. Razorpay's initiatives include India's first UPI-led enterprise-ready dynamic QR (DQR) device supporting QR-based and contactless tap card payments (NFC).
Razorpay expanded its services with the introduction of 'Engage', a full-stack marketing growth suite, and 'RAY', an AI assistant for e-commerce businesses handling payments, payouts, payroll, vendor payments, and more. Leveraging the power of AI across products, Razorpay addresses challenges such as chargeback protection, RTO fraud detection, and 'DoclessAI' integration, enabling businesses to go live in just 10 minutes, according to Shashank Kumar, MD and Co-founder of Razorpay.

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