At Razorpay, we’re constantly exploring ways to make the payments ecosystem more accessible, inclusive, and expansive. With this mission in mind, we approach the fifth edition of the Global Fintech Fest (GFF) to rethink and redefine the payments landscape, not just for today, but for the future.
Today at the GFF, we’re excited to introduce a suite of new products and feature enhancements that make money movement easier for you. At the heart of these innovations is the modernization of the very infrastructure that powers online payments and banking systems. We’ve also reimagined the offline payment experience with our advanced POS capabilities, bringing the same level of convenience and sophistication found in online payments to the offline world. Our comprehensive suite of product offerings designed to help you with all aspects of money movement is powered by our advanced AI, ensuring a seamless and razor-sharp customer experience, every time, for all your customers.
This blog will take you through the key launches and feature enhancements unveiled at the fifth edition of Global Fintech Fest.
For All Things Growth and the Highest Success Rates
We know how much success rates matter and we’re here to ensure they rise! This year, we’ve launched a lineup of game-changing innovations, that’s making it easier than ever for you to keep shaking up the industry with your groundbreaking ideas.
India’s First Biometric Authentication with Mastercard
We have combined top-tier security with seamless convenience to redefine the checkout experience with India’s first Biometric Authentication in partnership with Mastercard. This OTP-less system, powered by advanced passkey protocols, eliminates the need for memory-dependent authentication.
With a 4% boost in transaction success rates and a 35% reduction in OTP-related errors, this innovation allows customers to complete transactions effortlessly, benefiting merchants with higher conversion rates.
Industry-First Push Provisioning for Enhanced Card Tokenization
We’ve launched Push Provisioning, a groundbreaking tool designed to boost customer acquisition and conversion rates by enabling merchants to tokenize cards right at the point of issuance. As the industry’s first to introduce this innovation, Razorpay’s Push Tokenization drives card activations by up to 40% and delivers a 5% increase in conversion rates.
This feature enhances card adoption through rewards and loyalty programs, allowing cardholders to securely store their card details with their favorite brands. By making your card the top choice for customers, Razorpay’s Push Provisioning helps businesses dominate the wallet and accelerate growth.
Earn Big & Save Big with Razorpay TokenHQ
We’ve gone live with Razorpay TokenHQ, a state-of-the-art tokenization engine crafted specifically for issuers. This advanced solution empowers issuers to retain 100% of ON-US volumes and streamline transaction governance while ensuring full RBI compliance and robust security through cutting-edge encryption protocols.
Razorpay TokenHQ centralizes all tokenization processes, allowing issuers to manage payments in-house, avoiding the need for network integration, and minimizing technical overheads. With TokenHQ, businesses can achieve substantial cost savings, potentially up to Rs 30+ Crore annually, and enjoy a 4-6% increase in success rates.
Prioritizing Risk Management and Fraud Prevention with Razorpay’s FRM Suite
At Razorpay, tackling fraud and managing financial risk are top priorities. Razorpay’s Financial Risk Management Suite ensures that merchants can enhance their risk management processes without disrupting their current operations. This comprehensive solution leverages AI-driven, real-time fraud prediction to swiftly identify and address potential threats with minimal latency. The suite is powered by machine learning models analyzing over 100 data points, offering customizable risk rules and advanced device fingerprinting for superior security. Additionally, it features built-in case management for Fraud Risk Management (FRM) teams, streamlining investigation and response efforts.
Razorpay UPI 360: India’s Most Powerful UPI Stack is here
Razorpay UPI 360 enhances the efficiency and reliability of UPI infrastructure with its cutting-edge, on-cloud technology. The UPI Switch component ensures seamless operations with zero UPI downtimes, delivers less than 100 ms latency, and handles up to 10,000 transactions per second. Instant refund processing further boosts operational efficiency. In partnership with Airtel Payments Bank, Razorpay’s vision of “Made for India, Made for Innovation” is brought to life through this advanced infrastructure.
UPI Switch
The UPI Switch component of Razorpay UPI 360 powers partner banks’ infrastructure to innovate with agility and deliver an uninterrupted UPI experience.
TPAP Pro
Razorpay’s TPAP Pro supports the next generation of UPI apps with its on-cloud hosted model and 99.99% availability, serving as a multi-bank powerhouse. As a go-to-market partner, TPAP Pro ensures seamless integration and optimal performance for UPI apps.
Turbo UPI
Razorpay’s Turbo UPI Plugin Platform revolutionizes the UPI experience by offering seamless, one-step in-app payments, eliminating the need for intermediary apps like PhonePe or GPay. This platform boosts success rates by 10%, provides end-to-end control over customer data, and allows for effortless upgrades to new features. Additionally, it enables 3x faster device binding through Silent Auth, ensuring a smooth and efficient payment process.
UPI Contextual Payments
The UPI Contextual Payments feature empowers businesses by leveraging customer data to offer dynamic incentives and flexible payment options. This leads to faster checkouts with instant EMI conversion and hyper-personalized offers, significantly enhancing the customer experience and facilitating smoother transactions.
Reimagining Offline Payments with Endless POSsibilities
Why should online have all the fun? We’re bringing the same smooth, feature-packed experience of online payments to the offline world. No matter how your customers choose to pay, we’re making sure they have a seamless experience every time.
Power up offline payments with Razorpay A1
Prepare your business for the future with Razorpay A1, an all-in-one QR-centric device designed to make UPI payments even better. As QR codes gain popularity over traditional credit cards, Razorpay A1 is equipped to handle various payment preferences seamlessly. This device supports high transaction volumes and provides a versatile payment solution tailored to meet the evolving needs of modern Indian consumers. By adopting Razorpay A1, businesses can stay ahead of payment trends and offer a convenient, future-ready payment experience.
Here’s more exciting stuff about Razorpay A1!
Now every IOS device is a POS machine with DigiPOS
With Razorpay DigiPOS, we’ve reimagined what a POS device is. India’s first in-store payments app that transforms any IOS device into a POS terminal.
The app seamlessly integrates with the Apple ecosystem, offering a user-friendly interface that Apple users will find familiar. DigiPOS simplifies payment processing, shortens queue times, and empowers staff to handle transactions with ease. By adopting Razorpay DigiPOS, businesses can deliver a smooth, efficient payment experience that aligns with the intuitive design of Apple products.
Turn up the volume on customer satisfaction with Bharat Soundbox
The Bharat Soundbox is a proudly ‘Make in India’ device that provides merchants with immediate audio confirmation for every transaction and features an LED strip for visual status updates. Designed to streamline in-store payments, it simplifies transaction confirmations and enhances customer satisfaction.
Read more about Bharat Soundbox here
Everything online, now available offline with Razorpay EMI²
Razorpay’s EMI² offers a comprehensive range of payment options, featuring connections to over 20 banks, 10 NBFCs, and 45+ brand EMI choices, covering more than 90% of mobile phone brands. This POS innovation brings the convenience of online payment solutions to the offline world, enabling merchants to enhance Average Order Value (AOV), boost conversion rates, and increase store footfall. By offering flexible EMI solutions, businesses can attract customers seeking affordable purchasing options, driving higher sales and fostering customer loyalty.
Boost in-store buzz with exclusive offers via Razorpay Super QR!
Razorpay Super QR is a cutting-edge solution that brings online-style offers directly to your physical store. This tool enables merchants to implement exclusive discount offers on UPI payments, identify optimal card and EMI options, and provide no-cost EMI directly through UPI apps. By integrating Super QR, businesses can boost in-store conversions, attract price-sensitive customers, and match the appeal of online promotions, driving more sales and enhancing customer engagement in-store.
Giving you the AI edge with R.A.Y. for all things money movement
R.A.Y. (Razorpay Assistant for You) is our revolutionary AI-powered concierge designed to transform your business operations. Now featuring Native Language Onboarding, R.A.Y. offers personalized support in your preferred language, complete with voice recognition and natural conversation capabilities. This ensures that language is no longer a barrier, making it easier for both new and experienced users to navigate Razorpay’s services.
As your 24/7 on-demand assistant, R.A.Y. enhances productivity by monitoring trends, providing proactive interventions, and delivering tailored recommendations around the clock. With AI-driven automation, you can onboard in seconds and manage transactions effortlessly. From setting up recurring payments to generating payment links or enabling offers, R.A.Y. simplifies everything with just one click. Available on WhatsApp and Razorpay, R.A.Y. is your ultimate business companion, streamlining operations and enhancing discoverability with its advanced features.
To Sum Up
As we continue to push the boundaries of what’s possible in the payments landscape, Razorpay remains committed to making the ecosystem more inclusive, efficient, and future-ready. The innovations unveiled at the Global Fintech Fest reflect our dedication to this mission—whether it’s reimagining offline payments with advanced POS capabilities, introducing AI-driven tools like R.A.Y., or pioneering industry-first solutions like Push Provisioning and Biometric Authentication. Each of these developments is a step toward redefining the way businesses and consumers interact with payments, ensuring that the infrastructure not only meets the needs of today but is also prepared for the challenges and opportunities of tomorrow.
