{"id":14720,"date":"2024-02-09T20:47:00","date_gmt":"2024-02-09T15:17:00","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=14720"},"modified":"2024-08-23T12:40:20","modified_gmt":"2024-08-23T07:10:20","slug":"upi-acquiring-switch-your-gateway-to-everything-upi","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/upi-acquiring-switch-your-gateway-to-everything-upi\/","title":{"rendered":"Building A Next-Gen UPI Stack with Razorpay UPI Switch"},"content":{"rendered":"

Since UPI was first launched in 2016, it has grown to become not just India\u2019s favourite payment method, but the default payment option. It is evolving into a platform that powers various payment methods, such as credit cards, prepaid wallets, credit lines, and mandates. In terms of volumes as well, UPI is projected to handle over 2 billion transactions daily by 2023, making up more than 90% of all digital payments in the country. At this pace, we are heading into a future where UPI is not just a payment method but the default checkout.<\/span><\/p>\n

Businesses aiming to stay ahead must leverage the continuous growth and evolution of UPI to deliver the best possible customer experience.\u00a0<\/span><\/p>\n

At the heart of the intricate UPI payment network<\/a> is the UPI Switch, acting as a neural network communicating with various components, such as banks and NPCI. It is the keystone that is capable of adding innovation layers, bearing the complex logic and processing payment volumes. In order to <\/span>support the rising volumes and<\/span> swiftly cope with the breadth of capabilities UPI continues to offer, businesses need a steadfast ally who can swiftly bring the latest UPI innovations to market.\u00a0<\/span><\/p>\n

Introducing Razorpay\u2019s UPI Switch<\/strong><\/h2>\n

It is with this vision for Indian businesses in mind that Razorpay has built a UPI Switch as the innovation partner for businesses. The Razorpay UPI Switch is designed to help businesses improve their payment processing speed, power scalable innovations and take new UPI features to market super-fast. By combining the strength of Razorpay’s industry-leading tech stack with a cloud-first integration, our UPI switch aims to become the gateway for businesses to enter the constantly evolving realm of UPI. <Now NPCI Certified><\/span><\/p>\n

The Need for Innovation\u00a0<\/strong><\/h3>\n

Despite its popularity as a payment method, businesses today face several challenges in the UPI ecosystem:<\/span><\/p>\n

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  1. New feature launches are delayed due to dependency on banks\u2019 legacy tech service providers. Currently, every new NPCI innovation takes 10-12 months before seeing a launch.\u00a0\u00a0<\/span><\/li>\n
  2. Current success rates are low, with new features such as Autopay only seeing figures of around 45-50% due to poor solution design by service providers. Unreliable infrastructure also leads to unscheduled downtimes leading to lower success rates.\u00a0<\/span><\/li>\n
  3. The On-Premise infrastructure dependency of the banks limits the timely scale-up needed by the UPI ecosystem. Any attempt towards this requires heavy investment from banks and is not instantaneous.\u00a0<\/span><\/li>\n<\/ol>\n

    Why businesses should choose Razorpay\u2019s UPI Switch\u00a0<\/strong><\/h2>\n

    Our \u2018Built for Innovation\u2019 stack addresses all the problems businesses face with legacy tech stacks.<\/span><\/p>\n