Razorpay, a significant fintech company, has reached an annualised Total Payment Volume (TPV) of $150 billion. The company also unveiled many new features, including an AI chatbot.
The company also introduced ‘Payment Gateway 3.0’, making it India’s only payment gateway that addresses the payment trip and the entire buyer journey.
Razorpay also joined the list of firms using Artificial Intelligence (AI) to improve their offerings. The company debuted RAY, an AI chatbot for payments and payroll management.
RAY is a generative AI-powered payroll administration assistant meant to provide e-commerce enterprises with seamless payment management solutions via voice and text commands. Razorpay says that the new system would handle all aspects of payments, payouts, payroll, vendor payments, and much more.
RAY now reacts to English and Hindi, but will soon be available in other regional languages as language models are constructed around them.
The fintech company also introduced two new AI-powered products: Razorpay FraudShield and AI-Powered RTO (Return To Origin) Suite. The products are intended to prevent chargebacks while protecting organisations against potential fraud and RTOs.
“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 business also introduced a point-of-sale device that accepts QR codes and contactless tap cards. Razorpay claims that it is India’s first UPI-led enterprise-ready dynamic QR device, which will improve payment efficiency in large-format retail establishments.
