Cashfree Payments, India’s largest payment and API banking firm, has launched the UPI (Acquiring) Switch which has been certified by the NPCI and is now processing transactions. The UPI Switch is software that allows core banking systems to communicate with NPCI’s UPI systems in order to process UPI transactions, and it is critical to achieving high success rates and dependable processing.
The UPI Switch from Cashfree Payments is an important milestone because it allows businesses to accept UPI payments at a high rate of 12000 transactions per second without encountering payment failures or customer concerns, especially on days of heavy traffic for events such as Big Billion Days and IPL. In addition to reporting up to 5% higher success rates, the UPI Switch provides businesses with significantly more control and visibility over UPI payment acceptance through faster onboarding, immediate access to new UPI features, instant refunds, easier payment retries for customers, better visibility of payment failure reasons, better fraud prevention, control over the narration in the account statement, and faster transaction completion. UPI Switch is developed in collaboration with NSDL, the sponsor bank.
Commenting on the launch Akash Sinha, CEO & Co-founder, Cashfree Payments said, “Our advanced UPI Switch significantly elevates Cashfree Payments’ payment processing value proposition. This solution transforms the UPI payment experience with faster onboarding, customizable account statements, improved payment retries, instant refunds, immediate access to new UPI features, and enhanced visibility of payment failure reasons. Positioned as a leader in India’s digital payments landscape, Cashfree Payments’ deep ecosystem understanding empowers businesses to thrive as India’s digital economy evolves.”
UPI Switch, developed in-house by Cashfree Payments‘ top engineering expertise, reduces business losses due to fraud by recognising trends using trained machine learning models and rejects dangerous transactions, notably those utilising QR codes.
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The UPI Switch excels in error handling and decreases customer queries by more than 70% by displaying correct reasons for payment failure, making retries straightforward, allowing for fast refunds, and proactively reversing invalid transactions, such as payments made to expired QR codes. It supports a variety of UPI flows on Payee PSP, including UPI Credit, UPI PPI, UPI Collect, Intent (Push), Dynamic QR codes, UPI Auto Pay, and OTM (One-Time Mandate), ensuring businesses’ flexibility and efficiency in payment processing. The UPI Switch also enables rapid adoption of new NPCI functionalities when they are released.
