Cashfree Payments launched its UPI (Acquiring) Switch, a powerful tool certified by the National Payments Corporation of India (NPCI) that is now actively processing transactions. The UPI Switch is an advanced software solution that enables core banking systems to connect with NPCI’s UPI systems, ensuring efficient and reliable processing of UPI transactions. This technology is crucial in delivering high success rates, particularly during high-traffic events like Big Billion Days and IPL.
Akash Sinha, CEO and CO-Founder, Cashfree Payments, said, “This advanced UPI Switch redefines the payment experience for businesses by enabling faster onboarding, better payment retries, instant refunds, and greater transparency in transaction failures. As a leader in India’s digital payments space, Cashfree Payments is committed to empowering businesses to thrive as the digital economy continues to grow.”
The UPI Switch from Cashfree Payments supports transaction speeds of up to 12,000 transactions per second, offering businesses a significant advantage by minimising payment failures and customer concerns. Early reports indicate that the UPI Switch provides up to a 5 per cent higher success rate compared to existing solutions, along with enhanced control and visibility over payment acceptance. Key benefits include faster onboarding, instant refunds, easier payment retries, detailed insights into payment failure reasons, fraud prevention, customisable account statements and quicker transaction completions.
Developed in collaboration with National Securities Depository Limited (NSDL) as the sponsor bank, Cashfree Payments’ UPI Switch is backed by robust machine learning models designed to detect and reject fraudulent transactions, particularly those involving QR codes. Its ability to handle errors effectively has reduced customer queries by over 70 per cent, simplifying retries and offering faster refunds. The system also reverses invalid transactions, such as payments made to expired QR codes, further enhancing the customer experience.
Supporting a wide range of UPI flows—such as UPI Credit, UPI Collect, Dynamic QR codes, UPI AutoPay and One-Time Mandates (OTM)—the UPI Switch ensures flexibility and efficiency in payment processing. Additionally, the UPI Switch enables businesses to quickly adopt new NPCI functionalities as they become available, future-proofing their payment capabilities.
