Razorpay has launched ‘Payment Gateway 3.0’, making it India’s only payment gateway that addresses the payment trip and the entire buyer journey. The fintech also debuted RAY, an Artificial Intelligence (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. This 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.
The fintech company has 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.
Harshil Mathur, CEO and Co-Founder, Razorpay, said, “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.”
The business also introduced a Point-of-Sale (PoS) device that accepts QR codes and contactless tap cards. The company claims that it is India’s first UPI-led enterprise-ready dynamic QR device, which will improve payment efficiency in large-format retail establishments.
Razorpay has reached an annualised Total Payment Volume (TPV) of $150 billion.
