 "Razorpay co-founders Harshil Mathur (left) and Shashank Kumar")
Fintech major Razorpay on Friday made a series of product announcements, which include an upgraded payment gateway, a point-of-sale (PoS) device, a marketing stack, and an AI (artificial intelligence) assistant for payments and payrolls. The company also said that it recorded a total payment volume of $150 billion in 2023.
The company said its payment gateway (PG) 3.0 is anticipated to cater to over 600 million online shoppers in the next 10 years. Similarly, it announced the launch of a Dynamic Quick-Response (DQR) device, which supports QR-based payments and contactless tap card payments using near-field communication (NFC) technology.
The Bengaluru-based fintech firm marked its foray into the marketing and growth solutions space as it launched Engage; a full-stack marketing growth suite. The company said the product enables businesses to generate customer engagement by generating coupons, gift cards, among others.
A text and voice-based AI product called Ray will enable payments, payouts, payroll, vendor payments, among others. The company's AI assistant currently answers questions in English and Hindi, and Razorpay said it will further add regional languages as language models are developed.
“Today, we are also India’s first fintech to have developed an AI Assistant designed for e-commerce businesses, one that promises to resolve all things Payments, Payouts, Payroll, Vendor payments, and much more,” said Harshil Mathur, chief executive officer (CEO) and co-founder, Razorpay.
On the AI front, the company launched a chargeback protection program - FraudShield. The company promises to reimburse businesses for any amount accounted towards fraudulent chargebacks under the program.
“We are heavily leveraging the true power of AI in our products, right from chargeback protection to RTO (return to origin) fraud detection to DoclessAI integration that enables businesses to go live in just 10 minutes, Razorpay is all in for AI. With the launch of PG 3.0, we have built a new standard in digital payments and completely changed the way India thinks about commerce,” said Shashank Kumar, managing director and co-founder, Razorpay.
