Gain command over AI, Quantum Computing tech to spur India in innovation: Rajnath Singh
He said this while addressing the inaugural session of the Indian National Academy of Engineering’s Annual Convention at IIT Delhi.
Full-stack fintech platform Razorpay on Tuesday launched a payment infrastructure — ‘Optimizer’, an AI-powered payments routing system, that will protect businesses from annual losses of over 7,000 crore due to transaction failures.
This platform is also designed to handle over 5,000 online transactions per second (TPS) at any point in time.
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“Powered by AI and advanced Machine Learning, we’re not just meeting today’s needs; we’re creating a future-ready payment infrastructure for India that can handle a scale from 5,000 TPS to 10,000 TPS daily by 2024,” Khilan Haria, SVP & Head of Payments, Product at Razorpay said in a statement.
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The platform is integrated with over 100 payment integrations across Payment Aggregators, Payment Gateways, UPI, Banks, and other payment methods, ensuring that businesses have a unified, comprehensive view of payments, refunds, and settlements.
When a business accepts payments on its website or app using multiple payment gateways, Razorpay Optimizer utilises over two million data points across 300 parameters from past payment transactions to determine the optimal Payment Gateway (PG) for each transaction in real-time, ensuring a higher rate of successful online transactions.
By using real-time data, Optimizer helps reduce the number of failed transactions caused due to server downtime or service degradation amongst any PG and improves the transaction success rate, the company explained.
As mentioned by the company, Indian businesses currently lose around 30 per cent of revenue due to failed transactions. Once a transaction fails, the end customer abandons not just the product but the entire website. Nearly 33 per cent of failed transactions are never re-attempted.
To address these challenges, Razorpay Optimizer has been built on the concept of ‘limitless possibilities’, empowering businesses to make better payment routing decisions and ensure consistently high transaction success rates.
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