Razorpay Software set to integrate UPI for its merchants
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New Delhi: After the pilot launch of the unified payment interface (UPI) on its portal last week, Razorpay Software Pvt. Ltd, an online payment gateway for merchants, is set to integrate the facility for all its merchants from next week.
“We are seeing close to around 100 transactions a day attempted on UPI now. There has been a positive response during the pilot period and now from next week we plan to roll out this facility for all our over 10,000 merchants,” said Harshil Mathur, chief executive officer and co-founder, Razorpay.
The option will enable customers to make online payments via UPI in addition to net banking, wallets and credit/debit cards.
Zoho, Innerchef, Rentomojo, Zefo, Hasgeek, Freshtohome are a few of the most prominent merchants that have already integrated with Razorpay for UPI.
Some of the other over 10,000 merchants that will go live for UPI next week include Videocon, Chai Point, Papa John’s, Roadrunnr, Knowlarity and Licious.
“UPI as a payment instrument is much simpler than anything like cards and wallets. It links directly to your bank accounts. For merchants there is a lot of drive to enable it because it is cheaper and much faster as money is transferred instantly,” added Mathur.
UPI is a unique payment solution built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication.
Created by the National Payment Corporation of India (NPCI) with the support of the Reserve Bank of India and Indian Banks Association (IBA), financial experts believe UPI will boost the online payments industry and is a major step towards building a ‘cashless society’.