Cashfree Payments unveils UPI Switch to boost payments for online businesses

By Gloria Mathias

Cashfree Payments has announced that its UPI (acquiring) Switch has received certification from the NPCI and has started processing transactions. The UPI Switch is software that enables communication between core banking systems and NPCI’s UPI systems to process UPI transactions. It is integral to delivering high success rates and reliable processing.

The UPI Switch from Cashfree Payments allows businesses to accept UPI payments at a very large scale of 12,000 transactions per second without experiencing payment failures or customer issues, even during days of peak traffic for events like Big Billion Days, IPL, etc.

In addition to reporting up to 5% higher success rates, the UPI Switch offers businesses much more control and visibility over UPI payment acceptance through faster onboarding, immediate access to new UPI features, instant refunds, easier payment retries for customers, better visibility of reasons for payment failures, better fraud prevention, control over the narration in the account statement, and quicker transaction completion. UPI Switch is built in partnership with NSDL as the sponsor bank.

Akash Sinha, CEO and Co-founder of Cashfree Payments said, “Our advanced UPI Switch significantly elevates Cashfree Payments’ payment processing value proposition. This solution transforms the UPI payment experience with faster onboarding, customizable account statements, improved payment retries, instant refunds, immediate access to new UPI features, and enhanced visibility of payment failure reasons. Positioned as a leader in India’s digital payments landscape, Cashfree Payments’ deep ecosystem understanding empowers businesses to thrive as India’s digital economy evolves.”

Built in-house by Cashfree Payments’ engineering talent, UPI Switch minimises businesses’ losses due to fraud by detecting patterns through trained machine learning models and rejecting risky transactions, particularly those involving QR codes.

The UPI Switch excels in error handling and reduces customer queries by more than 70% by showing accurate reasons for payment failure, making retries intuitive, supporting instant refunds, and proactively reversing invalid transactions, such as payments made to expired QR codes.

Supporting various UPI flows like UPI Credit, UPI PPI, UPI Collect, Intent (Push), Dynamic QR codes, UPI Auto Pay, and OTM (One-Time Mandate) on Payee PSP, the UPI Switch ensures businesses’ flexibility and efficiency in payment processing. It also enables quick adoption of new NPCI features as they are launched.