Razorpay unveils Payment Gateway 3.0 & DQR; introduces AI-Assistant ‘RAY’

By Gloria Mathias

Razorpay has launched a new standard for payments in the country, Payment Gateway 3.0, that solves the payment journey and the whole buyer journey. Powered by its proprietary AI engine, AI Nucleus, this reimagined checkout will help businesses expect higher conversions, translating to higher revenues.

Razorpay also launched India’s UPI-led Enterprise Ready Dynamic QR (DQR) Device, an all-in-one device that supports QR-based payments and contactless tap card payments (NFC).

Razorpay believes this will fundamentally change the way enterprises accept UPI payments and help drive huge UPI adoption in organised retail stores.

Similarly, leveraging the AI-Nucleus powerhouse along with the company’s commitment to offering convenience and efficiency for businesses, Razorpay launched RAY, India’s AI assistant for eCommerce businesses that will resolve all things payments, payouts, payroll, vendor payments, and much more.

Harshil Mathur, CEO & co-founder of Razorpay, said, “Razorpay’s growth is an index of India’s digital economy. From a Kirana shop in Kashmir collecting payments on our POS device to a textile exporter in Kanyakumari accepting dollars through our International Payments product, we have revolutionised how businesses have traditionally transacted and interacted with money. 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.”

Mathur added, “I’m excited to see our team launch a few crucial and fundamental, India and industry-first innovations, as these products will disrupt the Indian FinTech industry like never before. 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 payment, payout, payroll, vendor payments, and much more.”

Shashank Kumar, MD & Co-founder, Razorpay said, ‘’Innovation is at the front and centre of everything we do at Razorpay. Having built India’s only full-stack financial services platform over the years, we believe it is our responsibility to create an ecosystem where businesses are supercharged to, and in turn, transform the lives of their end-customers. The host of products and solutions we have launched today are a result of this mindset.”