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Razorpay launches Optimizer, an AI-powered infinity router

Wednesday 11 October 2023 10:01 CET | News

Razorpay has launched a payment infrastructure called Optimizer, an AI-powered system to protect businesses from annual losses of over USD 841 million due to transaction failures.

With this new launch, Razorpay designed an AI-powered payments infinity router to help businesses in India make informed routing decisions when working with multiple payment gateways. 

 
The press release highlights that by using this solution, businesses are able to set up their own rules to route transactions to different payment gateways. This can help businesses optimise payment processing costs and ensure higher success rates on transactions. The main aim of Razorpay is to help eliminate payment failures due to gateway downtime, or over-dependence on one single gateway. 

Razorpay has launched a payment infrastructure called Optimizer, an AI-powered system to protect businesses from annual losses of over USD 841 million due to transaction failures.

Optimizer is designed for infinite transactions, infinite routing, and infinite scalability to empower businesses as they scale.  
  
As per the RBI Index in India, digital payments grew significantly at 13.24% in FY23. At the same time, Indian businesses lose around 30% of revenue due to failed transactions. Once a transaction fails, the end customer abandons the product as well as the entire website. Nearly 33% of failed transactions are never re-attempted. Razorpay further highlights that in a time where digital payments are heavily relied on, businesses require a more reliable solution for their payment infrastructure. By leveraging the capabilities of AI, Razorpay Optimizer is a future-ready payment infrastructure that seeks to help businesses in India handle transactions, even during peak loads.  
 
This streamlined approach also makes it possible to integrate new payment gateways and payment methods, enabling businesses to minimise the hassle of maintenance and coding. Optimizer gives access to over 15 payment aggregators and gateways on all payment methods and provides support for over 160 international currencies. 
 

How does Razorpay Optimizer help businesses? 

  • Increases transaction success rates by 10%: with a solid AI/ML algorithm, Optimizer assess over 600 million data points to make one routing decision and pushes transactions to maximum success. 

  • Reduces operational costs by 30%: users can take advantage of the cost-based payment routing logic to save more while routing to the payment gateway of their choice.  

  • Improves customer conversion by 30%: by minimising failed transactions, businesses can achieve high success rates by ensuring a simplified and consistent checkout experience for all their customers.  

  • Reduces compliance cost by 40%: maximise savings with reduced costs related to compliance and regulations, as Optimizer is 100% compliant right out of the box. 

More about Razorpay 

With its omnichannel payments ecosystem, Razorpay aims to enable businesses to adopt hybrid approaches to reach their customers. Recently, the fintech has been expanding its operations through partnerships and additional solution launches. 
 
In September 2023, Razorpay announced the acquisition of BillMe, a digital invoicing and customer engagement startup. Through this collaboration, Razorpay would merge its omnichannel payments ecosystem with BillMe’s digital Sale Bill, a multi-dimensional tool that offers benefits to both customers and merchants. The companies want to enable a platform that will allow merchants to have an interactive channel for ongoing engagement, feedback, and understanding of the customer. 
 
Razorpay also partnered with Truecaller to provide an improved online checkout experience for the latter’s customers. As of the announcement, clients would benefit from a fast, secure, and efficient online checkout experience by using the 1-Tap, OTP-Less Verification solution. 

Source: Link


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Keywords: artificial intelligence, transactions , online payments, digital payments, payment gateway
Categories: Payments & Commerce
Companies: Razorpay
Countries: India
This article is part of category

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Razorpay

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