- Cashfree Payments’ UPI Switch is a game-changer as it allows businesses to accept UPI payments at a very large scale of upto 12000 transactions per second without experiencing failures or customer issues even during days of sale or events like IPL
- It also allows merchants to access new UPI versions and features as they are launched along with better fraud prevention capabilities
- The UPI Switch enables seamless communication between core banking systems and NPCI’s UPI systems to streamline UPI transactions and is integral to deliver high success rates
Bengaluru, October 15, 2024: Cashfree Payments, India’s leading payments and API banking company announced that its UPI(Acquiring) Switch has received certification from the NPCI and has started processing transactions. The UPI Switch is a software that enables communication between core banking systems and NPCI’s UPI systems to process UPI transactions and is integral to deliver high success rates and reliable processing.
The UPI Switch from Cashfree Payments is a gamechanger as it can allow businesses to accept UPI payments at a very large scale of 12000 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 upto 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 of 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.
Commenting on the launch Akash Sinha, CEO & Co-founder, 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’ sharpest 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 by 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, it ensures businesses’ flexibility and efficiency in payment processing. The UPI Switch also enables quick adoption of new NPCI features, as they are launched.
As UPI evolves, this switch will be pivotal to drive faster innovation and cutting-edge solutions for businesses and customers.
Cashfree Payments is a leading RBI-licensed payment aggregator and a payment service provider in India processing transactions worth USD 80+ billion annually and is a trusted choice for over 6,00,000 businesses for digital payment solutions. Since receiving the PA license in December 2023, the company has onboarded thousands of large, medium and small scale merchants helping them seamlessly transact and grow. It recently became the first entity to receive the payment aggregator license for cross border payments. The company has been at the forefront of redefining the way businesses approach digital payments, verification and payouts through its wide range of tech-first offerings. Over the last few months it has introduced industry-first products like FlowWise, KYC Link, Risk Shield and more. Outside of India, Cashfree Payments is expanding its presence in the UAE region through its acquired partner, Telr.
