UPI (Unified Payments Interface) is one of the payments players among other payment modes in India. UPI crossed the USD 1 trillion mark in transaction values for FY 2021-22 after the payments system crossed 5 billion transactions in a month for the first time in March 2022, according to the press release.
Within five years of the launch of UPI, today, over 50% of retail payments in India are routed through UPI, thanks to the new habit of accessing instant UPI payments set in by the pandemic, the rising adoption of smartphones, and due initiatives from the Government, as per the press release. This adoption indicates a need for a hassle-free payment process for end-users. The RazorpayX - Payments on WhatsApp partnership aims to provide that seamless cashback experience to end-users.
RazorpayX currently serves over 30,000 businesses and in 2021 has processed UPI transactions to over 20% of all UPI registered users in India, the company says. RazorpayX Payouts helps businesses to move money at scale across customers, vendors, suppliers, and partners via API-enabled banking.
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