New Delhi, Aug 18 (SocialNews.XYZ) Fintech major Razorpay has launched an AI-powered payments foundation model -- Razorpay Vulcan -- built with NVIDIA and AWS technology aimed at making digital transactions more reliable, secure and predictable as India’s digital economy continues to expand, the company said on Tuesday.
The company described it as India’s first transformer-based AI foundation model built specifically for payments.
Developed using technology from NVIDIA and Amazon Web Services (AWS), the model is designed to address payment failures, fraud, transaction routing and checkout-related friction across India’s diverse digital payments ecosystem.
Razorpay said the model was developed after an internal study involving 1.5 million shoppers and more than 51,000 businesses, which found that payment-related friction affected consumers across both metropolitan and smaller markets.
In addition, early components of the model have already been deployed across around 3 trillion data points on its payments network to test routing, fraud and risk decisions on live transactions, according to the company.
It further noted that the technology has helped improve payment success rates by up to 10 per cent and detect and prevent eight times more international card fraud.
It has also identified five times more fraudulent or disputed transactions without increasing the number of alerts.
The company said 40 per cent more shoppers were able to see their preferred UPI application on its Magic Checkout platform, helping facilitate an additional 1-2 lakh purchases every month.
Razorpay CEO and Co-founder Harshil Mathur said the initiative was aimed at making digital payments more dependable for consumers who were still deciding whether to trust digital transactions over cash.
Pahal Patangia, Head of Global Industry Business Development and Payments, NVIDIA said that India’s rapidly evolving digital economy is creating an opportunity to make payments more intelligent, reliable, and secure.
"Razorpay is reimagining payments intelligence at India scale with an AI Foundation Model - built on Amazon SageMaker - that consolidates billions of transaction insights into a single, continuously learning intelligence layer, replacing fragmented ML models with unified AI that delivers higher payment success rates, rapid iteration, and enterprise-grade security for mission-critical payment flows," says Kiran Jagannath, Head of FSI and Conglomerates, AWS India and South Asia.
India’s payments ecosystem involves multiple payment modes, including UPI, cards, net banking, wallets and cash on delivery, with transactions routed through hundreds of banks and gateways. Razorpay said its model is designed to assess payment routes in real time and select the most suitable route before a transaction is attempted.
The new model would eventually be expanded to power payment decisions across authentication, routing, fraud detection and lending as India’s digital commerce market grows, the company said.
Source: IANS
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