Latest news with #Payment
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Business Standard
a day ago
- Business
- Business Standard
RazorpayX puts artificial intelligence in CFO's corner before market debut
Razorpay is positioning its business banking platform as an artificial intelligence (AI)-powered assistant to chief financial officers (CFOs). The move comes as India's financial technology giant, valued at $7.5 billion, prepares for a public offering within 18 months and seeks to stand out in the neobanking market. RazorpayX now handles 5 per cent of all digital money transfers, or Immediate Payment Service, in India and processes $30 billion in annualised transaction volume while growing 85 per cent year-over-year. The platform automates financial tasks from cash flow forecasting to payroll reconciliation, making it Razorpay's fastest-growing division and a cornerstone of its initial public offering (IPO) strategy. 'I don't think we're saying — even to an extent — that we're replacing a human CFO. The idea is to assist a human CFO,' said Harshil Mathur, chief executive officer and cofounder of Razorpay. 'Your CFO's office doesn't need that many people. And we can give interesting, actionable insights to CFOs and financial decision-makers without having a large team.' Its AI-powered payroll system, built via Opfin, automates end-to-end processing and compliance while detecting errors and predicting risks in real time. Machine learning models now drive smart reconciliation, matching invoices with transactions, spotting mismatches or duplicates, and slashing manual effort by over 80 per cent. The company recently launched an AI-driven Know Your Payslip feature, where employees can ask questions about their payroll calculations, tax deductions, and salary components through a chatbot. 'We now have Smart AI-powered Cash Flow Forecasting, which is based on your income and expenses in your bank account. We can project cash flows in advance and give you financial decision flow,' said Mathur. More than 50,000 customers — including large firms such as Swiggy, Meesho, Cred, Upstox, and Bharti AXA Life Insurance — have adopted RazorpayX to streamline financial operations. Mathur said, 70 per cent of India's unicorns use RazorpayX for smarter and faster financial operations. The company processes 1.7 million salary disbursements every month, making it one of the largest payroll players in the country. One of the customers is gaming platform Zupee, which uses an AI-powered routing engine to deliver reward payouts to millions of users within seconds, maintaining a success rate of over 99.8 per cent. Razorpay recently launched the RazorpayX corporate credit card in partnership with Mastercard, RBL Bank, and Yes Bank, offering up to ₹2 crore credit to firms. IPO strategy Mathur said that RazorpayX is becoming a higher-growth engine for the firm, moving even faster than its payments platform. An 85 per cent growth rate allows the company to grow faster as an organisation rather than just as a single entity. 'And I think from that perspective, heading into an IPO, we feel this adds a lot of value to our overall story — not just as a payments company, but as a full-stack financial services firm,' said Mathur. Mathur said that two years ago, 90 per cent of the company's revenue came from payments. That figure has since dropped to 75 per cent, with RazorpayX and other services now contributing 25 per cent. He expects the split to shift further to 70:30 within the next 12-18 months. The revenue of Razorpay, founded by Indian Institute of Technology Roorkee graduates Harshil Mathur and Shashank Kumar in 2014, increased 9 per cent to ₹2,501 crore in 2023-24, from ₹2,293 crore a year ago. Its net profit rose fivefold to ₹34 crore during the same period. The firm has an annualised total payment volume of $180 billion. It is eyeing $1 billion in revenue by 2030. The reduced funding environment has actually benefited RazorpayX's growth. Mathur said that if there's too much funding available in the ecosystem, nobody really cares about optimisation. 'The last couple of years taught us that funding hasn't gone away, but it's available for the most optimised and prudent companies,' he explained. Razorpay competes with players like Stripe, PayPal, PayU, and Paytm. With the expansion of RazorpayX, the company is also entering territory traditionally dominated by established banks with long-standing regulatory ties and infrastructure. 'In India, I don't think anyone else is even close to what we are doing. We are clear market leaders in the payouts and disbursal category, and now we are adding an AI layer on top of it,' said Mathur. He said the company has a 150-member data team focused on leveraging RazorpayX's data to generate deeper, business-specific insights as part of its AI-driven initiatives. Global expansion Mathur views regulatory changes from the Reserve Bank of India (RBI) as largely positive. 'My belief is that what the RBI has been doing — or the regulator— is drawing the rules more clearly in terms of how different players can operate, and mostly it has been fairly positive,' he said. RBI's recent move to open up cross-border payments under the 'payment aggregators — cross-border' framework allows firms like Razorpay to facilitate both import and export transactions, expanding their role in global payments. Razorpay is positioning itself for its next phase of growth by expanding globally. A key focus area is the firm's push into cross-border payments, an extension of its existing RazorpayX platform. 'One of the areas we're going deeper into now is global payouts — cross-border flows, enabling cross-border disbursements and acceptance as well,' Mathur said.
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Business Standard
a day ago
- Business
- Business Standard
Razorpay focuses on AI-powered banking tools ahead of planned IPO
Razorpay is positioning its business banking platform as an AI-powered assistant to chief financial officers. The move comes as India's fintech giant, valued at $7.5 billion, prepares for a public offering within 18 months and seeks to stand out in the neobanking market. RazorpayX now handles 5 per cent of all digital money transfers or Immediate Payment Service (IMPS) in India and processes $30 billion in annualised transaction volume, growing 85 per cent year-over-year. The platform automates financial tasks from cash flow forecasting to payroll reconciliation, making it Razorpay's fastest-growing division and a cornerstone of its IPO strategy. 'I don't think we're saying — even to an extent — that we're replacing a human CFO. The idea is to assist a human CFO,' said Harshil Mathur, chief executive officer and co-founder of Razorpay. 'Your CFO office doesn't need that many people. And we can give interesting, actionable insights to CFOs and financial decision-makers without having a large team.' Its AI-powered payroll system, built via Opfin, automates end-to-end processing and compliance, while detecting errors and predicting risks in real time. Machine learning models now drive smart reconciliation, matching invoices with transactions, spotting mismatches or duplicates, and slashing manual effort by over 80 per cent. The company recently launched an AI-driven 'Know Your Payslip' feature, where employees can ask questions about their payroll calculations, tax deductions, and salary components through a chatbot. 'We now have 'Smart AI-powered Cash Flow Forecasting', which is based on your income and expenses in your bank account. We can project cash flows in advance and give you financial decision flow,' said Mathur. More than 50,000 customers — including large firms such as Swiggy, Meesho, Cred, Upstox, and Bharti AXA Life Insurance — have adopted RazorpayX to streamline financial operations. Today, Mathur said 70 per cent of India's unicorns use RazorpayX for smarter and faster financial operations. The company processes 1.7 million salary disbursements every month, making it one of the largest payroll players in the country. One of the customers is gaming platform Zupee, which uses an AI-powered routing engine to deliver reward payouts to millions of users within seconds, maintaining a success rate of over 99.8 per cent. Razorpay recently launched the RazorpayX corporate credit card in partnership with Mastercard, RBL Bank, and Yes Bank, offering up to ₹2 crore credit to firms. IPO Strategy Mathur said that RazorpayX is becoming a higher growth engine for the firm that's moving even faster than its payments platform. An 85 per cent growth rate allows the company to have a much faster growth rate as an organisation rather than just a single entity. 'And I think from that perspective, heading into an IPO, we feel this adds a lot of value to our overall story as not just being a payments company, but a full-stack financial services firm,' said Mathur. Mathur said that two years ago, 90 per cent of the company's revenue came from payments. That figure has since dropped to 75 per cent, with RazorpayX and other services now contributing 25 per cent. He expects the split to shift further to 70:30 within the next 12 to 18 months. The revenue of Razorpay, founded by IIT-Roorkee graduates Harshil Mathur and Shashank Kumar in 2014, increased 9 per cent to ₹2,501 crore in the 2023-24 financial year, from ₹2,293 crore a year ago. Its net profit rose fivefold to ₹34 crore during the same period. The firm has an annualised total payment volume (TPV) of $180 billion. It is eyeing $1 billion in revenue by 2030. The reduced funding environment has actually benefited RazorpayX's growth. Mathur said that if there's too much funding available in the ecosystem, nobody really cares about optimisation. 'The last couple of years taught us that funding hasn't gone away—but it's available for the most optimised and prudent companies,' he explained. Razorpay competes with players like Stripe, PayPal, PayU, and Paytm. With the expansion of RazorpayX, the company is also entering territory traditionally dominated by established banks with long-standing regulatory ties and infrastructure. 'In India, I don't think anyone else is even close to what we are doing. We are clear market leaders in the payouts and disbursal category, and now we are adding an AI layer on top of it,' said Mathur. He said the company has a 150-member data team focused on leveraging RazorpayX's data to generate deeper, business-specific insights as part of its AI-driven initiatives. Global Expansion Mathur views regulatory changes from the Reserve Bank of India (RBI) as largely positive. "My belief is that what the RBI has been doing — or the regulator — is drawing the rules more clearly in terms of how different players can operate, and mostly it has been fairly positive," he said. RBI's recent move to open up cross-border payments under the 'payment aggregators cross-border' framework allows firms like Razorpay to facilitate both import and export transactions, expanding their role in global payments.
Mint
6 days ago
- Business
- Mint
IRCTC share price edges higher after THIS nod from RBI. More upside possible
IRCTC share price gained over 2% on Wednesday after the PSU railway ticketing company announced the receipt of an RBI authorization for its subsidiary. The PSU railway stock rose as much as 2.43% to ₹ 743.60 apiece on the BSE. Indian Railway Catering and Tourism Corporation (IRCTC) said that the Reserve Bank of India (RBI) has granted 'In-Principle' authorization to its subsidiary IRCTC Payments to operate as an Online Payment Aggregator. '...this is to inform that Reserve Bank of India (RBI), vide its letter dated August 04, 2025 (received via email dated August 05, 2025), has granted 'In-Principle' authorization to IRCTC Payments Limited, a Wholly Owned Subsidiary of IRCTC, to operate as an Online Payment Aggregator under the Payment and Settlement Systems Act, 2007,' IRCTC said in a regulatory filing on August 5. The RBI approval will allow IRCTC Payments to facilitate online transactions between customers and merchants. It will allow IRCTC Payments to pool the funds received from customers and transfer them to merchants after a certain time period. IRCTC Payments was established in 2024 with the strategic goal of diversifying IRCTC's revenue streams and entering the fintech arena. IRCTC share price has been trading in a defined range of ₹ 820 – 706 for the last 13 weeks, forming what appears to be a solid base-building structure, said Anshul Jain, Head of Research at Lakshmishree Investments. 'This kind of consolidation often acts as a launch pad for a larger move, especially when it follows a prior trend. While range-bound traders may find opportunities near the lower end of the band, the real momentum will likely emerge only after a decisive breakout above ₹ 820. A sustained move above this level could attract strong buying interest and lead to a significant uptrend in the sessions ahead,' said Jain. IRCTC share price has fallen 7% in one month and has eased 1% in three months. On a year-to-date (YTD) basis, the PSU railway stock has fallen 8%, while it has declined 21% in one year. However, IRCTC share price has delivered multibagger returns of 173% in five years. At 11:20 AM, IRCTC share price was trading 0.16% higher at ₹ 727.10 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mid East Info
29-07-2025
- Business
- Mid East Info
NBO Empowers Businesses in Oman with Seamless Merchant Payment Solutions - Middle East Business News and Information
28 July 2025, Muscat: The National Bank of Oman (NBO) continues to support business owners through an integrated suite of merchant payment services designed to simplify payment acceptance, processing, and enhance customer convenience. The Bank offers a full spectrum of merchant payment solutions, including Point of Sale (POS) terminals, an E-Commerce Payment Gateway and Merchant QR Codes. These services cater to a wide range of businesses, applicable to all registered and licensed entities such as home and microbusinesses, retail stores, corporate entities, small and medium-sized entities (SMEs) and government entities Commenting on this, Dr Ali Al Shekaili, Assistant General Manager – Head of Digital and E-Channels at NBO, said, 'As Oman's economy becomes increasingly digital, we believe it is essential to equip every business with the means to thrive. Our merchant payment solutions reflect this belief by helping businesses accept payments securely while staying competitive, connected and ready for what comes next.' The POS terminals support local and international card schemes including Visa, MasterCard, American Express, UnionPay, Discover and Diners Club. The features include POS system integration with electronic cash registers, kiosks, and vending machines. In addition, it supports converting transactions to Easy Payment Plans, paying in local currency with Dynamic Currency Conversion, paying using rewards points and real-time data synchronisation as sales data from the POS is automatically reflected in the enterprise resource planning (ERP) system, ensuring accurate inventory levels, financial records and reporting. The E-Commerce Payment Gateway supports 3D secure online payments and offers a secure and seamless checkout experience. The solution offers link payments, recurring payments, and batch payments options, as well as smart routing of transactions through a single application programming interface. E–commerce payment gateways are compatible with ERP systems, websites and mobile apps. The Merchant QR code allows customers to scan, pay and complete transactions instantly. This solution is particularly well-suited for home and microbusinesses. No terminal is required, and merchants can simply use the Merchant Static QR provided by the bank to complete transactions, providing a contactless, easy-to-use alternative to traditional payment methods.
Time of India
28-07-2025
- Politics
- Time of India
Bihar SIR: Supreme Court asks EC to reconsider Aadhaar and election ID; no interim stay on draft voter roll publication
Representative Image NEW DELHI: The Supreme Court once again asked the Election Commission to consider the Aadhaar card and the electoral photo identity card as admissible documents to prove the identity of voters during the Special Intensive Revision (SIR) of electoral polls, which is under way in Bihar. The Election Commission launched the Special Intensive Revision (SIR) in Bihar on June 24. According to the ECI, there are 11 documents that a person needed for voter roll update and they are: Any identity card/Pension Payment Order issued to a regular employee/pensioner, any identity card/certificate/document issued in India prior to July 1, 1987, birth certificate, passport, matriculation/educational certificate, permanent residence certificate, OBC/SC/ST or any caste certificate, national register of citizens, family Register, any land/house allotment certificate by the government. The bench indicated its preliminary agreement with the Supreme Court's order, noting the Election Commission's acknowledgment in its counter affidavit regarding the acceptance of Aadhaar, voter cards and ration cards, PTI reported. The court observed that whilst ration cards might be susceptible to forgery, Aadhaar and voter cards possessed inherent authenticity and should continue to be accepted as valid documentation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Senior Living Homes in Ban Ban Me May Surprise You Senior Living | Search Ads Undo A division bench comprising Justices Surya Kant and Joymalya Bagchi announced that the final hearing schedule would be determined on July 29. The NGO's representative, senior advocate Gopal Sankaranarayanan, requested a temporary halt on finalising electoral rolls and publishing draft rolls. The court noted that since petitioners had not previously sought interim relief, it could not be granted now. The matter would be conclusively interpreted at the hearing. According to the EC, the SIR saw over 7.24 crore of Bihar's 7.89 crore electors participate, a turnout rate of nearly 92%. However, multiple affidavits and field reports challenge this figure, suggesting enumeration forms were uploaded en masse by BLOs without voter consent. ADR and other petitioners claimed that even dead people were shown to have submitted forms, raising concerns of systemic fraud to meet internal targets. The EC has said that no name will be deleted without a 'speaking order' and due notice. The draft rolls will be published on August 1, and electors or parties can file claims or objections till September 1. Appeals can be made to the District Magistrate or CEO if needed.
