Payments company Razorpay has partnered with Bharti Airtel to enable users to make online payments through UPI (Unified Payment Interface) on Airtel’s website and mobile application.
Through UPI transactions, Razorpay said that users will not be needed to type card details or netbanking/ digital wallet credentials, hence the payment process will become easier. Razorpay said in a statement that it is expecting five million transactions per month via Airtel’s site and MyAirtel app with this partnership.
Razorpay currently handles online payments for about one lakh businesses, including GoIbibo, Yatra, Zomato, IRCTC, Zoho, DSP Blackrock, Zerodha among others. The company aims to increase its merchant count to two lakh by the end of 2018 and impact 500 million end-consumers by 2020, it said in a release.
Last month, it launched an upgraded version of its service ‘Payment Links’ and prior to that the company partnered with the Indian Railway Catering and Tourism Corporation (IRCTC) to help customers book train and flight tickets through UPI, in addition to other payment modes
On a related note, it is worth noting that although UPI saw an increase of 30% in the total transaction volumes between May 2017 and June 2018, the number of transactions declined for the first time in May 2018. Going forward, UPI numbers may fall again given that the government has withdrawn multiple incentives for both merchants and customers alike for making transactions using UPI transactions. Further, the National Payments Corporation of India (NPCI) has asked banks to discontinue Aadhaar-based payments through the UPI and Immediate Payment System (IMPS) channels from August 31st, 2018. That could also have a negative impact on the number of UPI transaction in the coming months.