Razorpay aims to scale up AI platform to offer the gamut of financial services

Razorpay, country’s first converged payments solution company, will focus on scaling up its business banking product (Razorpay X) in the next two years, Harshil Mathur, co-founder and CEO, has said.

Launched in December 2018, Razorpay X — an AI-driven API banking platform — enables businesses manage all forms of pay-outs (salary, vendor payments) and receivables on Razorpay itself, without having to go to a banking portal each time.

Encouraging merchants

“As on date, we have two lakh merchants (overall) on board Razorpay. Our aspiration is to cover 40-50 per cent of the merchant base for our banking product in the next two years. As we continue to scale, we see ourselves having 3.5 lakh merchants next year,” Mathur told BusinessLine here.

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