Cashfree Payments recently earned certification from the National Payments Corporation of India for its UPI Switch service. This certification enables Cashfree to connect directly with any bank’s core banking software, boosting transaction success rates for its merchants.
With this certification, Cashfree can now process around 12,000 transactions per second. The company developed this switch in collaboration with NSDL Payments Bank, the sponsor bank.
This achievement is expected to increase the company’s transaction success rate by 5%. It will also speed up merchant onboarding, provide instant access to new UPI features, and give better control over the entire payment process.
“Our advanced UPI Switch significantly elevates Cashfree Payments’ payment processing value proposition. This solution transforms the UPI payment experience with faster onboarding, customizable account statements, immediate access to new UPI features, and enhanced visibility of payment failure reasons,” said Aakash Sinha, cofounder of the company.
Cashfree Payments processes $80 billion of transactions annually, making it a trusted payment aggregator for over 6 lakh businesses. The company also received its Payment Aggregator (PA) license from the RBI in December 2023.
