Digital payments fintech Phi Commerce has received the National Payment Corporation of India (NPCI) certification to offer UPI Switch for its enterprise customers, primarily to sustain high transaction volumes.
UPI Switch will help Phi Commerce to onboard enterprise customers instantly, reducing substantial turnaround time associated with the existing bank-driven process to induct new customers. This will enable their enterprise customers to offer a broad range of payment options to their customers almost instantly and, thereby launch products and services at a faster pace than earlier.
Rajesh Londhe, co-founder and head of payments, Phi Commerce, said UPI Switch is a critical tool that would help NPCI meet its ambitious target of one billion transactions per day in the next three to five years. “UPI Switch distributes traffic across multiple servers, preventing system overloads and reducing processing times. During peak times, when people rush to make payments, UPI Switch helps by spreading the load across multiple servers. It’s like opening more checkout lanes at a grocery store during rush hour, making things move faster. This way, users experience quick, efficient transactions without delay,” said,” Londhe said.
Phi Commerce offers enterprises omnichannel payment solutions that enable smooth and flexible payments across all consumer touchpoints — browser, mobile, in-store and remote. A payment aggregator payment gateway (PAPG) licence holder from the Reserve Bank of India, Phi Commerce offers a unified omnichannel digital payment platform catering to both B2B and B2C payment requirements for businesses worldwide.
UPI Switch feature supports easy integration and offers on-premises or cloud-based architecture, risk management tools, and a 24/7 support and maintenance for uptime and reliability.
Offered as a unified payment stack solution, UPI Switch supports all other features currently rolled out by the NPCI, including UPI Auto Pay, recurring mandates, instant refunds and credit card linkages. This add-on product will also help enterprise customers tower their operating costs as processing time reduces considerably, improving overall efficiency and providing a better customer experience.
This feature, along with managing traffic, also monitors if there’s anything unusual or suspicious transaction using real-time fraud monitoring algorithms.
UPI switch handles billions of transactions with sub-second response times. It also supports API-based integrations, enabling connectivity with various financial institutions and fintech platforms.