On April 17, One97 Communications Limited (OCL), which runs Paytm, started the customer migration to partner with payment service provider (PSP) banks Axis Bank, HDFC Bank, SBI and Yes Bank.
Named UPI Switch, this product from Razorpay will be cloud-based and is designed to enhance success rates by 4-5% and can manage up to 10,000 transactions per second (TPS).
The Noida-based fintech major processed around 1.2 billion UPI transactions in March, down from 1.3 billion transactions in February, and 1.4 billion in January.