Beyond transactions: How PhonePe and Razorpay are using AI to improve digital payments
At TechSparks 2026, heads of payments from PhonePe and Razorpay outlined how AI is being deployed to improve digital payment ecosystems in India. With over 500 million existing UPI users, the focus shifts to bringing another 500 million into digital payments while connecting them to broader financial products. For merchants, the panel noted that payment infrastructure is just the starting point; merchants face ongoing challenges in customer acquisition, conversion optimization, and repeat purchase encouragement.
Key points
- Over 500 million UPI users; opportunity to onboard another 500 million
- AI enabling financial product recommendations within payment flows
- Merchants need solutions beyond payments: customer acquisition, retention, conversions
- Digital payments becoming part of wider financial inclusion strategy
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