Razorpay Launches AI Chatbot RAY, Marketing Suite Engage To Expand Offerings

Joining the list of startups leveraging artificial intelligence (AI) to enhance their offerings, fintech unicorn Razorpay on Friday (February 23) unveiled an AI chatbot for payments and payroll management, RAY. 

The startup also marked its foray in the marketing and growth solutions space with the launch of a full-stack intelligent marketing growth suite, Engage. 

The startup claimed that both the products are first-of-kinds in India. It also launched multiple other products during its flagship event FTX, held in Bengaluru.

In a statement, the unicorn said that it developed a deep understanding of consumer behaviours after the acquisition of loyalty and rewards management platform PoshVine in 2022. It learnt that many companies face challenges in acquiring and retaining customers. 

Traditionally, businesses end up spending 40% of their average order value (AOV) to incentivise customer’s first transaction and then 15-20% on repeat transactions, thereby impacting revenue growth and profitability. Engage is designed to address these gaps, the statement added. 

The product helps businesses know both their online and offline customers and accordingly target them with the right benefits for retention and acquisition. These perks include products like gift cards, coupons and other personalised incentives from over 5,000 inventory. 

The platform is integrated to help businesses connect with their customers through multiple channels like WhatsApp, Google, or Meta, and via Razorpay’s business and bank network. 

Meanwhile, RAY is a generative AI-powered payroll management assistant which is designed to offer seamless payment management solutions to ecommerce companies through voice and text commands. Razorpay claims that the new product will resolve all things payments, payouts, payroll, vendor payments, and much more. 

RAY currently responds to English and Hindi, and will soon be available in other regional languages too, as language models get built around those.

The fintech major also launched two new AI-based products – Razorpay FraudShield and AI-Powered RTO (Return To Origin) Suite. The products are designed to reduce chargebacks and safeguard businesses from potential frauds and RTOs.

Razorpay also launched a product called ‘Payment Gateway 3.0’, which it said would not only help businesses manage payments but the entire buyer journey. It will simplify the payments process, offer coupon codes to customers, among others, thereby helping business increase conversions by up to 30%, the unicorn claimed.

The startup also launched a POS device which would support QR-based payments and contactless tap card payments. Razorpay claimed it is India’s first UPI-led enterprise-ready dynamic QR device which will bring efficiencies to the payment process at large-format retail stores.

Commenting on the new products, Razorpay’s cofounder and MD Shashank Kumar said, We are heavily leveraging the true power of AI in our products, right from chargeback protection to RTO fraud detection to DoclessAI integration that enables businesses to go live in just 10 minutes, Razorpay is all in for AI.” 

Even at the launch of the instant refund solutions for POS payment, Razorpay claimed that it was the first of its kind. According to the company, the solution would reduce the time taken to provide refunds for failed UPI transactions to just 2 minutes against industry standard of 5-6 business days.

The company reported a 60% hike in its POS business during FY23 following the acquisition of Ezetap. Back then, the company said that the growth was noticed in its Total Payment Volume (TPV) from April to October 2023 of which 91% came from UPI transactions.