2 weeks ago
Razorpay Launches AI-Powered Vulcan With NVIDIA, AWS For Payments
Razorpay is a company in India that helps people pay for things using their phones.
It made a new super-smart computer program called Vulcan.
Vulcan is like a very clever helper that watches over payments to make sure they work and stay safe.
It was built with help from two big technology companies, NVIDIA and AWS.
Sometimes payments fail or bad people try to steal money, and Vulcan helps stop that from happening.
Razorpay says more payments now go through successfully because of Vulcan.
Vulcan can also find cheats and fraud much better than before.
The company tested Vulcan using information from millions of shoppers and thousands of businesses.
Razorpay hopes Vulcan will make people trust digital payments more instead of using cash.
The model keeps learning and will be expanded to more payment decisions in the future.
Razorpay launched Razorpay Vulcan, described as India's first transformer-based AI foundation model built specifically for payments.
The model was developed using technology from NVIDIA and Amazon Web Services (AWS) and built on Amazon SageMaker.
Razorpay claims the technology improved payment success rates by up to 10 per cent and helped detect eight times more international card fraud.
The model was developed after an internal study involving 1.5 million shoppers and more than 51,000 businesses.
Early components have been deployed across around 3 trillion data points on its payments network to test routing, fraud and risk decisions on live transactions.
- Who
- Razorpay, a fintech major, with CEO and Co-founder Harshil Mathur, using technology from NVIDIA and Amazon Web Services (AWS).
- What
- The launch of Razorpay Vulcan, an AI-powered payments foundation model aimed at improving payment reliability, fraud detection, and transaction routing.
- Where
- India; announced from New Delhi.
- When
- The announcement was made on Tuesday.
- Why
- To make digital transactions more reliable, secure and predictable as India's digital economy expands and to build consumer trust in digital payments over cash.
Key facts
- Model Name
- Razorpay Vulcan
- Description
- India's first transformer-based AI foundation model built specifically for payments
- Technology Partners
- NVIDIA and Amazon Web Services (AWS), built on Amazon SageMaker
- Internal Study
- 1.5 million shoppers and more than 51,000 businesses
- Live Deployment
- Around 3 trillion data points on Razorpay's payments network
- Claimed Success Rate Improvement
- Up to 10 per cent improvement in payment success rates
- Claimed Fraud Detection
- Eight times more international card fraud; five times more fraudulent or disputed transactions without more alerts
- Magic Checkout Impact
- 40 per cent more shoppers saw their preferred UPI app; 1-2 lakh additional purchases per month
Quotes
Kiran Jagannath
Head of FSI and Conglomerates, AWS India and South Asia
“"Razorpay is reimagining payments intelligence at India scale with an AI Foundation Model – built on Amazon SageMaker – that consolidates billions of transaction insights into a single, continuously learning intelligence layer, replacing fragmented ML models with unified AI that delivers higher payment success rates, rapid iteration, and enterprise‑grade security for mission‑critical payment flows."”
freepressjournal.in
“"The initiative was aimed at making digital payments more dependable for consumers who were still deciding whether to trust digital transactions over cash."”
freepressjournal.in
Sources
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