Razorpay introduces Vulcan to boost reliability of digital transactions

Fintech major Razorpay has launched an AI-powered payments foundation model — Razorpay Vulcan — built with NVIDIA and AWS technology aimed at making digital transactions more reliable, secure and predictable as India’s digital economy continues to expand, the company said on Tuesday.

The company described it as India’s first transformer-based AI foundation model built specifically for payments.

Developed using technology from NVIDIA and Amazon Web Services (AWS), the model is designed to address payment failures, fraud, transaction routing and checkout-related friction across India’s diverse digital payments



ecosystem.

Razorpay said the model was developed after an internal study involving 1.5 million shoppers and more than 51,000 businesses, which found that payment-related friction affected consumers across both metropolitan and smaller markets.

In addition, early components of the model have already been deployed across around 3 trillion data points on its payments network to test routing, fraud and risk decisions on live transactions, according to the company.

It further noted that the technology has helped improve payment success rates by up to 10 per cent and detect and prevent eight times more international card fraud.