Razorpay launches AI payments foundation model with NVIDIA and AWS
Razorpay just dropped its new AI Payments Foundation Model, built with NVIDIA and AWS, to make online payments faster and more secure.
This tech uses transformer models tailored for payment data, analyzing more than 3,000 signals per transaction in just 29 milliseconds to boost things like fraud detection and personalized checkouts.
Razorpay model improved payment success 8-10%
After learning from 4 billion transactions (that's nearly 3 trillion data points!), the model was tested by 1.5 million shoppers and 51,000 businesses, including Blinkit.
Results? Payment success rates improved by 8-10%, international card fraud detection is now eight times better, and more users are finding their favorite UPI apps at checkout.
Razorpay says this is just the start: marketing and lending could be future use cases, depending on how the model performs, while keeping all your payment data safe.