Razorpay to build AI agents for payments using Claude
What's the story
Razorpay, a leading payment aggregator, has announced its plan to build AI-powered agents for payments using Anthropic's Claude chatbot. The move is part of a larger trend in the payment industry toward agentic commerce, where AI can handle financial tasks on behalf of businesses. These advanced agents will be capable of performing routine tasks like recovering abandoned purchases, retrying failed subscriptions, resolving disputes and forecasting cash flows.
Enhanced functionality
AI agents to help businesses recover lost sales
Razorpay's AI agents will help businesses recover lost sales by reaching out to customers who leave their shopping carts. The agents can send a message or voice alert asking why the purchase was not completed and offering a reminder or small incentive to complete payment. The company has also launched an agentic experience platform, an AI-native layer that simplifies onboarding, payment integration into products, and management of payment operations for online businesses.
Customization feature
Businesses can create their own AI agents
Razorpay has also introduced a feature that lets businesses create their own AI agents using simple language commands. These custom agents can connect to platforms like Shopify and Shiprocket as well as messaging apps like WhatsApp. This capability is in line with the growing trend of payment companies exploring ways for customers to complete transactions directly through AI assistants and chat interfaces.
In-app commerce
Razorpay is exploring AI in app-based commerce
Razorpay is also exploring the use of AI in app-based commerce with several platforms, including Zomato, Swiggy, PVR INOX, and Vodafone Idea. The company said these collaborations would allow customers to discover products, make decisions and complete payments within a single AI conversation. This innovation could revolutionize the way consumers interact with businesses online by making transactions more seamless and efficient.