PhonePe and Razorpay Deploy Artificial Intelligence to Enhance Merchant Payments

25 Oct 2026, 11:53 am · 4h ago · 1 min read · YourStory

Indian digital payment leaders PhonePe and Razorpay are leveraging artificial intelligence to expand services beyond basic transaction processing for millions of consumers and merchants. Speaking at TechSparks 2026, PhonePe Head of Payments Deep Agrawal and Razorpay Chief Product Officer Khilan Haria explained how artificial intelligence enhances transaction success rates and customer retention. While Unified Payments Interface adoption has surpassed 500 million users nationwide, executives noted that bringing the next 500 million users online requires contextual financial products. Razorpay highlighted that merchant tools powered by machine learning help small businesses resolve conversion challenges and drive repeat purchases.