Razorpay Expands Footprint in Singapore with AI-Driven Payment Solutions
Indian fintech unicorn Razorpay has made significant strides into the Singapore market by introducing a range of AI-centric payment solutions. This expansion aims to tap into Singapore’s burgeoning e-commerce landscape and enhance the region’s strong digital payment capabilities.
Comprehensive Payment Solutions for Singaporean Businesses
With its latest offering, Singaporean businesses will gain access to the Razorpay payment gateway, cross-border transaction solutions, and real-time analytics tools. These features are underpinned by AI technology, highlighted by innovations such as the new software development kits (SDKs) — Agent-Ai and Ray, as announced by the company.
The Need for Cross-Border Transactions
As cross-border transactions account for 30% to 50% of online payments in Singapore, businesses require cost-effective and transparent solutions to navigate the global marketplace efficiently. Razorpay’s entry into Singapore is tailored to meet these needs, facilitating seamless international transactions.
Growing Digital Payment Market in Singapore
Razorpay’s move into Singapore follows its recent expansion into Malaysia, where digital transaction volumes are predicted to surpass $2 trillion by 2030. In contrast, Singapore is expected to see its digital payment transactions reach around $180 billion by 2029, driven by innovative initiatives like PayNow and SGQR that aim to establish the city-state as a global hub for instant digital payments.
Innovative AI Modules: Agent-Ai and Ray
The services offered by Razorpay in Singapore will include multi-currency acceptance and real-time regulatory compliance via platforms such as PayNow and other payment rails. Among the AI-powered modules, Agent-Ai stands out as an SDK that facilitates AI agents in engaging with users for transactions, enhancing financial intelligence and integration in real-time.
In addition, Ray functions as an AI payment concierge, managing vendor payments and payroll for businesses, ultimately leading to reduced operational costs and enhanced efficiency for local merchants.
Enhancing Operational Efficiency with Intelligent Automation
Shashank Kumar, MD and co-founder of Razorpay, emphasized that their AI-driven payment solutions, including both Agent-Ai and Ray, are set to transform business operations by delivering not only transparent transactions but also intelligent automation that enhances operational compliance and efficiency.
Strengthening Trade Links Between India and Singapore
Through this launch, Razorpay aims to bridge the technological divide between domestic and international payment gateways. This will enable Singaporean companies to transact seamlessly across borders while reinforcing trade ties between India and Singapore. Razorpay, headquartered in Bengaluru, is committed to collaborating with banks, financial institutions, and regulatory bodies to ensure a smooth integration that complies with Singapore’s financial ecosystem.