Digital payments solution provider Phi Commerce has received certification from the National Payments Corporation of India (NPCI) to offer UPI Switch to its enterprise customers.
With the UPI Switch, Phi Commerce aims to simplify the process of onboarding enterprise clients.
By cutting out the traditional induction process, the company is eyeing to help businesses roll out payment solutions instantly. This acceleration allows enterprises to launch new products and services more quickly.
The UPI Switch supports all of the major features rolled out by NPCI, including UPI Auto Pay, recurring payments, instant refunds and credit card linkages, among others.
“During peak times, when people rush to make payments, the UPI Switch helps by spreading the load across multiple servers. It’s like opening more checkout lanes at a grocery store during rush hour, making things move faster. This way, users experience quick, efficient transactions without delay,” said Rajesh Londhe, cofounder and head of payments, Phi Commerce.
According to the company, the add-on product will also help enterprise customers to lower their operating costs as processing time reduces considerably, improving overall efficiency and better customer experience.
Founded in 2015 by Shankar, Jose Thattil, Anil Sohanlal Sharma and Rajesh Hanumantrao Londhe, Phi Commerce offers an end-to-end, unified and omnichannel digital payments platform to businesses, banks and networks.
Earlier this year, the company launched a new platform, CollectiPhi-360, designed to cater to the needs of lenders across industries and products like co-lending, term loans, BNPL and supply chain financing.
The platform enables lenders to manage automated, doorstep, offline, partial and bulk collections, ensuring streamlined and efficient processes across multiple payment channels.
In November last year, the startup raised $10 Mn (INR 83 Cr) in a Series A1 funding round led by its existing investor BEENEXT, along with participation from Opus Ventures.
