Razorpay and IndusInd Bank roll out chat banking tool RAY
Why in the news
A payments company and a private bank introduced a conversational tool that lets businesses run payment tasks by chatting. It is a sign of AI spreading in digital banking.
Key facts
- Tool name: RAY, from Razorpay and IndusInd Bank.
- Users: businesses and MSMEs.
- Tasks via chat: payments, transactions, settlements and refunds.
- More than 20,000 conversations recorded so far.
| Feature | What it offers |
|---|---|
| Chat interface | Manage payment operations in conversation |
| Insights | Payment insights, alerts and recommendations |
| Dashboard | Not needed in the traditional sense |
Significance
- Shows growing use of AI in digital banking and business payments.
- Gives small firms payment guidance without a standard dashboard.
Exam angle
- Launch partners: Razorpay and IndusInd Bank.
- Target users: MSMEs and businesses.
- Related terms: AI banking, conversational payments.