Agentic Commerce: India's Next Digital Leap After UPI, Says Razorpay CEO
In a significant forecast for India's digital economy, Harshil Mathur, the CEO and co-founder of Razorpay, has identified agentic commerce as the country's next major digital leap, following the widespread success of the Unified Payments Interface (UPI). This emerging concept leverages artificial intelligence to enable autonomous, intelligent transactions, potentially revolutionizing how businesses and consumers interact in the digital marketplace.
The Vision for Autonomous Digital Transactions
Mathur emphasized that agentic commerce represents a natural progression from UPI, which has already transformed India's payment landscape with its real-time, interoperable system. While UPI streamlined peer-to-peer and merchant payments, agentic commerce aims to take this further by integrating AI-driven agents that can autonomously execute complex transactions, such as negotiating prices, managing subscriptions, or optimizing supply chains based on real-time data.
He highlighted that this shift could enhance efficiency, reduce human intervention, and create more personalized consumer experiences. For instance, AI agents might automatically reorder groceries when supplies run low or adjust energy usage in smart homes to save costs, all without direct user input.
Building on India's Digital Foundation
The prediction comes amid India's robust digital growth, fueled by initiatives like Digital India and the rapid adoption of UPI, which has seen billions of transactions monthly. Mathur noted that the country's strong digital infrastructure, including widespread internet penetration and a tech-savvy population, provides a fertile ground for agentic commerce to thrive.
However, he also pointed out challenges, such as the need for advanced AI capabilities, data privacy regulations, and cybersecurity measures to ensure trust and security in autonomous systems. Addressing these will be crucial for seamless integration into the economy.
Implications for Businesses and Startups
For businesses, especially startups in the fintech and e-commerce sectors, agentic commerce offers new opportunities for innovation and growth. Mathur suggested that companies should start investing in AI and machine learning technologies to stay ahead of the curve. This could lead to the development of new platforms and services that automate routine tasks, freeing up resources for more strategic initiatives.
In summary, Harshil Mathur's insights position agentic commerce as a pivotal next step in India's digital journey, promising to build on the UPI legacy with smarter, autonomous transaction systems that could redefine commerce in the coming years.
