Razorpay on July 1 announced that it has partnered with NPCI Bharat BillPay Limited (NBBL), a subsidiary of the National Payments Corporation of India, to join Banking Connect. The companies describe the solution as an attempt to update NetBanking for mobile-first payments across India.
According to Razorpay, NetBanking remains widely used for high-value transactions in sectors such as financial services, lending, education and government.
The company said that offering NetBanking at scale has typically required businesses to manage separate integrations with individual banks, along with settlement and reconciliation processes, adding operational work as businesses expand.
Razorpay also said that many NetBanking transactions still involve several steps, including redirects and repeated entry of banking credentials, which can add time to the payment process compared with other digital payment methods.
Through Banking Connect, Razorpay said businesses can access multiple banks through a single integration, rather than connecting to each bank separately. The company said the solution supports payment journeys through banking apps, intent and QR-based flows, and centralises settlement and reconciliation processes.
Razorpay said the feature is available through its existing checkout system, without requiring further integration work from businesses already using its platform.
Arif Khan, Chief Information Officer at Razorpay Technologies Private Limited, referred to the RBI’s Annual Report for 2025 in commenting on the initiative. “As per RBI’s Annual Report ’25, India is today the global leader in real-time digital payments," he said.
He added that the next phase of innovation involves extending the same speed and reliability standards to NetBanking through Banking Connect.
Noopur Chaturvedi, Managing Director and CEO of NPCI Bharat BillPay Limited, described the aim behind the initiative. “Our focus at NBBL is to build interoperable, future-ready payment infrastructure that improves experiences for both businesses and consumers,” she said.
She added that the partnership with Razorpay would help expand the Banking Connect ecosystem and support wider adoption of updated NetBanking methods.
Banking Connect is currently supported by State Bank of India, HDFC Bank, ICICI Bank, Federal Bank, AU Small Finance Bank and YES Bank. Razorpay said further banks are expected to join the ecosystem over time.
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