Payments | Smart Collect

Smart Collect Changelog

Discover new features, updates and deprecations related to Razorpay Smart Collect (since Jan 2024).

Razorpay Smart Collect empowers businesses to create on-demand Customer Identifiers (CI) for receiving payments via NEFT, RTGS, and IMPS. Smart Collect 2.0 expands this functionality to include UPI payments through Virtual UPI IDs. These identifiers are linked to your registered bank account, and Razorpay automates payment reconciliation and provides notifications for received payments.

Handy Tips

We recommend you to understand the Razorpay

payment flow

that Smart Collect follows to collect payments.

Third Party Validation

Smart Collect also supports Third Party Validation. To know more, refer to the

Third-Party Validation (TPV)

section.

Advantages

Smart Collect has the following advantages:

Instant Identifier Creation: Generate Customer Identifiers in real-time via the Dashboard and APIs.
Multiple Payment Avenues: Enable customers to make payments via NEFT, RTGS and IMPS.
Automatic Reconciliation: Eliminate the difficulty of manual reconciliation and save time and cost.
Account-level Visibility: View and manage every payment received from customers.
Real-time Notifications: Get real-time notifications on payments with Webhooks.
Third-Party Validation (TPV): Smart Collect supports Third-Party Validation.

Smart Collect 2.0 vs Smart Collect

Smart Collect and Smart Collect 2.0 use the same APIs to create and maintain Customer Identifiers.

However, Smart Collect 2.0 offers business benefits on top of the existing Smart Collect product in the following ways:

Explore the

Smart Collect Use Cases

to gain deeper insights into the capabilities and practical applications of Smart Collect and Smart Collect 2.0.

What is a Customer Identifier and a Virtual UPI ID?

Customer identifier is a customisable virtual bank account (with customer identifier number and IFSC) created on top of your current/escrow account.

You can share the customer identifier information with your customers/merchants and collect payments.

Prerequisites

Ensure that you do not fall under the Individuals merchant category as Smart Collect is not available for this Merchant Category Code (MCC).
Read and understand the
pricing model
and have the
API documentation
for Smart Collect handy.
Ensure that the business use case is well charted. Smart Collect supports many customers - one account and many customers - many accounts models.
Raise a request through a Point of Contact (POC) or the Dashboard to enable Smart Collect and Smart Collect TPV for your account.
Do check the
list of banks
which support Smart Collect with TPV.

Supported Platforms

Razorpay Smart Collect is supported on the following platforms:

About Smart Collect