Beyond transactions: How PhonePe and Razorpay are using AI to improve digital payments

India has made digital payments as simple as scanning a QR code. The next opportunity lies in using payments to connect consumers with relevant financial products and help businesses address the challenges of growing online. At TechSparks 2026, Deep Agrawal, Head of Payments at PhonePe, and Khilan Haria, Chief Product Officer at Razorpay, joined Madanmohan Rao, Research Director at YourStory, for a panel discussion titled ‘Beyond transactions: Solving financial inclusion with contextual money’.