Razorpay CEO Harshil Mathur on how agentic commerce will unfold in India

If you've bought anything online in India in the last ten years, you've seen the checkout page. You search, scroll, filter, add to cart, and eventually pay. UPI simplified the payment part. But you still had to do everything else yourself. That's about to change with agentic commerce, says Harshil Mathur, the CEO of Razorpay. Not just change but disappear entirely. Imagine this. Let’s say you want to make cake one evening. An agent figures out the ingredients you need for the recipe, builds the cart, checks the pantry, and finishes the purchase. Without you ever opening an app. This is the future two years from now, according to Harshil. And Razorpay is at the forefront of this transformation. In the last eight months alone, the company has built a UPI-OpenAI-Razorpay pilot for ordering groceries in chat, launched agentic payments across Zomato, Swiggy, and Zepto, rolled out a UPI Reserve Pay flow that practically kills the PIN, and built an agent studio on Claude for merchants to automate disputes, recoveries, and reconciliation. As this future unfolds, there are some questions. What does agentic commerce actually look like end to end? Can India make a mark here like it did with UPI? Can the habits of consumers actually shift? If they do, who loses and who wins? Does this genuinely level the playing field for small businesses, or does it just entrench the platforms that already have scale? And what does any of this mean for the tens of millions of people who haven't touched e-commerce yet? Harshil answers all of these questions on this episode of Zero Shot. Tune in!—This episode was produced by Vidhatri Rao and edited by Rajiv CN.—Zeus, the mascot of Zero Shot, was generated using AI. Everything else is made by humans, just like all articles, columns, newsletters, and other podcasts created by The Ken.—Write to us at [email protected]. We are all ears. Zero Shot (Private) Episode 42 July 8, 2026 ★ Episode details: https://share.transistor.fm/s/6bc79090 ★ Additional episodes: https://the-ken.com/zero-shot