The SoftBank-backed company reported a revenue of Rs 319.32 crore for FY24, up 49.6 percent from year-ago period
Routing traffic to its own payment gateway instead of others it has integrated with may be at the heart of the matter.
The PG firms are making exceptions and giving deadline extensions to large merchants as they are not yet ready to sever ties with Juspay
In a notification sent to merchants seen by Moneycontrol, Paytm announced that from April 1, 2025, it will only facilitate transactions routed directly through Paytm Payments Services Limited (PPSL), advising businesses to shift before the deadline to avoid service disruptions.
This move comes a month after Payment Gateway players like Razorpay and Cashfree severed ties with Juspay
The most concerning aspect of recent events is that this goes against the open API and interoperability model of the Indian payments ecosystem
Juspay, founded by Vimal Kumar and Sheetal Lalwani in 2012, is the leading provider of payment orchestration software.
Razorpay is trying to work with global payment players, including Stripe, JP Morgan Chase and others to see how it can collaborate to increase the cross-border penetration
Take a closer look on whether this decision will reshape the dynamics of merchant payment integrations, affecting the ease of operations or if it will impact payment orchestrators in India.
Payment gateways often transition away from third-party payment orchestrators to gain end-to-end control over the payment process and enhance the security of payment transactions.
India’s fintech landscape has emerged as a global exemplar, particularly with initiatives like UPI, said some of the leading fintech infra players.
Mana Yatri, a part of the ONDC Network, has already onboarded over 25,000 drivers in Hyderabad and aims to enroll 1 lakh drivers in the next three months.
Namma Yatri has been collecting a subscription fee from drivers since September 1, 2023. Drivers have two options under the plan: Rs 25 for unlimited trips a day or Rs 3.50 per ride. This is one of the issues that eventually led to the drift
Writing on X (formerly Twitter), the man said that his experience was another addition to a long list of 'Peak Bengaluru' moments, that have been witnessed in the city for many years.
Auto Drivers will have two options: pay Rs 25 for unlimited trips per day, or Rs 3.50 per ride (no charges after 10 trips). The union says this is not a commission, but a subscription fee.
Namma Yatri app's software, data, and roadmap are open for public review and collaboration and the platform is calling for citizen participation and volunteering to help develop the product.
Juspay provides UPI technology for banks like Axis Bank, ICICI Bank, Yes Bank as well as merchants including Amazon, Google, CRED, Bajaj, Ola, Swiggy, among others.
The Bengaluru-based payments firm had suffered a massive breach back in August, when 3.5 crore masked card details were exposed in a hack and have been made public on the dark web. The incident came to light recently and has pushed the payments firm to undertake a proper forensic audit to ensure its systems are safe from future attacks.
Juspay was the victim of a cyberattack back in August 2020. While the company dealt with the aftermath and informed its merchants, more than three crore customers' masked card details were revealed in the process.