Juspay To Become Another Payment Aggregator Like RazorPay, PayU
Juspay, a prominent payments solution provider, is on its way to becoming a payment aggregator, just like RazorPay and PayU. First, let’s talk about Juspay’s beginnings.
Founded in 2012 by Vimal Kumar, Juspay has been a significant player in the digital payments arena. It’s not just another startup; it’s a company that has been innovating in the payment sector for over a decade now.
Juspay offers a range of products that simplify online payments. Their portfolio includes Justpay Safe, which is a secure payment browser, and HyperSDK, a software development kit that enhances payment processes.
They also have an Express Checkout platform and an option for UPI transactions through Unified Payments Interface. These tools are designed to make online payments smooth and hassle-free for businesses and consumers alike.
In terms of funding, Juspay has been quite successful. In December 2021, they raised a whopping $60 million in their Series C funding round. This round was led by the SoftBank Vision Fund II, with SoftBank itself investing $50 million.
VEF and Wellington Management, existing investors in Juspay, also contributed to this round. This funding is a testament to the confidence investors have in Juspay’s potential and the growth of digital payments in India.
One of Juspay’s innovative offerings is HyperUPI. In collaboration with Yes Bank, Juspay launched this plug-in SDK that enables in-app UPI payments in merchant apps.
The beauty of HyperUPI is its simplicity – it reduces the UPI payment process to just a single click, making it much more convenient for users. This innovation could be a game-changer in how UPI payments are processed in apps.
As of September 2023, Juspay processes more than 50 million transactions per day, which amounts to an annual Total Payment Volume (TPV) of over $500 billion. Their client list is impressive, featuring big names like Amazon, Google, Flipkart, and many others.
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Juspay is running through its journey from its founding to becoming a key player in the payment aggregator league. The company is witnessing growth and innovation in the Indian fintech sector.
