PhonePe ends partnership with Juspay; plans direct integrations with merchants
02 Dec 2024, 05:47 PMAround 15% of PhonePe’s payment gateway volume is currently being processed through Juspay.
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PhonePe has reportedly ended its partnership with payment orchestration platform Juspay, as the Walmart-owned digital payments firm plans to offer payment gateway through direct integrations.
“The move is aimed to establish a direct and end to end relationship with merchants, instead of any third party platform like Juspay,” Entrackr quoted a source as saying.
In an email communication sent to its merchant partners, PhonePe said, "Based on these considerations, we have decided to offer our payment gateway solutions through direct integrations only. As India's leading digital payments company, PhonePe is committed to bringing innovative products faster to our merchants, and we believe we will be able to do so more effectively when our solutions are directly integrated with merchants."
Responding to The Head and Tale's query seeking comment on the development, PhonePe spokesperson said, "As a payment aggregator, one of our core roles is to provide the best in class success rates to our merchants through our solutions. We are able to do it consistently for merchants directly integrated with us and hence have decided to not offer our solutions through any payment orchestration platform. Going forward, we would offer our solutions to merchants through direct integrations only."
Around 15% of PhonePe’s payment gateway volume is currently being processed through Juspay, the news website reported.
"PhonePe has communicated that they are discontinuing engagement with all orchestration platforms, including Juspay.” Addressing concerns about potential pullouts from other payment gateways, the firm added, “There are no such discussions underway, and any speculation is unfounded...," Juspay told Entrackr.
This is expected to impact Juspay’s “payment platform integration” business, which accounted for over 88% of its total revenue in the fiscal year ending March 2024.
Juspay is a top payment orchestration platform that operates a layer on top of payment aggregator. The Bengaluru-based company -- which started as a technology layer on top of a payment processor -- has also received payment aggregator licence from the Reserve Bank of India.
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