PhonePe Ends Partnership With Juspay To Offer Payment Gateway Solutions Through Direct Integration With Merchants
PhonePe has ended its partnership with Juspay, opting for direct merchant integrations, to simplify its payment process without third-party services.
New Delhi, December 3: PhonePe, the digital payments platform, has reportedly ended its partnership with Juspay, a payment orchestration platform. According to reports, PhonePe will now provide payment gateway solutions through direct integrations with merchants, bypassing third-party services. The Walmart-backed digital payments platform is said to offer its merchants with a smooth payment process, starting from when a transaction is initiated to the final settlement.
Payment orchestration is a system that helps to manage different bank partnerships using a single payment gateway. The platform works by directing each payment through the most suitable payment aggregator to increase the chances of successful transactions. PhonePe Launches Health Insurance Plan for Dengue and Malaria at INR 59 per Year.
As per a report of Entrackr, PhonePe ends its ties with Juspay. The digital payments platform is said to focus on building a direct relationship with merchants, rather than depending on third-party services like Softbank-backed Juspay. PhonePe has already been providing direct integration service. However, it appears that the company has decided to discontinue all third-party integrations to streamline the payment services.
As per multiple reports, Juspay is planning to grow its services by entering the payment aggregation business after securing the payment aggregator licence from the Reserve Bank of India. PhonePe has begun notifying its customers via emails and alerts about some important changes. A PhonePe spokesperson reportedly said that PhonePe will no longer collaborate with any third-party routing platforms. Instead, they will focus solely on providing direct integration services to their customers. Swiggy Results for Q2: Swiggy Reports Net Loss of INR 625.5 Crore During September Quarter, Revenue Jumps 39% to INR 2,146 Crore.
As per reports, approximately 15 per cent of the payment transactions handled by PhonePe's gateway are being processed through Juspay. The SoftBank-backed Juspay also reportedly confirmed the development. Additionally, the company mentioned that PhonePe has informed them that they will be ending their partnerships with all orchestration platforms. Juspay offers technology for handling payments and assists with offline transactions using products such as Juspay Safe, Express Checkout, HyperSDK, and UPI in a Box.
(The above story first appeared on LatestLY on Dec 03, 2024 05:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).