Paysharp Secures RBI Approval to Operate as Payment Aggregator
Chennai-based Fintech Startup
Receives Final Authorization
Paysharp, a fintech startup based in Chennai, has achieved a significant milestone with the Reserve Bank of India’s (RBI) final authorization to operate as a Payment Aggregator (PA). This approval, granted on August 30, 2024, comes after the company received an in-principle license in December 2022. The final authorisation places Paysharp among an elite group of 36 RBI-approved payment aggregators, which includes major industry players like Razorpay, Cashfree, and Stripe.
Expansion into India’s Payment Ecosystem
With this pivotal authorization, Paysharp can now onboard merchants and integrate into India’s payment ecosystem. The startup specializes in non-card-based solutions, offering services like UPI and virtual account-based collections for NEFT, IMPS, and RTGS transactions. Its diverse offerings target sectors including government, B2B, NBFCs, SMBs, and e-commerce.
Innovative Pricing and Product Offerings
What sets Paysharp apart is its innovative approach to pricing and product offerings. Unlike many aggregators that charge percentage-based fees, Paysharp introduces a flat pricing model. This model aims to provide a more cost-effective solution for businesses, particularly those engaged in high-volume transactions.
Paysharp has also rolled out several cutting-edge products, including Link Payment and Payment Pages, both powered by UPI. The Link Payment feature allows merchants to generate and send payment links to customers via platforms such as WhatsApp, SMS, or email, making the payment process swift and seamless. Payment Pages enable merchants to set up customizable pages to accept payments directly from customers. Additionally, Paysharp provides branded UPI handles, dynamic QR code generation, and solutions tailored for the Bharat Bill Payment System (BBPS), specifically for B2B bill collections.
Leadership’s Vision for the Future
Krishna Kumar Mani, co-founder and CEO of Paysharp, expressed his enthusiasm about the RBI’s final approval. He stated, “It is with great pride that we join India’s payment system. We recognize the significance and responsibility of this authorisation and are committed to delivering simple and secure payment solutions at a flat price alternative to percentage-based models.”
Mani emphasized that the license not only affirms Paysharp’s position in the fintech landscape but also enables the company to scale its operations and broaden its reach across the Indian market. With this new capability, Paysharp is set to make a substantial impact on the payment aggregation industry.