Indian digital payments firm backed by Walmart, PhonePe has terminated its partnership with SoftBank-backed payment orchestration platform Juspay in a move to directly integrate payment solutions for its merchants.
PhonePe has over 40 million merchants in its network, reported Business Standard.
Go deeper with GlobalData
In a statement, PhonePe spokesperson said: “As a payment aggregator, one of our core roles is to provide best-in-class success rates to our merchants through our solutions. We are able to do this consistently for merchants directly integrated with us and hence have decided not to offer our solutions through any payment orchestration platform.”
The spokesperson added: “Going forward, the company will offer its solutions to merchants through direct integrations only.”
A few major companies have obtained approval from the Reserve Bank of India (RBI) to function as payment aggregators.
PhonePe has secured a payment aggregator license in March 2023.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccording to CNBC TV18 report, Entrackr was the first to disclose this information, adding that approximately 15% of PhonePe’s payment gateway transactions are presently being handled by Juspay.
Meanwhile, in a separate development, PhonePe announced the launch of a new dengue and malaria insurance plan on its platform. With premiums starting at a nominal Rs59 per year, the plan aims to provide affordable health coverage of up to Rs100,000 for medical expenses arising from vector and air-borne diseases.
It is aimed at financially safeguarding users, especially in Tier 2 and Tier 3 cities, against unforeseen medical costs throughout the year.
The insurance plan offers coverage against more than ten vector-borne and air-borne diseases, ensuring continuous protection for its users all year round.
Moreover, the insurance cover is designed to complement existing health insurance policies, including those provided by employers.
