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PhonePe terminates partnership with payment orchestrator Juspay
Dec 03, 2024•over 1 year ago
Contract Type
partnership
Delhi
Description
PhonePe, the Indian digital payments firm backed by Walmart, has announced the termination of its partnership with SoftBank-backed payment orchestration platform Juspay. The move aims to directly integrate payment solutions for its merchants, with the company offering its solutions to merchants through direct integrations only.
Company Information
Company
PhonePe
Location
Delhi, Delhi, India
About
PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 48 crore (480 Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.6 crore (36 Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% of the postal codes across India. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2023 by Trust Research Advisory (TRA).
Delhi