Chennai-based fintech startup Paysharp has received final clearance from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA).
The approval, which was granted on August 30, 2024, follows a license in principle the company received in December 2022.
The final clearance places Paysharp among the 36 PAs approved by the RBI, which also include major players such as Razorpay, Cashfree and Stripe.
Incorporation of merchants
With the RBI’s approval, Paysharp can now onboard merchants and officially participate in India’s payments ecosystem.
The startup primarily focuses on cardless payment solutions and offers services such as Unified Payments Interface (UPI) and virtual account-based collections for NEFT, IMPS and RTGS transactions.
Paysharp’s services cater to a variety of sectors including government, B2B companies, non-banking financial companies (NBFCs), small and medium-sized enterprises (SMEs), and the emerging e-commerce sector.
Unlike other aggregators that charge percentage-based fees, Paysharp offers a fixed pricing model to provide a more cost-effective solution for businesses, particularly those with high-volume transactions.
Innovative product offerings
Paysharp has developed innovative products such as Link Payment and Payment Pages, which are powered by UPI.
The Link Payment feature allows merchants to create and send payment links to customers via platforms such as WhatsApp, SMS or email, facilitating quick payments.
On the other hand, checkout pages allow merchants to create customizable pages to accept payments directly from customers.
In addition to this, Paysharp also offers branded UPI identifiers, dynamic QR code generation, and solutions tailored for the Bharat Bill Payment System (BBPS), specifically for B2B invoice collections.
Comments from the leaders
Commenting on the final approval from the RBI, Krishna Kumar Mani, Co-Founder and CEO of Paysharp, said, “It is a great honor to be a part of the Indian payments system. We understand the value and responsibility of authorization, and will continue to provide simple and secure payments to businesses at a fixed-price alternative to percentage-based pricing.”
Mani further highlighted that the license will enable the company to scale its operations and expand its reach in the Indian fintech space.
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