Paysharp, a Fintech Firm, Has Been Authorized to Function as a Payment Aggregator by the RBI

Nitin Konde, Apoorva Bajj

09 Sep 2024 — 2 min read

Paysharp, a Fintech Firm, Has Been Authorized to Function as a Payment Aggregator by the RBI

A fintech firm called Paysharp, which is based in Chennai, has been granted the final approval to function as a Payment Aggregator (PA) by the Reserve Bank of India (RBI).

After receiving an in-principle license in December 2022, the company was awarded approval on August 30, 2024. This approval came after the company received the license.

Paysharp is now one of the 36 payment processors (PAs) that have been approved by the Reserve Bank of India (RBI). Other notable companies in this category include Razorpay, Cashfree, and Stripe.

Acquiring New Customers

After receiving approval from the Reserve Bank of India (RBI), Paysharp is now able to officially engage in India's payment ecosystem and onboard merchants.

Non-card-based payment solutions are the primary emphasis of the startup company, which provides services such as the Unified Payments Interface (UPI) and virtual account-based collections for NEFT, IMPS, and RTGS transactions.

Among the many industries that Paysharp serves, the government, business-to-business (B2B) organizations, non-banking financial companies (NBFCs), small and medium-sized businesses (SMBs), and the rising eCommerce sector are among those that benefit from the company's services.

Paysharp, in contrast to other aggregators, which charge fees based on a percentage, provides a flat price approach to provide a service that is more cost-effective for businesses, particularly those who engage in high-volume transactions.

New and Exciting Product Selections

Link Payment and Payment Pages are two of Paysharp's groundbreaking UPI-powered technologies.

Quick and easy payments can be made by consumers using the Link Payment function, which lets retailers generate and transmit payment links using messaging apps like WhatsApp, text messages, or email.

Alternatively, businesses can use Payment Pages to set up a personalized page where clients can pay instantly.

Along with these services, Paysharp offers branded UPI handles, dynamic QR code generation, and solutions designed for the Bharat Bill Payment System (BBPS), which are ideal for business-to-business bill collections.

In his remarks after the final approval from the Reserve Bank of India (RBI), Krishna Kumar Mani, the co-founder and CEO of Paysharp, expressed that it is a source of tremendous pride to be a recipient of India's payment system. The company recognizes the significance of the authorization as well as the responsibility that comes along with it, and it will continue to provide businesses with a straightforward and secure payment option that costs a flat rate rather than a percentage-based pricing structure.

In addition, Mani emphasized that the license will make it possible for the company to extend its operations and broaden its presence in the Indian fintech industry.