Paysharp Secures RBI Nod, Offers Flat-Rate Payment Solutions

New Delhi, Sep 3 (KNN) In a significant development for the Indian payments landscape, Paysharp, a burgeoning startup from Tamil Nadu, has received the Reserve Bank of India's (RBI) final authorisation as a Payment Aggregator (PA) as of August 30, 2024.

This pivotal moment follows Paysharp's initial in-principle PA license granted in December 2022, marking a major milestone in its five-year journey.

Paysharp, which has successfully navigated two funding rounds raising a total of Rs 23 crores, achieved its most recent valuation of Rs 200 crores during its March 2023 funding round.

The company is distinguished by its ISO 27001:2022 and SOC 2 accreditations, underscoring its commitment to high standards of data security and privacy.

With this final authorisation, Paysharp joins the ranks of 36 RBI-approved payment aggregators, alongside notable names such as Razorpay, Cashfree, and Stripe.

This recognition enables Paysharp to broaden its services to a larger pool of merchants, further cementing its role in India's expanding digital payments ecosystem.

Paysharp's CEO and Founder expressed pride in the company’s achievement, stating, "It is with great pride that we join India's payment system.

We understand the value and responsibility that comes with this authorisation and are committed to providing simple and secure payment solutions. Our flat-price model offers a transparent alternative to the percentage-based pricing commonly seen in the industry."

Differentiating itself from traditional payment aggregators, Paysharp focuses on non-card-based payment methods, including Unified Payments Interface (UPI) and virtual account solutions for NEFT, IMPS, and RTGS collections.

The company’s innovative offerings, such as Link Payment and Payment Pages powered by UPI, cater to a diverse clientele including government sectors, B2B transactions, NBFCs, and SMBs, and are now making inroads into the e-commerce segment.

The Link Payment product allows merchants to create and dispatch payment links via WhatsApp, SMS, and email, facilitating instant payments at a flat price. Meanwhile, the Payment Pages product enables merchants to craft custom payment pages with tailored fields and forms for customer transactions.

As Paysharp continues to expand its footprint within India’s payment systems, its emphasis on flat pricing and non-card-based solutions positions it as a distinctive player in the market, poised to drive greater accessibility and efficiency in digital transactions.

(KNN Bureau)