With the growth of technology, we are acquainted with increasingly inventive and helpful types of cashless payments. We are, for the most part, well acquainted with the utilization of credit and charge cards, net banking, and so forth. Moreover, we use UPI payment applications like Google pay, Paytm, Paypal almost every day through our mobile phones. UPI or Unified Payment System is viewed as the most effortless method of moving moderate measures of cash. In a split second, you can exchange money between two financial accounts with the assistance of a cell phone. The distinction among UPI and mobile wallets is that the previous is an activity by the legislature while the last is possessed secretly by organizations. The famous portable wallets in India are Jio cash, Freecharge, Mobikwik, Ola cash, and so on.
While these can be used by offices and individuals, some platforms are exclusive to businesses. Juspay is one such mobile payment platform where digital stores can easily carry out financial transactions. It was founded by Vimal Kumar and Ramanathan RV in 2012 and is based in Bangalore. Juspay helps to connect and form a network between the services of various sources like net banking, wallet, and cards. Companies, digital businesses, and merchants can make use of Juspay for online banking and effortless payments.
Many leading e-commerce platforms such as Amazon India, Snapdeal, Freecharge, Foodpanda, Bookmyshow, Swiggy, Makemytrip, Yatra, and Jabong benefit from the services of Juspay. Juspay accounts for more than 10 million dollars worth of transactions through these platforms every year. As of now, the software development kit of Juspay has had more than 200 million downloads. India is one of the leading countries in the online payment arena due to the abundance of UPI payment methods and quick, cost-effective transactions. The country can be said to be setting the bar high for other nations with its focus on the customer’s amenity. Therefore, a platform like Juspay is sure to reach more users in the coming years.
The story of Juspay
The founders of Juspay (1), Vimal Kumar, and Ramanathan RV came up with the idea when they realized how online payments played a significant role in the revenue of all companies. Suitable platforms that provide convenience and quick transactions can make a massive improvement in their businesses. With the aim of bringing swift transactions through the web and mobile, Vimal and Ramanathan finally established Juspay Technologies in Bangalore. It was in 2014 that they gave rise to the Juspay safe. It gained wide recognition because of its level of security and amenity.
Most of the mainstream payment browsers had been catering to all sections from online gaming expenses to highly secured bank transactions. What makes Juspay stand out is its sole focus on improving the banking experience for companies. The value-added services provided by Juspay allows many merchants and small businesses to reduce the conversion rates while making deals. In 2012, Juspay was recognized by Techsparks as one of the Tech 30 Companies of the year. After just four months of being launched, the Juspay platform witnessed more than 700,000 transactions in a single day. It was proof of a swelling group of loyal customers who trusted the services of Juspay.
Initiation of the Juspay Safe
Vimal Kumar and Ramanathan RV commenced the Juspay safe with a vision to help the merchants who struggled with online payments. The process usually took too long, and the dealers had to spend valuable time waiting for the OTP. According to the statistics, around 21 percent of people who were shopping online had to discontinue their orders because the payment was too complicated. Juspay Safe was born with the aim to deliver a solution to this very issue. It is a browser that is exclusively created for carrying out online payments and net banking.
The team of Juspay put their best efforts and top technologies to create Juspay Safe. As a result, it had the most promising user interface which convinced the users to switch to online payments. The new product was also enhanced with an innovative network optimization technology which made it stand out from the rest of the competitors. While making transactions from a mobile device, Juspay Safe ensures the highest security and satisfaction. It contains phishing protection which guards the client against malicious sites claiming to be bank pages. In addition, it has a safe keyboard explicitly intended for banking applications and shields the clients from other keyboards that can log or misuse the client’s valuable data.
Fundings and Investments
The angel investor in Juspay is Haresh Chawla, who is an India Value Fund partner and the former CEO at Network18. Juspay had raised 40 crore rupees in the Series A round of funding conducted in February 2016. This round was led by Accel Partners, which is a global venture capital business. It also saw participation from the founders of BookMyShow, Ashish Hemrajani, Parikshit Dar, and Rajesh Balpande. With the help of this funding, Juspay strengthened its products and enhanced the platform’s technological aspects. The enterprise also received more members to the team of Juspay.
Juspay had brought up 21.6 million dollars in a very recent series B round of funding conducted in March 2020. The primary investors in this round include a Swedish company named Vostok Emerging Finance (VEF), an enterprise from Boston called Wellington Management Company, etc. Accel Partners, the leading investor in series A also participated in this latest round. However, it was led by Vostok Emerging Finance, who invested around 13 million dollars into Juspay. It was their first investment in an Indian enterprise. One of VEF’s team members has also joined the board of directors at Juspay after this investment.
Juspay hopes to use the funds from the Series B round to achieve a broader range of customers in the country. They also intend to cooperate with banks to build the security of financial transactions with technologies like fingerprinting and improved scam detection and prevention. Juspay hopes to improve its services by taking inspiration from the top payment platforms in the world.