Mobile payments company Juspay has raised about $5.8 million (Rs 40 crore) in a Series A funding from Accel Partners, with participation from Bookmyshow founders Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, reports ET. Juspay will use the funds for building its products with a focus on mobile and hiring. The report adds that Accel’s Subrata Mitra will join Juspay’s board.
The company claims to process 700,000 transactions on its platform daily, up from 100,000 a year ago. Juspay was founded by Vimal Kumar and Ramanathan RV in 2012 and provides one click payments on mobile and web through Juspay Safe, which it launched in 2014.
Juspay auto processes the bank’s OTP SMS, and claims that the service is also 2G friendly because of network optimisation. It supports features like automatic focus, scroll, zoom and navigation buttons and displays a keyboard with an option to view the password, and save inputs for repeated usage. The company claims that the product is compatible with existing payment gateway integrations and offers analytics for merchants.
Its other product Express Checkout sits on top of payment gateways to integrate and store cards for payment on web, mobile or native and HTML5 apps, and is integrated with HDFC, ICICI, Axis, CITI, CCAvenue, Citrus, EBS, PayU & Atom gateways. It also provides performance, user behaviour analytics and success rates.
As of now, the company counts MakeMyTrip, redBus, Snapdeal, Bookmyshow, Freecharge, Mobikwik, foodpanda, Swiggy, Zoomcar, Spi Cinemas and Voonik as clients.
Recent developments in digital payments:
– FreeCharge tied up with mobile POS solution provider Ezetap to enable Freecharge’s customers to make payments across Ezetap’s service points.
– Paytm has signed a deal with Aditya Birla Retail, which runs the supermarket chain “More”, to enable its customers to make payments across its stores. It also tied up with Cafe Coffee Day to accept Paytm payments, and likewise with Indian Oil petrol pumps.
– Last month, Payment gateway solutions company PayU, launched SplitSttle, a payment settlement solution for online marketplaces, which would allow them to split payments collected from customers, to multiple sellers in a single transaction.
– In December, payment company Citrus also launched SplitPay, an automated marketplace payment solution which would let merchants charge commissions for different sellers, release and settle payments to the merchants’ bank accounts. It also launched a new technology which would allow users to make payments via a single tap compliant with 2FA for all card payments.
Our Digital Payments coverage.