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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The battle between four of India’s major fintechs and the payments orchestration leader is being fought on the issues of interoperability and fair competition. Ultimately, though, commercial factors will trump all else.
A narrative war is unfolding in India’s payments landscape.
On one side is Juspay, a payments orchestrator. On the other are four payment aggregators, or PAs—PhonePe, Razorpay, Cashfree and Paytm. Over the past four months, these PAs have cut ties with Juspay, the most recent being fintech giant Paytm. All four have told merchants that their payment platforms will no longer work with Juspay’s orchestrator.
PAs integrate multiple payment methods—cards, net banking, UPI—into a single flow and require a PA license from the Reserve Bank of India. Orchestrators connect multiple PAs, allowing merchants to route payments through them, ensuring …
