Even as top payment processors like Razorpay, PayU, Paytm and Cashfree are going all out to get the much-needed licences and resume onboarding merchants, the hold-up is hurting aspiring startup founders.
Z, a first-time entrepreneur, quit his job to build his startup with the goal to launch it in February. Despite developing the platform ahead of schedule, he says his team faced an unforeseeable hurdle: they couldn’t find a suitable payment gateway.
A payment gateway is the cornerstone of businesses like Z’s. His online marketplace requires access to a unique set of APIs—short for application programming interfaces that can facilitate automated transfer of funds between vendors and the platform. “This type of API is provided by only a select few companies such as Razorpay, Cashfree and Stripe within the current market,” …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
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ashwin@mailtmc.com
Delhi