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Tag: best payment gateway

  • Ashneer Grover: Fintech Innovator, Former Shark Tank Judge, and Entrepreneur

    Ashneer Grover was the Managing Director and Co-founder of BharatPe, until February 28, 2022, when he had to resign and renounce his positions in the company. He co-founded the company along with Shashvat Nakrani in 2018. Within four years, they have turned BharatPe into one of the largest used payment apps in India. BharatPe founder Ashneer Grover was also seen on the judging panel of the Shark Tank India reality show. His net worth is around INR 700 crore.

    Though Ashneer Grover had a good start in terms of education, career, and business, he also faced multiple challenges in his entrepreneurial journey. This article discusses the complete story of Ashneer Grover right from his early life, achievements, history, and career to the controversies and challenges faced by him recently.

    Ashneer Grover – Biography
    Ashneer Grover – Personal Life
    Ashneer Grover – Education
    Ashneer Grover – Initial Career
    Ashneer Grover – Founding BharatPe
    Ashneer Grover – Shark Tank India
    Ashneer Grover – Starting up again with the Unicorn Dreams
    Ashneer Grover – Controversies and Challenges Faced

    Ashneer Grover Biography

    Name Ashneer Grover
    Born 14 June 1982
    Birth Place Delhi India
    Nationality Indian
    Education IIT Delhi and IIM Ahmedabad
    Position Ex-Founder and MD, BharatPe
    Net Worth INR 900 crore (2024)

    Ashneer Grover – Personal Life

    Ashneer Grover was born in Delhi on June 14, 1982. His father was a Chartered Accountant and his mother was a teacher. As his parents were in good professions, the family was doing well. He got graduated from well-reputed institutes like IIT, and IIM.

    Ashneer Grover was married to Madhuri Jain Grover. She’s an entrepreneur and owns a furnishing business named Mauve and Brown in Delhi. Ashneer Grover’s wife, Madhuri Grover had taken care of HR, finance, and other internal operations and headed the Controls at BharatPe before she was declared to be one of the employees who were involved in financial fraud and was eventually terminated by the Board. The couple has two children.

    Ashneer Grover – Education

    Ashneer Grover completed his schooling in Delhi. He then graduated B.Tech from the Indian Institute of Technology (IIT). During his time at IIT Delhi, he was selected for a student exchange program with the National Institute of Applied Sciences, also known as INSA Lyon, in France. It is one of the largest and finest engineering schools in Europe.

    He moved to INSA Lyon in 2002 with a scholarship of €6,000 from the French Embassy. After graduating from IIT, Grover went to the Indian Institute of Management (IIM) Ahmedabad for his MBA in Finance. He graduated from the IIM in 2006.

    Ashneer Grover – Initial Career

    Kotak Finance Banking selected Ashneer Grover as the Vice President through campus placements from IIM. He has been a part of Kotak for almost 7 years since 2006.

    In mid-2013, Ashneer joined American Express (AmEx), a payment card services company, and worked for two years. During his tenure, Grover also famously led some startup investments for the card network of India. The Series B investment in Mobikwik came on behalf of American Express when Grover was still there. He was designated as the Director of Corporate Development in AmEx.

    After leaving American Express in 2015, Ashneer became the Chief Financial Officer at Grofers, a startup founded by his IIT Delhi classmate Albinder Dhindsa. However, Grover left the company in 2017 because he didn’t get the ESOP options there that were promised to him earlier. The company is now called Blinkit.

    Later in 2017, PC Jeweller Ltd. took Ashneer as the Head of New Business, where he worked for exactly a year. Ashneer Grover established his own company BharatPe at a very young age.

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    Ashneer Grover – Founding BharatPe

    After accumulating 12 years of experience from multiple jobs, Ashneer Grover decided to start his own business. His experience as the head of business development and payments at PC Jeweller sparked the idea of starting a payments company. Ashneer eventually joined hands with Shashvat Nakrani to establish BharatPe in 2018.

    Together they built the fintech company from scratch and added several services to its core operation. Today, BharatPe offers UPI Payments, QR codes for transactions, POS machines for card payments, an investment and loan app called 12% Club, and digital gold transactions.

    When BharatPe was a $30 million company, Ashneer claimed that he received an offer of $50 million from Google Pay, but he refused to materialize a deal with the latter, as per one of his statements on the show Shark Tank India. Grover later added that he knew that he was meant for something big, which all entrepreneurs, founders, and CEOs to be, should aim for, and BharatPe was last valued at around $3 billion.

    They also got approval from the RBI for small business financing in collaboration with Centrum Financial Services Ltd. By offering diverse services, Ashneer Grover made BharatPe one of the most used payment apps in the country. However, he had to retire after numerous rounds of controversies thrown at him and allegations surrounding him due to the financial irregularities associated with him, which were noticed by the company’s board. Ashneer Grover tendered his resignation from BharatPe on February 28, 2022, and boasted of still being recognized as the single largest individual shareholder of the BharatPe company.

    In a speech that Ashneer Grover gave at the Lovely Professional University on April 29, 2022, where he was invited as a guest speaker, Ashneer shared an insight into how businesses operate and all the things that need to be kept in mind while diving into a new venture. Speaking about the same, he disclosed one such incident, after starting BharatPe, when he sought to make it popular overnight. He had a total of Rs 100 crore in his bank account, but he wanted to sign up Salman Khan. The Bollywood actor charged close to Rs 7.5 crore. However, unsure of whether he could do that, Ashneer asked Salman to reconsider his fees. Salman’s manager also asked him “Aap bhindi kharidne aaye ho kya, kitni mandwali karoge?”. However, at last, Salman reconsidered the charge, and came down to Rs 4.5 crore, thereby becoming the brand ambassador of BharatPe in 2019.

    Ashneer Grover – Shark Tank India

    Ashneer Grover was a judge on the first season of Shark Tank India and became very popular. However, he was removed after a fallout with his former company, BharatPe, which he had helped start. Despite this, his popularity remained strong, with many fans still hoping he would return to the show in later seasons.

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    Ashneer Grover – Starting up again with the Unicorn Dreams

    Ashneer Grover, as per the reports dated June 16, 2022, was looking to find another startup, for which he will likely be raising around $200-300 mn. The former Co-founder and MD of BharatPe is currently in the US and in talks with the US-based family offices and other private equity offshore players to raise the funding required. Sources said that Grover might also start the business with some of his own money and will eventually sell a part of his BharatPe stakes or raise funding by issuing a stake in the new company. People also added that Grover’s 8.5% stake is now valued at around $3 bn, and there are also buyers for the stake.

    The company or the sector that Ashneer Grover will be inclined to start with his new venture was not confirmed, when last reported in June 2022. However, the former BharatPe founder stated on his 40th birthday that he will be re-entering the world of business and also has plans to build another “unicorn”.

    Fast forward to July 9, 2022, the startup has already been formed by Ashneer and his wife Madhuri Jain Grover, and is called Third Unicorn Pvt Ltd., according to the Tofler data. The startup, which has reportedly launched on July 6, 2022, will have both Ashneer Grover and his wife as Directors. The total paid-up capital and the authorized share capital have been revealed as Rs 10 lakh and Rs 20 lakh respectively.

    Ashneer Grover – Controversies and Challenges Faced

    • BharatPe, as a company, got into a controversy when it labeled itself as nationalistic and its competitors as Non-Indian companies. The company issued pamphlets citing such details to the public. So the competitors filed a lawsuit against BharatPe and reported the same to the RBI.
    • Another controversy arose when PhonePe and BharatPe fought for the word ‘Pe’ in their respective names. PhonePe has filed a case against the latter in the Delhi High Court. It was later disposed of by the same.
    • A major controversy faced by Ashneer Grover was about an audio clip leaked on Twitter. It is claimed that Grover used inappropriate language and threatened a Kotak employee over an issue of not securing Nykaa’s IPO shares.
      Before this issue could be settled, the company’s board raised accusations against Ashneer and his wife. The board accused them of initiating fraudulent transactions against non-existing vendors. They also reported irregularities in invoices.
      The audio issue forced him to stay away from the company and take a temporary leave for three months. After the discovery of the financial irregularities, the board demanded the permanent exit of Ashneer Grover from the company. Grover then responded that he was happy to leave his role in BharathPe but would always stay as a shareholder and a founder.
      With pressure mounting up on Ashneer Grover to leave BharatPe, he had strongly criticized the CEO Suhail Sameer. He said that Sameer manipulated and arm-twisted him to exit the company. Grover had also demanded a huge compensation worth around Rs. 4000 crores for his withdrawal from BharatPe. He said that he has 9.5% stakes, which would be worth around the same amount, but it’s been reported that the board is unlikely to agree with it.
    • Ashneer Grover had made an emergency arbitration plea to the SIAC but that was tossed off by the Singapore International Arbitration Centre. He made everyone believe that the probe by the board was unethical, but he failed. Grover also demanded his buyback before exiting the company, but the BharatPe investors declined the same. According to the BharatPe Board, Grover received the agenda of the company’s board meeting on February 28, 2022, which will also include the PWC report on the conduct of Grover where the actions were taken against him, will also be discussed, and it was on the same day that Ashneer Grover resigned. Grover resigned with immediate effect on 28th February but claimed that he would still be standing as the single largest shareholder of the company after mentioning that he and his family were “vilified” and forced to resign.
      On 30th September 2024, BharatPe and Ashneer Grover settled ending their long legal battle and public disputes. As per the settlement, Grover will no longer be associated with the company, and the legal case against him has been dropped. As part of the deal, Grover will also give up his shareholding in the company.
    Ashneer Grover and Salman Khan
    Ashneer Grover and Salman Khan
    • Ashneer Grover recently appeared on Bigg Boss 18 on 18 November 2024, where host Bollywood actor Salman Khan called him out for his past comments and accused him of “doglapan.” Salman also mentioned not remembering any previous meetings with Ashneer. In response, Ashneer praised Salman as a “great host” and said he was sure the episode got great TRP.

    Conclusion

    The story of Ashneer Grover enunciates that however successful you are, problems and challenges are part and parcel of life. The way you overcome them has the power to define who you are.

    Despite the accusations made against him by the board, one can never disagree with the effort and time Ashneer Grover invested in the growth of BharatPe. The Ashneer Grover controversy undoubtedly kept the startup ecosystem, BharatPe Board, the media, entrepreneurs, business professionals, and others engaged for over 2 months, but what hooks all of us right in is what Grover next plans to do. A man of his caliber would certainly have some plans in mind for the startup ecosystem too along with his own personal gains.

    FAQs

    Who is Ashneer Grover?

    Ashneer Grover is the former co-founder, MD, and CEO of BharatPe.

    Who is the CEO of BharatPe?

    Suhail Sameer has been the CEO of the company since August 2020.

    Is Asheer Grover from IIT?

    Ashneer Grover is from IIT Delhi.

    How Ashneer Grover became rich?

    Ashneer Grover became rich by co-founding BharatPe, a fintech company that helps small businesses accept digital payments. The company grew quickly and became valuable, making Grover a wealthy entrepreneur. He also earned money through investments and his role on Shark Tank India.

    Which state is Ashneer Grover from?

    If you are wondering Ashneer Grover is from which state, then you should know that the Former Founder and MD of BharatPe was born in Delhi.

    What is Ashneer Grover education?

    He graduated B.Tech from IIT Delhi and MBA in Finance from IIM Ahmedabad.

    What is Ashneer Grover age?

    Ashneer Grover was born on 14 June 1982. He is 42 years old.

    What is the issue with BharatPe’s board and Ashneer Grover?

    The board accused Grover and his wife of making fraudulent transactions and irregular maintenance of invoices.

    Which was Ashneer Grover first startup?

    Ashneer Grover’s first startup was BharatPe, a fintech company that he co-founded in 2018.

    What is Ashneer Grover net worth?

    BharatPe founder Ashneer Grover’s net worth is around INR 900 crore as of 2024.

    What are Ashneer Grover companies funded by him?

    Some of the major investments that Ashneer Grover made were in:

    • M2P Fintech
    • Rupifi
    • Big Bang Food Tech
    • Pocketly
    • The Whole Truth
    • Koo App
    • EasyRewardz
    • MyHq
    • FrontRow

  • The Curious Case of Bharat “PE” – Bharatpe vs Phonepe Case Study

    BharatPe and PhonePe which are two digital payment applications in India have been fighting in the Delhi High Court regarding trademark rights on their name. It is said that the companies have been fighting among themselves since the year 2018. Let’s look at the complete case study of BharatPe and PhonePe.

    BharatPe Vs PhonePe Case
    Case filed by PhonePe against BharatPe
    Court’s Decision on the Bharatpe vs Phonepe Case
    About PhonePe and BharatPe

    BharatPe Vs PhonePe Case

    The two major digital payment applications have been said to have fighting over the usage of the suffix Pe in their names and the company PhonePe has been claiming trademark rights over it. It is observed that both the companies have been arguing about the topic since the year 2018 and later the Bengaluru based startup PhonePe moved to the court.

    The two leading Digital payment applications have been fighting in the court for a very long time. The documents seen have conveyed that the Flipkart owned PhonePe has sought an authoritative order from the High Court against BharatPe for the usage of the word Pe in the name.

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    Case filed by PhonePe against BharatPe

    It is said that the court did not grant an injection on the original appeal of PhonePe. The suit that had been complained about was based on seeking an authoritative order restraining the use of trademark, passing off, damages, etc. The company PhonePe has filed a suit on BharatPe for using the suffix Pe in both the languages English as well as Hindi and also both in graphic design as well as text.

    PhonePe has been said to have sent a legal notice to BharatPe last year and the company had soon changed the logo and the colour of their original frame but that did not solve the issue and PhonePe had taken the case to the court.

    BharatPe old vs new logo
    BharatPe old vs new logo

    A PhonePe spokesperson had conveyed that the company had approached the Delhi high court in order to protect their brand trademarks which they believe were being broken against the agreement of the law and added that the company was not interested to comment beyond this whereas BharatPe had declined to comment about the issue.

    Sameer Nigam Biography – Founder & CEO of PhonePe | Education | Personal Life
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    StartupTalkyMegha Rani

    Court’s Decision on the Bharatpe vs Phonepe Case

    The Justice had conveyed that the usage of the word Pe in both the company’s names was nothing but a different spelling used to denote the word pay and added that no rights can be claimed over a mark which describes a word or even a word which is used to describe a part by misspelling it.

    The court also added that the word Pe had not derived any other meaning other than pay. That is the company has not created a different impression on the minds of people like giving the word Pe a secondary meaning which refers to the goods or service provided by the company.

    However, the Justice had conveyed that if the word Pe has acquired a secondary meaning then the court would look for a trial and the company will have to prove to the court that the word has a secondary meaning and the primary meaning i.e., pay should have been completely removed from the minds of their consumers. In order to move forward with this, the company will have to create evidence from their customers that the word has a complete secondary meaning which is related to the goods or service they provide.

    The Court had said that considering the above factors both PhonePe and BharatPe are made up of several parts and added that these parts cannot be separated as Phone and Pe and Bharat and Pe. The court conveyed that the company PhonePe cannot claim rights over the word Pe.

    The court added that the word Pe provides the meaning of the service provided by both the companies that is pay and said that by misspelling Pay and Pe there cannot be any claim on the legal positions.

    About PhonePe and BharatPe

    PhonePe Logo
    PhonePe Logo

    PhonePe and BharatPe are both companies that provide digital payment services where as BharatPe provides their services only for the merchants and concentrates completely on that sector but PhonePe provides for both merchants as well as individual consumers as anyone who downloads the app can use PhonePe’s service.

    BharatPe Logo
    BharatPe Logo

    PhonePe has been increasingly expanding towards the merchant payments sector and BharatPe can be considered to be one of its major competitors in the field. PhonePe is considered to have a valuation of around USD 7 billion according to Morgan Stanley and BharatPe has been the fastest growing merchant payment company.

    BharatPe has conveyed that they have around 1.5 million merchants on their platform with a daily transaction of around INR 7 lakhs and PhonePe for business has around 4.2 million merchants using it actively. Both the companies are considered to be expanding aggressively on-boarding offline merchants.

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    Conclusion

    BharatPe is a billion-dollar company with a valuation of close to USD 1 billion whereas PhonePe is already in the billion-dollar club. It is considered to be the first instance where 500 crores + companies involving into a fight against the trademark.

    FAQ

    Who is the founder of BharatPe?

    Ashneer Grover and Sashvat Nakrani are the founders of BharatPe.

    Is BharatPe Government company?

    BharatPe is a private company founded in 2018.

    Is PhonePe an Indian company?

    PhonePe is an Indian digital payments and financial services company headquartered in Bangalore, India. It was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer.

    Is BharatPe and PhonePe same?

    No, BharatPe and PhonePe are different companies. They both offer digital payment services.

    Who is the owner of PhonePe?

    PhonePe is owned by Flipkart.

  • Top 10 Countries Leading in Real-Time Payments

    With the advent of cheap, a large number of countries are trying to go cashless. Going full digital will also help Government track their money better. Almost every country has devised its own payment app. After the pandemic, there were about 70 billion digital transactions that happened in 2020 alone. A number of people have now turned to online shopping at present. This is why in every country there was a surge in digital shoppers. Globally, the total transaction value in Digital Payments is expected to reach US$8,562 Billion in 2022.

    But what is real-time payments you may ask, Realtime payments are platforms or networks via which online payments can be made 24/7.

    So, let’s look at the Countries with the most real-time payments. These countries have innovated significantly in their digital payment space. This has enabled the common man to make transactions digitally.

    Real-time transactions of different Countries in 2020
    Real-time transactions of different Countries in 2020

    Countries Leading in Digital Payments

    1. India
    2. China
    3. South Korea
    4. Thailand
    5. United Kingdom
    6. Nigeria
    7. Japan
    8. Brazil
    9. USA
    10. Mexico

    India

    Digital Payments App usage in India
    Digital Payments App usage in India

    India has the most real-time payments. It seems that India has successfully designed payment technologies that can be used by the common man. India has a number of apps that are reliable for digital payment.

    Companies like Paytm and Google Pay have pioneered digital payment in India. They have made digital payment accessible to the common man. The main game changer was UPI. This is what led to such high digital transactions. Paytm has also enabled QR-based payment for any kind of small business. This is why anyone could digitally pay anybody. After the pandemic, there was a significant rise in online shopping and which gave rise to digital contactless payments. Digital transactions grew close to 90% in the three years from FY19 to FY21. The value of digital payments in India in 2021 was 300 billion. In the financial year 2021, around 44 billion digital payments were recorded across India. Total transaction value in the Digital Payments segment is projected to reach US$142 billion in 2022. Market experts and statistics predict that it will grow to reach 1 trillion by 2026.

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    China

    Digital payments apps popularity in China
    Digital payments apps popularity in China

    China has a huge amount of online transactions and it has a number of online payment app like Alipay, Wechat Pay, ApplePay, Tenpay, and others. AliPay and wechat pay are most widely used for digital transactions than any other company. A lot of businesses fully transact digitally. The businesses which operate with AliPay also transact digitally. As of December 2021, around 900 million people used digital payment transactions in China. Total transaction value in the Digital Payments segment is projected to reach US$3,225 billion in 2022.

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    South Korea

    South Korea is another country that has digitized all kinds of banking and peer-to-peer transactions in a big way. Apps like Amex, Kakao Pay and has a lot of transactions in South Korea. There are other apps like Toss Pay, Payco, T-money, Cashbee, Visa payment. After the pandemic, a lot of businesses came online and started accepting payments online. This led to increase in online payment in South Korea. Total transaction value in the Digital Payments segment is projected to reach US$ 214 billion in 2022. The digital payments in south Korea is expected to reach $ 500 billion by 2024.

    Thailand

    Thailand is another country that is doing a lot in the field of online payment. They have come up with a payment platform called prompt pay. Before pandemic Thailand had about 7 million, now it has 14.5 million transactions in the whole country. There are also other startups that are coming forward and are building solutions to make digital payment more feasible. Total transaction value in the Digital Payments segment is projected to reach US$ 32 billion in 2022.

    United Kingdom

    The United Kingdom also has a lot of digital transactions. There is a number of options for digital wallets in the United Kingdom. PayPal is one of the prime companies which provide all kinds of banking transactions. After the pandemic, there is a huge rise in online payment in e-commerce. There are also other fintech companies that are coming into the space to provide solutions in this sector.

    The UK is trying to build a very robust online payment system and the adoption of people to digital ways is also increasing. Total transaction value in the Digital Payments segment is projected to reach US$ 436 billion in 2022.

    Nigeria

    Nigeria is another country that has tried implementing digital payment methods in its territory. There are many apps like Tingg, Paga, Mobile Money. After the pandemic, the digital payment penetration is very high. Though there are other challenges like poor internet, a lot of entrepreneurs are coming forward to provide solutions in this area. The real-time payment volumes grew hugely in 2020. The Real-time volume was 1.9 billion in 2020. It is expected to reach $7.7 Billion by 2025. Total transaction value in the Digital Payments segment is projected to reach US$ 13 billion in 2022.

    Japan

    Though Japan is a very technologically advanced country, it is still making a huge amount of transactions in cash only. Experts say that the scenario will change as a lot of the younger population will start transacting through online means. After the pandemic, Japan also saw a significant rise in digital transactions. In 2021, around 5.74 billion digital transactions were recorded. Total transaction value in the Digital Payments segment is projected to reach US$ 364 billion in 2022.

    Brazil

    Brazil is also taking huge strides to transition to online payment. Though in the present, people in Brazil do 40% of transactions by cash a lot of people are transitioning to online means. There are a number of Fintech companies that have mushroomed up in order to provide service in this space. Pix a fintech software launched by Brazil’s Central Bank is used hugely in this country. Total transaction value in the Digital Payments segment is projected to reach US$ 69 billion in 2022.

    United States of America

    The United States Of America also has a huge amount of online transactions in the world. Companies like PayPal and Google Pay are leading in the USA. They have redefined banking and has made banking transaction much simpler. After the pandemic, the USA also saw a significant rise in online transactions. Total transaction value in the Digital Payments is projected to reach US$ 1801 billion in 2022.

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    Mexico

    Mexico is transitioning to digital modes of payment recently but a lot needs to be done in this sector. Presently about 85% of transactions happen through cash. Strange behavior that has been noted in the Mexican people is that they consider cash to be more reliable than online payment. Even if they are buying something on any e-commerce, they prefer cash on delivery. Apart from that, the banks are also not very innovative. Total transaction value in the Digital Payments segment is forecasted to reach US$ 72 billion in 2022.

    Conclusion

    The Covid 19 has provided a massive boost to real-time payment applications as people were confined in their homes and opted for a cashless solution.

    FAQs

    Which country has most number of digital payments?

    India is the leading country with 25.5 billion real-time payment transactions.

    How many countries have instant payments?

    54 countries have activated real-time payment systems.

    Which country doesn’t use cash?

    Sweden is a country where about 80 percent of Swedes use cards with 58 percent of payments being made by card and only six percent made in cash, according to the Swedish Central Bank.

  • Harshil Mathur Success Story- How he Founded Razorpay

    As India’s digital environment grows and develops, so does market rivalry, with a growing number of entrepreneurs prepared to take a chance on something off the usual path. The emergence of technology, with all of its benefits, has opened up a world of possibilities and chances for a wide range of industries, providing the foundation for the contemporary world’s advancement. The internet payment business is one such industry.

    We’ve come a long way from the days when sending money was a complicated and time-consuming operation. Because of the plethora of platforms that have been seeking to set up simple and secure online money transfer services, the operation may now be completed with a single sweep of our fingertips.

    One of the first names that come to mind when we think of such platforms is Razorpay, a payment gateway platform that provides a safe and secure payment system to all customers in India. And the amazing young man behind this unicorn startup is less recognized but has huge contributions to the sector. He is Harshil Mathur. Know more about the co-founder of Razorpay.

    Name Harshil Mathur
    Occupation Entrepreneur
    Founded Razorpay
    Education Bachelor of Technology (B.Tech.) from IIT Roorkee
    Occupation CEO of Razorpay
    Known for Co-founder of Razorpay

    About Harshil Mathur
    Harshil Mathur – Education
    Harshil Mathur – Startup Journey
    Harshil Mathur – Idea behind Razorpay
    Harshil Mathur – Thriving during Covid-19
    Harshil Mathur – Investments
    Harshil Mathur – FAQ

    About Harshil Mathur

    Harshil Mathur, the CEO of Razorpay, is an Indian businessman, author, and entrepreneur. In the fintech field, he has brought his company to the peak of success. Mathur offers advice to people who want to succeed in business and want to understand his methods. He doesn’t keep things hidden; instead, he freely discloses his method for reaching business objectives. That’s the spirit he works with.

    Harshil considers a 9-to-6 corporate job to be his Achilles heel. Every day is a new struggle for him. It may seem like an entrepreneur’s cliché, but the urge to be pushed, to be on his toes every day addressing a new problem, is what keeps him going and that is also why he decided to go out on his own in the first place.

    Mathur had over 100 rejections from investors before finding a corporation prepared to take a chance on his business concepts. He believed he had a great concept for a full-stack integrated payments solution firm that would change the industry, but he needed venture financing to get it off the ground. He didn’t give up, and after more than 100 rejections, he was able to secure the funding he needed to establish his new business.

    Harshil Mathur – Education

    From 1997 through 2009, Mathur attended Seedling Public School. He earned his bachelor’s degree with a prime focus on mathematics in 2009. He took part in Exnora Academics when he was there. He enrolled at the Indian Institute of Technology Roorkee’s Technology department in 2009. He majored in software engineering. He was associated with SDSLabs, the Hobbies Club, and ASME while he was completing his graduation.

    In 2013, he received his BTech degree from his college after completing his studies. In 2015, he was a part of the YCombinator W15 Batch, where he was mentored by Paul Buchheit and Dalton Caldwell.

    Y Combinator W15 Batch
    Y Combinator W15 Batch

    Harshil Mathur – Startup Journey

    In June of 2014, he began working for Schlumberger as a Wireline Field Engineer. He worked in Mumbai for nine months before departing in February 2014. He resigned after less than a year on the job to seek other business opportunities.

    He started working on Razorpay right away and created the company, which consumed all of his time and attention. He teamed up with Shashank Kumar, his college friend, to create a payment gateway for small companies having trouble processing internet purchases.

    Shashank Kumar
    Shashank Kumar

    Their fintech business, Razorpay, now processes more than a third of all online payments in India and accepts payments from more than 50 banks and credit card providers.

    Even while the epidemic raged, Razorpay earned unicorn status in October when it secured $100 million in a funding round sponsored by Singapore’s sovereign wealth fund GIC, valuing the company at $1 billion. GIC co-led another round for $160 million in mid-April, when India was dealing with the second wave of Covid-19 infections, bringing Razorpay’s worth to $3 billion.

    Harshil Mathur – Idea behind Razorpay

    According to Harshil, it was critical to discover a market that is underserved, understand the issues that this market encounters, and strive to create a comprehensive solution that is easy to implement. This is what Razorpay performed in a congested payments industry. The firm saw that the incumbent players were mainly interested in digitised transactions and payments for larger vendors.

    The role of the smaller merchants was undervalued. Harshil and his partner decided to create something that would allow this large audience to take payments online as quickly and easily as feasible. They then identified the obstacles in completing this task and attempted to create a system that would remove these impediments.

    They added many other features throughout time, but the idea of growth remained the same. This is shown in their success, as existing customers continue to use Razorpay and new customers sign up because they appreciate what Razorpay offers.

    Harshil Mathur – Thriving during Covid-19

    “Our development is dependent on the businesses we serve—if they expand, we grow,” Mathur Said. As a result, we turned our attention to industries with less physical contact that were predicted to thrive as a result of the Covid-19-induced lockdown.”

    Razorpay centred its focus on client acquisition on e-commerce, gaming, B2B firms that assist enterprises to digitise, and online education. Small businesses, such as grocery stores, schools, and offline merchants, who had never utilised internet payments before and wanted to digitise transactions, were also seen as a big commercial opportunity by the corporation.

    “Not only did this help us obtain a huge number of customers, but it also helped us develop alongside these industries after the lockdown limitations were lifted,” Mathur added.

    Harshil Mathur – Investments

    Date Organization Name Funding Round Money Raised Lead Investor
    Nov 16, 2021 Toplyne Seed Round $2.5M –
    Jul 14, 2021 OneCode Seed Round $5M –
    Feb 8, 2021 Newton School Series A $5M –
    Feb 8, 2021 GlobalFair Seed Round $2M –
    Jan 19, 2021 Volopay Seed Round $2.1M –
    Dec 15, 2020 Hashnode Seed Round $2.1M –
    Jan 14, 2020 Farmley Seed Round $2M –

    Mathur has made a number of significant investments outside of Razorpay. He has given a substantial quantity of money to help other business owners. All that could be identified is that he has invested an unknown sum in a seed round to Farmley in 2020.

    Following that, $2.1 million was invested in Hashnode’s seed round, $2.1 million was invested in Volopay in January 2021, $2 million was invested in GlobalFair in February 2021, and $5 million was invested in Newton School in February 2021 for a round of Series A funding.

    He understands how tough securing the initial round of seed capital can be, and he assists other fledgling businesses in getting off the ground.

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    Conclusion

    Mathur and his partner have won many awards for their Razorpay startup’s incredible success despite the odds. Fintech, he says, is the strongest sector in India right now. Hence he knows that his startup is on the right path and will continue to grow in many ways.

    Harshil Mathur – FAQ

    Who is Harshil Mathur?

    Harshil Mathur is an Indian entreprenur, author and the co-founder and the CEO of Razorpay.

    What is the education qualification of Harshil Mathur?

    He studied Bachelor of Technology (B.Tech.) from IIT Roorkee from 2009 to 2013.

    When did Harshil Mathur founded Razorpay?

    Harshil Mathur co-founded Razorpay in 2014.

  • 5 Most Successful Recurring Payment Gateways in India

    Customers are able to ease their lives by signing up for the services they require. This is why subscriptions and recurring payments are integral elements of our hectic daily lives. If you are among those who are seeking a recurring payment gateway to receive subscription payment in India or any other country, read the article below.

    We’ll explain how to collect money. This is possible through an auto mode, which is a monthly subscription with an automated payment system that is activated. This is accomplished through recurring payment gateways.

    However, before you jump into the list, let us understand what is a recurring payment gateway.

    What is a Recurring Payment?
    How does Recurring Payment Work?
    Which are the best recurring payment gateways in Inia?

    1. CCAvenue Payment Gateway
    2. Razorpay Payment Gateway
    3. PayPal Payment Gateway
    4. LotusPay Payment Gateway
    5. Paytm Payment Gateway

    Conclusion
    FAQs

    What is a Recurring Payment?

    Recurring payments are transactions that are performed repeatedly and regularly over a specific time.
    Recurring payments are transactions that are performed repeatedly and regularly over a specific time.

    The recurring payment is the type of transaction that gives merchants the chance to process authorizations. These are authorizations that could be different to the specific customer. A recurring payment can be fixed or multi-faceted. It could be also repeated billing.

    Digital service providers around the world also offer services that allow users to pay for a subscription on a month-to-month basis, quarterly, or annually. These providers include MailChimp, AWS, Aweber and many others.

    Service providers who aren’t located in India charge customers with US dollars. They will bill the subscriber monthly amount without the involvement of their providers. However, in India customers must prove that they have paid by using the second method. Automatic subscription fees are not possible for Indian businesses.

    How does Recurring Payment Work?

    The situation in India is somewhat complex due to the two-factor authentication procedure. This means that we’re required to use recurring billing processing. Recurring payment processors cannot accept online payments without an OTP (one-time password).

    Every single person living in India uses OTP to process every online transaction. When we consider the transactions that are made with one click on the e-commerce sites like Amazon, Flipkart, etc. that isn’t really the same as an Amazon app, it’s the payment gateway. Anyone experienced with payments gateways knows that their OTP is a procedure that must be followed and can’t be avoided.

    Features of Recurring Payments
    Features of Recurring Payments

    Typically, a customer purchases or registers to a particular service by using the payment gateway. The customer needs to pay for the service at a regular interval. These intervals could be weekly, fortnightly or even monthly.

    The customer must provide the payment details like debit or credit card at the time of the initial payment. The payment information provided is then entered through the credit card processing system (not from the retailer). The bank is able to take any kind of transaction, either through a subscription or a regular payment gateway. They’ve already accepted such an offer to banks.

    When the subscription is due for renewal, the system transmits an email to the payment gateway to process the payment. Based on the authorization previously granted that it has secured the transaction, the funds are then transferred to the seller.

    How to Receive Recurring Payments From Your Customers

    Subscription Vs One-time Payment

    If you buy a product or service, you have to pay for the item. In the majority of cases, you only pay once. You can also choose to pay via the internet by using a payment processor. There are numerous payment options accessible. You can take advantage of one of them to grow your business.

    But, there are numerous businesses where you need to pay on a regular basis. For example, subscriptions model businesses like Netflix, Disney+Hotstar, etc. Subscriptions and recurring payments require authorization from the customer to be paid off.

    A customer must allow his bank to make automatic payments automatically. This is the reason why it is faster. This is the best option for businesses because it doesn’t require following up with customers.

    Which are the best Recurring Payment Gateways in India?

    There are various recurring payment gateways in India that allow customers to make payments online. Some of the popular ones are:

    CCAvenue Payment Gateway

    CCAvenue is among the most popular payment gateways used by Indian merchants.
    CCAvenue is among the most popular payment gateways used by Indian merchants.

    With CCAvenue, you’ll be able to move beyond traditional invoices and billing. This provides an uncomplicated subscription service that is enjoyable to use. It is possible to build a custom subscription plan to meet the requirements of your company. It also permits recurring payments using various payments options.

    It makes the process of payment simpler for users and guarantees prompt transactions. CCAvenue helps you avoid complicated calculations. There won’t be any delays in transactions when you use CCAvenue subscriptions that are automated.

    Razorpay Payment Gateway

    Razorpay UPI Autopay allows merchants to collect payment anytime.
    Razorpay UPI Autopay allows merchants to collect payment anytime.

    It is now possible to create recurring payments using UPI. UPI AutoPay (also known as UPI recurring) lets merchants select the debit card for users. This is not just beneficial to existing businesses but also provides an even wider market. It also allows businesses to look into new revenue streams by incorporating the possibility of up-autopay.

    UPI Recurring is providing adaption across all major UPI Apps. It is supported by BHIM, HDFC, iMobile and is expected to get more support.

    Razorpay Recurring Payment Charges

    The standard transaction fee for payment gateway:

    Plans Pricing
    Indian debit and credit cards 2% per transaction + GST
    Net banking 2% per transaction + GST
    UPI & Wallets 2% per transaction + GST
    Diners, Amex, International cards & EMI 3% per transaction + GST
    Additional charges on subscription 0.9% charges to every payment

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    PayPal Payment Gateway

    PayPal Recurring Payments allow invoicing your customers for digital and physical items as well as services.
     PayPal Recurring Payments allow invoicing your customers for digital and physical items as well as services.

    About 200 million users around the world utilize PayPal for online payments. PayPal is the largest provider of 35% of all world’s payments. This is a fantastic option to accept payments for memberships, and more.

    PayPal subscriptions let you manage the recurring payment for specific services. Using this type of payment, you can establish billing intervals, frequency and other options.

    LotusPay Payment Gateway

    LotusPay helps to automatically collect recurring payments from the customers' bank account.
    LotusPay helps to automatically collect recurring payments from the customers’ bank account.

    LotusPay provides a recurring payment system for companies located in India. NACH platform is a simple dashboard with REST APIs, as well as mobile SDKs. All this is to manage subscriptions, plans, users, settlements and payments. It secures the money and then sends them to you promptly. All of it is fully automated.

    How does it work

    • You can make general plans that include different amounts, frequencies and lengths. You may even design a plan with flexible payment. Custom subscriptions are also designed for specific customers.
    • Users will receive authorization links to your page. All you have to do is add your personal details. Then, authorize the mandates.
    • The process is secured through banks’ channels. It is active within 1-2 days. When the due date for payments is reached, it will automatically debit the account of the user. It is done according to the schedule of subscriptions. They then pay the money to you.

    LotusPay Recurring Payment Charges

    Plans Pricing
    Standard charges 1% per successful transaction
    Maximum fee Rs.50
    Minimum fee Rs.5
    Monthly fee Rs.0
    Setup fee Rs.0
    GST taxes applicable

    Paytm Payment Gateway

    Paytm lets you make subscription payments that aids merchants in collecting recurring payments. This is done without having to explicitly go through the repurchasing procedure. This method is utilized for products that are used on a regular basis. Transactions are performed periodically by the customers.

    Paytm gives merchants seamless ways to take the subscription payment from their clients.
    Paytm gives merchants seamless ways to take the subscription payment from their clients.

    Paytm Recurring Payment Charges

    There are no one-time or recurring charges for setting up and running your Paytm for business account.

    Conclusion

    Credit and debit cards are the most common method for conducting a digital transaction in India. This was made possible by the advent of UPI. UPI (Unified Payments Interface) has evolved into an alternative for continuous payments. It lets transactions be dependent on the pull.

    The seller is only required to begin the process with the intention of deducting the subscription each month. Subscribers will be enrolled using an m-PIN. This allows the seller to make it simpler to avail of the services without needing the card or account information. A recurring subscription is purchased with a credit card only. There’s a chance it could be purchased with debit cards too.

    Hope that you’ve grasped the concept behind recurring payment gateways.

    FAQs

    How do recurring payments benefit consumers?

    Recurring payments are more convenient for customers since they have to enter the billing information only once. The recurring payments begin there and they then deduct the amount out of their account at exactly the appropriate date on the day of their bill.

    How does recurring payment work?

    Recurring payment allows the customers to authorize the merchants to draw funds from their accounts regularly for purchases and services that they receive on a regular basis.

    Which payment gateway is best in India for startups?

    These are just a few of the most well-known payment gateways that are popular in India.

    • CCAvenue Payment Gateway
    • Razorpay Payment Gateway
    • PayPal Payment Gateway
    • LotusPay Payment Gateway
    • Paytm Payment Gateway

    Is recurring billing good?

    A recurring bill is a system that allows businesses to accept ongoing payments however, it is able to obtain the card details from the customer just once. Recurring billing is beneficial for business owners because it guarantees an unpredictable flow of cash while the automated configuration can cut down on time and costs.

  • SafexPay’s CEO discusses how to choose a payment gateway provider

    Mr. Ravi Gupta is the Founder & CEO of SafexPay having more than 10years of experience in Payment Gateway, Digital wallet, Acquiring & E-commerce industry. SafexPay is an industry leader in payment gateway solutions, white-label payment gateways, white-label Neo-banking Platform, white-label QR Code management tool, Payout API, and Customized payment Solutions.

    Here’s what Mr. Ravi has got to say on How to Choose the Right Payment Gateway Provider –

    If you’re fixing a web store, one of the foremost important belongings you are going to be trying to find maybe a payment partner. With the proper payment gateway, your customers are going to be ready to pay with no hesitation on your website. But how do you identify the right payment gateway partner?

    With the market crammed with many partners, it’ll be difficult to settle on the proper one. In order to choose the correct one, you should do some R&D and consider the below-given points.

    Here’s a list of the Best Indian Payment Gateway for your Business.

    9 Factors to Consider While Choosing Payment Gateway Provider

    1.Look into location and incorporation details

    Most of the time, your payment gateway should be from the same country or location. The significance is also true.

    2. What’s the pricing and fees?

    Another important step is to understand the fee structure of the corporate. Many of the businesses fall into an equivalent fee structure with a touch variation. Never get lost in the offers of lower fees or discounts, as these could be a catch to attract clients. Ensure that your payment gateway offers a transparent fee structure without any hike.

    3. What’s the technology?

    Choose a payment partner that’s supported by robust technology. Keep in mind that it shouldn’t only give simple, user-friendly solutions but also protect all transactions from fraud. Payment gateway should also be secure enough to protect your customer data and must have a low processing fee.

    4. How good is the support?

    Working in an international market involves a lot of risks and issues that can be not good for your business. Hence support is an important factor to be considered and the partner should fix the problems instantly when you face them. The support should be easy, simple, and with no delay and waiting.

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    5. Does the operator offer worldwide payments?

    Ensure that your payment partner accepts worldwide payments. If you want to grow your business on an international level and get global customers in the future, then you should go with a payment partner which accepts international payments.

    6. What are the safety and security features?

    A very critical need is to make sure the security and security of your consumers, once they do a web transaction. The majority of the fraud happens when payments are made online. There are many ways and layers of protection and you should ensure that your partner follows the highest level of safety features in order to avoid fraud. Here’s a list of Top 10 Cybersecurity Companies in India.

    7. Regular payments

    Many payment gateway providers have different policies of payments and settlements. You should make sure that your partner provides a short-term payment and settlement process and you shouldn’t wait too long. Ensure that the value of the transfer and costs charged isn’t high. Check on the wire transfer fee by your partners as some charge a low fee while some ask for a higher fee. Keep the rolling reserves to a minimum.

    8. Does it allow invoicing

    Go for a payment partner which offers a built-in invoice service. It will make it easier to create instant invoices for the customers and also helps you rely only on one platform.

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    9. Reporting features

    Ensure your payment partner offers you an in-depth report. Once the business begins, you’d want to review the transaction details and other charges applied while using the gateway. Try to accompany a gateway that gives a far better user experience.

    There won’t be a “perfect payment gateway” that fulfills every business. But ensure you go that extra mile in order to get the right partner as a bad choice will cost you lose your money as well as your customers.

  • Payoneer – Should you use it for Your Business?

    We are living in a digital era where jobs and businesses are no more confined to our own country. Small and large businesses have risen above the border restrictions. They are spreading their wings globally. Therefore, Payoneer has entered the picture. It’s a hassle-free payment platform that allows users to send and receive money worldwide. It’s handy and serves you wherever you live.

    Is it worth it? Let’s find out how it serves you and where it’s lacking in performance so you can make a final decision.

    Payoneer Review
    Top Features of Payoneer
    Payoneer – Pros
    Payoneer – Cons
    Payoneer – Pricing
    Payoneer – FAQ

    Payoneer Review

    Payoneer has provided a super solution that we didn’t even know we needed. Its network is spread across many industries including Upwork, Airbnb, Wish, Getty Images, and Fiverr. It seems well-equipped to successfully bridge the gap between various countries. Now freelancers have another option to receive money from foreign employers.

    Once registered, he/she can enjoy automatic money transfers to their local bank account within 24 hours. Requesting payment from international clients has never been easier. Although PayPal, the top competitor of Payoneer, is still leading the race. Top reasons include price difference. Payoneer is working its way into the market well enough considering it’s still young in the business.

    Let’s see how it works.

    Operation is easy. Here’s a step by step guide for you:

    Payoneer Sing-in Page
    Payoneer Sing-in Page
    • Sign in to your Payoneer account
    • Click on ‘request a payment’
    • Select the payer from your list of contacts
    • Enter your personal (name, email) and payment details (currency, amount)
    • Quickly attach all the payment documents and work samples
    • Preview if you want.
    • And DONE.

    A link will be sent to the client on your behalf. When they click on the “Pay Now” link, they’ll be redirected instantly to their Payoneer platform and can send you the money.

    The most difficult task for Payoneer is obviously outdoing PayPal, which has been in the market for much longer time. It all comes down to the user experience though. If the app satisfies the users, more downloads will follow.

    Payoneer customers
    Payoneer Customers

    Top Features of Payoneer

    1. Easy onboarding: You can set up a Payoneer account direct from the website and it’s free. Since credit card is unacceptable, there’s no underwriting process.

    2. Local Currency account: Changing currencies is a tricky task but Payoneer lets you wash your hands off it. You’ll just receive money in your local currency.

    3. Marketplace Network: Its network has spread to almost all popular marketplaces and it’s constantly growing. So, you can always use the same app no matter which industry you work in.

    Payoneer – Pros

    • Hassle-free money transfer
    • Extremely beneficial for freelancers and contract workers. The freelance market is growing and global transactions are necessary. You’ll need this so you can focus on your work only and not the payment hassle.
    • You can increase your reach to the international market without worrying about the currency exchange.

    Payoneer – Cons

    • The cost of exchanging is higher as compared to some top competitors.
    • It charges an annual fee for using Mastercard.
    • According to some customers, the fraud detection system is a bit over reactive as it terminates the account over little suspicion.

    Payoneer – Pricing

    Getting paid directly by clients

    3% on credit cards

    1% on ACH bank debits

    Getting paid by marketplaces

    The fee as set by the marketplace itself

     

     

    Withdrawal in the same currency

    1.50 (dollar, euro, GBP)

    Withdraw to a local bank in local currency

    2%

     

     

    Pay

    1% ACH

    3% Credit Card

     

    1% local bank transfer






    Use Payoneer Now



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    Payoneer – FAQ

    Is Payoneer safe?

    Yes, Payoneer is 100% safe.

    What does Payoneer do?

    Payoneer is an online money transferring app that lets you send and receive money from foreign clients and automatically converts currency to your local one when a transaction is made.

    Does Payoneer work in India?

    Yes, Payoneer was banned by RBI earlier but is now functional again in India.

    Is it free to register on Payoneer?

    Yes, Registration is free on Payoneer.

    Final Words

    Freelancers and contract workers will dominate many service industries in a few years. Sign up today and open doors to the international market. Become a part of this top payment app that allows super-fast money transfer at a low cost.