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Tag: razorpay

  • List of Startups Acquired By Razorpay

    Startup acquisition seems to be a great trend for many big companies. The companies or the startups that have made it big likes to indulge themselves in the game of acquisitions.

    So, when a small startup is doing well in the market but does not have the capability to sustain that, bigger companies tend to take control of it. However, this does not mean that the big companies intend to turn them into successful businesses.

    Razorpay is one of the startups that has made a huge success and now has jumped into this field of acquisitions. Over the years, it has acquired startups like TERA Finlabs, Opfin, and more.

    About Razorpay
    List of Startups Acquired by Razorpay

    1. IZealiant Technologies
    2. Curlec
    3. TERA Finlabs
    4. Opfin
    5. ThirdWatch

    About Razorpay

    It is India’s top and leading company founded in 2014 by Shashank Kumar. Along with him, Harshil Mathur is the co-founder. The company is based in Bengaluru, Karnataka.

    In simple terms, it is an online payment system or mode. Razorpay offers solutions for combined payments in one place. It enables businesses to obtain, process, and also distribute payments with its product array.

    It allows you to use any payment mode. This includes debit and credit cards, UPI, mobile wallets (Mobikwik, JioMoney, etc.) multi-currency, and more. It helps businesses and traders to automate bank transfers, bills, checks, salaries, etc.

    It is a digital system of payments that acts as a link between many apps. The decreasing role of debit and credit cards has given rise to the idea of auto-payments. In this regard, Razorpay offers features like UPI autopay.

    It has administrative features like reporting, payout time, and dispute resolution. Security features like two-factor authentication, fraud protection tools, and more.

    Along with these, other features include E-commerce integration, application programming interface, accounting software integration, etc.

    About Razorpay

    List of Startups Acquired by Razorpay

    Startup Acquisition is a process where bigger companies buy an entire small startup or take the maximum authority over it by buying most of its shares or equity. This usually happens, when large companies want to remove their competition in the market.

    Also, many startups begin their businesses with the hope of ultimately selling them in the future. This is because, after a point of time, the growth of certain startups becomes stagnant. So, going under the shelter of big companies help them to stay afloat and get better exposure.

    Razorpay is one of the most noted companies in India. This payment platform made online transactions super easy and efficient. Its efficiency, great strategies, and right funding at right time made it a Unicorn startup in 2020.

    Over the years of its existence, it has made a total of five acquisitions. It has also made investments in NextPay, Shiprocket, and MSMEx.

    The following is the list of startups acquired by Razorpay:

    IZealiant Technologies

    Founded: 2015
    Acquired: March 2022

    This is the most recent acquisition made by Razorpay. It is a Pune-based fin-tech startup founded in the year 2015 by Prashant Mengawade. It provides for payment transaction processing by banks, traders, and processors.

    The startup provides application programming interface empowered, cloud-ready, and mobile-first payment processing products. The businesses are able to receive, process, and distribute the payments smoothly with this startup.

    It offers features like multi-factor authentication, 3D secure 2.0, E-commerce acquiring, Mobile POS and Micro ATM, and more.

    Razorpay announced the acquisition of the startup on the 16th of March, 2022 for an undisclosed amount.

    Indian Startups Acquisition – 2021 Updated List
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    StartupTalkyJeenal Jain

    Curlec

    Founded: 2018
    Acquired: February 2022

    It is a Malaysian direct debit payment startup founded in the year 2018 by Zac Liew and Steve Kucia. The startup is designed to aid and ease the collection of recurring payments.

    The startup tends to make settlements between customers, merchants, and their banks. It manages transactions and also collects cash receipts. It ensures all this by building technology on top of the payment framework.

    It offers features like card payments, direct debit, payment collection, payouts, management of subscriptions, billing, and more.

    Razorpay announced the acquisition of this startup on the 8th of February, 2022. It acquired the startup for an amount between 19 to 20 Million dollars.

    TERA Finlabs

    Founded: 2017
    Acquired: July 2021

    It is a startup that offers businesses financing solutions. It was founded in the year 2017 by Pradeep Rathnam and Harshil Mathur. It is based in Bengaluru. It provides technology, risk, and capital solutions.

    This risk technology startup offers digital lending solutions for the organizations of finance and customer technology companies.

    It is known for its great specialty in digital lending. It specializes in data-driven risk management, credit underwriting, and capital solutions.

    Razorpay announced the acquisition of the startup for an undisclosed amount on the 19thof July 2021.

    Opfin

    Founded: 2017
    Acquired: November 2019

    It is a payroll management startup founded in the year 2017 by Anuj Jain. It is based in Gurugram. This enables the customers to custom-make their payment workflow to be as hands-off or hands-on as they want.

    The startup is super helpful for small businesses. Its interface is perceptive and simple to use. This discards irrelevant jargon and unwanted steps.

    It offers a wide variety of features like compliance management, attendance management, approval process control, application programming interface, attendance tracking, and more.

    Razorpay announced its acquisition of it on the 23rd of November, 2019 without disclosing the amount.

    Steps Involved in the Process of Startup Acquisition
    Want to get acquired by big companies? Here’s a step-by-step guide to consider when looking to embark on the startup acquisition process.
    StartupTalkyVibhavari Madki

    ThirdWatch

    It is a fraud detection startup founded in the year 2016 by Shashank Kumar. The startup rules out scams and frauds in digital, e-commerce, and banking transactions by using Artificial Intelligence. It is based in Gurugram.

    The startup provides automatic detection and prevention solutions by using AI, big data technology, location profile, and device fingerprinting.

    It offers features like risky order profiling, verification of shipping addresses, model customization, intelligent automation, and more. This helps to cut fraud, keep the rate of interest in check, and improve success and profitability.

    Razorpay declared its acquisition of the startup on the 5thof August, 2019. This was the first acquisition made by Razorpay for an undisclosed amount.

    Conclusion

    Over its eight years of existence, Razorpay has surely made great progress and created a significant name for itself in the market. It has not only made itself successful but has also helped various other businesses by making their processes easy and efficient.

    Since its birth, it has made a total of five acquisitions. All these startups have helped Razorpay to become even more skillful than it was on its own. These have strengthened the company more in the fields of banking services, neobanking, payout processing, e-commerce fraud detection, and more.

    FAQs

    What are the startups acquired by Razorpay?

    Razorpay has acquired 5 startups:

    • IZealiant Technologies
    • Curlec
    • TERA Finlabs
    • Opfin
    • ThirdWatch

    Who is the founder of Razorpay?

    Shashank Kumar and Harshil Mathur are the founders of Razorpay.

    What is the valuation of Razorpay?

    Razorpay has a valuation of $7.5 billion.

    Is Razorpay a unicorn?

    Razorpay got unicorn status in 2021.

  • 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

    Comparison Between PayPal And Razorpay (2020) | Get Facts To Choose The Best for Your Business
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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.

  • Instamojo or Razorpay – The better Online Payment Gateway

    As of today, 160 million unique digital payments users are found just in India, which accounts for about 13% of the population. In European countries, the percentage is as high as 68%. The pandemic has further boosted the use of digital payments. This triggers a question, that being, “Which is the best suited platform for digital transactions?”

    Here, we are going to discuss and compare two digital payments platforms, namely Instamojo and Razorpay, both of which were founded in India, with a difference of 1 year. Although the primary difference in the interface one would notice, is that while Instamojo is more of a payment processor and uses payment gateway in the back-end, Razorpay is in itself a proficient payment gateway with a plethora of other options such as payment links and webhooks, there are many other factors which draw the line.

    Instamojo

    Razorpay

    Instamojo vs Razorpay
    Conclusion
    Frequently Asked Questions

    Instamojo

    Founded in 2012 and based in Bengaluru, Instamojo is a convenient and adaptable payment gateway solution, which seamlessly integrates with websites through the use of feasible APIs. When it comes to online payments, the user usually looks for security, transaction speed, and transparency. Instamojo has all of these to offer and more.

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    Instamojo digital payments platform

    Pros of using Instamojo:

    • Instamojo has an excellent pricing model compared to its counterparts. With a freemium approach, the its basic services come free of cost, while the more advanced features are priced.
    • It also offers management of gift cards for a positive customer experience.
    • Instamojo also has an efficient fraud protection algorithm to prevent unnecessary revenue losses.

    Cons of using Instamojo:

    • Instamojo doesn’t work for you if you are a freelancer. It is specifically built to cater to the needs of small to large enterprises.
    • There is no subscription based plan like Razorpay.
    • Instamojo has a relatively limited availability, and is not available on WinPhone, IOS or Macintosh.

    The interface is designed in such a way that the user has the convenience to provide payment links on their website, add pay buttons with integrated payment gateways. Instamojo is a multi-channel payments collection, encompassing some great amenities such as effortless checkout and payment links. Through the use of payment APIs, platform plugins and webhooks, Instamojo integrations with a website or a stack has never been easier. Along with that, its Android SDK enables payment through applications through Android integrations.

    Features offered by Instamojo:

    Instamojo free version Instamojo premium version
    Payment gateway available Payment gateway available
    Transaction fee is 5% + 3 Transaction fee is 2% +3
    Allows 1 picture for each product Allows 10 pictures for each product
    No offers or discounts Offers, coupons, discounts and gift cards

    All the mentioned payment methods come with payment analytics and a post payment customizable experience, which makes the experience of both, the user and the customer, an inordinate one.

    The analytics feature that Instamojo has to offer is no less than the payment aspect. It offers analysis and overall rundown of the sales performance which not only helps manage payments, but also offers insights as to where and in what domain the strong suite lies. It also allows you to Geo-navigate your customer base and engagement with real time performance comparison as well as gives a detailed look on the payments through an organized and user-friendly dashboard. Also, even if the payment fails, Instamojo adds it as a lead as well as allows you to communicate with your potential customers to make their experience a bit more personalized.

    Instamojo is more than just a payment gateway. Instamojo provides complete business solutions right from business capital requirements shipping & logistics.

    Instamojo offers a suite of products to help businesses grow. The business solutions are as follows :

    1. mojoCommerce: mojoCommerce is a free online store, you can sell your physical and digital goods through the platform.
    2. Smart Links: Smart payment links can be created with the help of Instamojo smart links. These smart links help to make payments faster and collect customer data.
    3. Instamojo App Store: As a business, you can connect your favorite apps with Instamojo through the Instamojo app store.
    4. mojoCapital: mojoCapitals allows people to simplify and resolve their business cash flow requirements and capital requirements.
    5. mojoXpress: mojoXpress provides delivery services for businesses. It delivers to more than 12000 pin codes in India.Instamojo for Developers: Simple Payment APIs and Plugins to integrate into websites or mobile apps.

    Razorpay

    Razorpay was founded in 2013 and is based in Bengaluru as well, with the current serving CEO, Harshil Mathur since 2014. One of the first few things that crosses your mind when it comes to a successful payment application is its user base, because that is what reflects its reputation and usage. That is exactly where Razorpay excels; with a market of more than 8,00,000 users, Razorpay flaunts an interactive interface with features such a automated receipts and custom payment pages.

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    Razorpay online payment gateway 

    Pros of using Razorpay:

    • There are a plethora of Razorpay integrations which you can embed, including OpenCart, WordPress, and Wix.
    • It offers a standard and enterprise edition for user specific needs. Both the models are completely customizable with branding features.
    • Razorpay offers its users 24/7 live customer support.
    • It also offers a fixed processing charge, which is usually less than Instamojo, although by a small margin.

    Cons of using Razorpay:

    • There is no standard or free version of Razorpay, which although does not make it any less efficient, the users do not really have a trial option.
    • Offers no customer friendly amenities such as gift cards.
    • Razorpay does not use Secure Sockets Layer(SSL) support, and hence, is less secured.

    With a payment gateway that supports Credit/Debit cards, Netbanking with over 50 banks, UPI and various mobile wallets, Razorpay has a plethora of payment modes which make it customer friendly and accounts for a greater transaction number due to the availability and variety of payment methods. Its powerful and interactive dashboard offers in-depth analysis and statistics on payments, invoices, and refunds making it easy to use. Also the real-time stats help user in strategic and performance based decisions and generate custom reports.

    Features offered by Razorpay:

    Razorpay Standard features Razorpay Enterprise features
    Designed for small and medium business Designed for big enterprises
    Transaction charges 2-3% Custom pricing for business needs
    Support via email and call Offers 24/7 priority support
    Complete online activation Online activation within 24 hours

    Many a times, a customer is retained by the ease of interface and transaction if you have an online marketplace. Razorpay offers seamless and android integrable SDKs(one of the lightest there is, with about just over 200KB) with features such as auto update and auto fill OTP, which helps provide customers, the best experience.  Thirdwatch, a subsidiary of Razorpay, helps you track fraud customers and recognize non deliverable addresses, saving users from unnecessary revenue loss. It is an AI based engine which recognizes and flags the high risk addresses with a red and low risk ones with green color, which is quite convenient, to say the least.

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    Best Indian payment gateways

    Comparison between Razorpay and Instamojo

    Razorpay Instamojo
    24/7 tech support and live rep Does not offer live rep
    Built for all MSMEs and caters to individuals as well Does not support individuals and/or freelancers; only enterprise support
    Does not offer SSL support making it less sequre Secured through Secured Sockets Layer(SSL)
    Razorpay Pricing for MasterCard, Debit Card, Visa and net banking is 2% Pricing for MasterCard, Debit Card, Visa and net banking is 2% + INR 3 and 5% for digital goods
    Offers mobile optimization on standard and enterprise version Does not permit mobile optimization
    Permits recurring payments Does not allow recurring payments
    Auto-update feature updates the application with every new mobile wallet update to hit the market No auto-updating available for mobile wallets
    Failed payments are not handled as well Failed payments are altered into leads and are organised
    Does not allow personalised customer interaction Allows a more personal interaction with customer

    Conclusion

    To say, one works better than the other would be quite unjust, since both of these applications excel at user specific areas. While Instamojo charges a little more than Razorpay, it also offers SSL security. Moreover, while Razorpay offers mobile optimization for both of its versions, Instamojo gives away gift cards for better customer service. An apt comparison would be that Razorpay can be used for even individual business and freelancing purposes, on the contrary, Instamojo could be slightly more suited to bigger enterprises which demand security.

  • Paytm Launches A Mini App Store For Indian Developers

    The digital payments company Paytm has launched a mini app store in order to support Indian app developers and entrepreneurs. It has now become a direct competitor to the Google play store and its dominance in the market. Paytm has come up with Mini app store, following the temporary ban it faced from Google Play store on 18thSeptember for violating the developer guidelines on real money gaming.

    Phonepe which is Paytm rival, had launched its own in app platform in June 2018, which was later rebranded as PhonePe Switch in October 2019. Instead of giving local apps and developers, Paytm is hosting links to Progressive Web Pages (PWAs) which are light apps that can run within a web browser without requiring any installation.

    Mini apps are custom-built mobile websites that offer users an app-like experience without having to download them, thereby helping users save their data and memory. The mini app store only has a few apps listed, but’s plans to list out 300 services in the coming days. According to Paytm’s press release, the mini app store has been designed to help small developers and businesses in India to set up low cost and easy to build apps using HTML and Javascript.

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    The Listed Apps on Paytm mini app store

    More than 300 apps, including Decathlon, Ola, Rapido, Netmeds, 1MG, Domino’s Pizza, Fresh Menu, NoBroker have joined the Paytm app store. The startup founders such as Paytm’s Vijay Shekhar Sharma and Razorpay’s Harshil Mathur, along with 50 other founders discussed on the possibility of building an Indian app store to challenge Google.

    The various apps that are included into the mini app store
    The various apps that are included into the mini app store

    Paytm said that the Mini app store has been in its beta testing phase with select users in the country for some time and has seen over 12 Million visits in the month of September. It also has apps like AQI monitor, EMI calculator, Mojo Pizza, Horoscope, Speedtest and Unit converter. While more apps are expected to join soon.

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    Google enforcing 30% in app fees in India

    The companies move indicates a fallout from google as it is mandatory for the developers listed on its Play Store to use its billing service. Google charges a 30% commission on any transaction made for a digital product or service through its in app billing system. Paytm aims to help developers in reaching out their products to the masses.

    These apps open within a window inside the Paytm app itself and the listing will also be free. It will also provide developers with free payment avenues including Paytm Wallet, Paytm Payments Bank and UPI. However it should be noted that a 2% extra charge is levied for payments that use credit cards. Paytm is also providing the developers with a dashboard for analytics, payment collection and various marketing tools to better engage with users.

    Accessibility to Mini App store

    To access the Mini App Store, open your Paytm app. On the home page, click on Show More > Mini App Store from the pop-up menu. The portal allows direct access to users to explore, use, and make payments through the apps, without any additional downloads or installs.

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    Indian App makers want an alternatives to Google Play

    When Google had recently accounted that it would enforce its 30% fee for apps, the Indian app developers and entrepreneurs to demand for a national app store alternatives to google play. Google play store then pushed back the 30% commission in India until March 31, 2022. The tech giant says that the delay has been so the Indian developers have enough time to implement the UPI for subscription option that will be made available on Google play.

    When asked about the issue Vishwas Patel, The Chairman of Payments Council of India and a member of IAMAI said that, “Just because Google owns the gate and the gateway to the digital ecosystem of this country they should not act arbitrarily and enforce their rules and regulation that are contrary to our country laws”.


    Google stand in courts is that is does not need RBI authorization as it is not a payment system operator but now it is mandatory that Indian apps use only Google proprietary billing and payments systems. “Google should not exercise its dominant position rather allow a level playing field for everyone” he added.

    The Indian developers plan to lobby the government and come up with an alternative to Google. The business channel ET now also reported that the government is planning to ramp up its Mobile Seva app store, which has mostly catered to MSMEs, to act as an alternative to Google and Apple platform. On twitter, Razorpay founder Harshil Mathur added that, India needs a local app store long-term, as it will otherwise eat up most businesses and asked if anyone trying to build one.

    On 29thSeptember google said that, “Play distributed apps must use Google Play billing and as the method of payment if they require or accept payment for access to features or services, including any app functionality, digital content or goods. This applies only to apps and has been purportedly done to prevent revenue leakages to Google Play from January 2021.”

    The government is reportedly planning to make the Mobile Seva app store mandatory on all smartphones. Paytm recently listed on the store, which mostly has Government apps. In the absence of any legal means, the government will have its work cut out for making a viable alternative to Google and Apple, experts said.