Fintech startup Paysharp gets RBI authorisation to operate as a payment aggregator

Chennai-based fintech startup Paysharp has received the final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA).

The approval, which was granted on August 30, 2024, follows an in-principle license that the company received in December 2022.

The final authorisation places Paysharp among the 36 RBI-approved PAs, which also include major players like Razorpay, Cashfree, and Stripe.

Onboarding merchants

With the RBI's authorisation, Paysharp can now onboard merchants and officially participate in India's payment ecosystem.

The startup primarily focuses on non-card-based payment solutions, offering services such as Unified Payments Interface (UPI) and virtual account-based collections for NEFT, IMPS, and RTGS transactions.

Paysharp's services cater to various sectors, including government, B2B businesses, non-banking financial companies (NBFCs), small and medium-sized businesses (SMBs), and the emerging ecommerce sector.

Unlike other aggregators that charge percentage-based fees, Paysharp offers a flat pricing model to provide a more cost-effective solution for businesses, particularly for those engaging in high-volume transactions.

Innovative product Offerings

Paysharp has developed innovative products like Link Payment and Payment Pages, which are powered by UPI.

The Link Payment feature allows merchants to create and send payment links to customers through platforms such as WhatsApp, SMS, or email, facilitating quick payments.

On the other hand, Payment Pages enable merchants to create customizable pages to accept payments directly from customers.

In addition to these, Paysharp also provides branded UPI handles, dynamic QR code generation, and solutions tailored for the Bharat Bill Payment System (BBPS), specifically for B2B bill collections.

Leadership comments

Commenting on the RBI's final approval, Krishna Kumar Mani, co-founder and CEO of Paysharp, said, "It is great pride to be a part of India’s payment system. We understand the value and responsibility of the authorization, and we will continue to provide simple and safe payments to businesses at a flat price alternative to percentage-based pricing."

Mani further highlighted that the license will allow the company to scale its operations and expand its reach in the Indian fintech space.