{"id":1246596,"date":"2023-06-16T10:20:56","date_gmt":"2023-06-16T04:50:56","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1246596"},"modified":"2023-06-16T10:21:30","modified_gmt":"2023-06-16T04:51:30","slug":"phonepe-has-just-launched-its-own-payment-gateway-can-it-challenge-paytm-pine-labs-razor-pay","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/phonepe-has-just-launched-its-own-payment-gateway-can-it-challenge-paytm-pine-labs-razor-pay\/","title":{"rendered":"PhonePe Has Just Launched Its Own Payment Gateway: Can It Challenge Paytm, Pine Labs, Razor Pay?"},"content":{"rendered":"\n

\ufeffPhonePe has launched its own payment gateway which will serve MSME (Micro, Small, and Medium Enterprises) merchants across the country.<\/p>\n\n\n\n

\"PhonePe<\/figure>\n\n\n\n

“PhonePe is already a market leader in UPI with over 50% market share by value. <\/p>\n\n\n\n

The company\u2019s ability to handle large-scale transactions and the strong consumer trust in the platform have translated into PhonePe launching its Payment Gateway business to provide the best-in-class payment experience to consumers and merchants alike,” the company said in a statement.<\/p>\n\n\n\n

Range of services<\/strong><\/p>\n\n\n\n

A payment gateway is a technology <\/a>provided by third-party platforms that ensures the secure transfer of money from the customer’s bank account to the merchant’s payment portal.<\/p>\n\n\n\n

This is the latest product offering in addition to its range of services <\/a>it offers to its 450 million-strong registered user base, including wealth management, lending, stockbroking, \ufeffOpen Network For Digital Commerce (ONDC)\ufeff-based shopping app (Pincode), and account aggregation.<\/p>\n\n\n\n

Reliance on external gateways<\/strong><\/p>\n\n\n\n

PhonePe has been <\/a>relying on external payment gateways to process payments on its app<\/p>\n\n\n\n

With this launch, the fintech firm no longer has to depend on external gateways for its in-app payments.<\/p>\n\n\n\n

The company intends to tap into larger offline and online merchants, including small and medium businesses.<\/p>\n\n\n\n

Features<\/strong><\/p>\n\n\n\n

The company also assured, “The PhonePe Payment Gateway is reliable and ensures 100 percent uptime for merchants and comes with industry-best success rates. <\/p>\n\n\n\n

It proactively detects downtimes and ensures stable success rates of transactions with real-time instrument health-tracking capability.” <\/p>\n\n\n\n

It also complies with RBI Laws to securely store customers’ tokenized cards in the PhonePe Card Vault after taking consumer consent.<\/p>\n\n\n\n

Initial free onboarding<\/strong><\/p>\n\n\n\n

The company is currently allowing new merchants to onboard for free.<\/p>\n\n\n\n

This is an initial offer while most payment gateways charge a standard transaction fee of 2 percent.<\/p>\n\n\n\n

“While most PGs charge a standard transaction fee of 2%, PhonePe has a special offer for new merchants to onboard for free, with no hidden charges, setup fees, or annual maintenance fees,” the company said <\/a>in a statement.<\/p>\n\n\n\n

Competition<\/strong><\/p>\n\n\n\n

It competes with <\/a>Razorpay, Cashfree, CCAvenue, Pine Labs, and PayU. One97 Communications Limited, the parent company of Paytm which also launched its own payment gateway in 2012.<\/p>\n\n\n\n

Offline leader Pine Labs launched its own online payment gateway, Plural, while Mswipe will launch something similar soon.<\/p>\n\n\n\n

Online gateway provider Razorpay acquired <\/a>Ezetap last year to venture into the offline category.  <\/p>\n","protected":false},"excerpt":{"rendered":"

\ufeffPhonePe has launched its own payment gateway which will serve MSME (Micro, Small, and Medium Enterprises) merchants across the country. “PhonePe is already a market leader in UPI with over 50% market share by value.  The company\u2019s ability to handle large-scale transactions and the strong consumer trust in the platform have translated into PhonePe launching […]<\/p>\n","protected":false},"author":24,"featured_media":1246604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[1868,359],"class_list":["post-1246596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-payment-gateway","tag-phonepe"],"acf":[],"yoast_head":"\nPhonePe Has Just Launched Its Own Payment Gateway: Can It Challenge Paytm, Pine Labs, Razor Pay? - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/phonepe-has-just-launched-its-own-payment-gateway-can-it-challenge-paytm-pine-labs-razor-pay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PhonePe Has Just Launched Its Own Payment Gateway: Can It Challenge Paytm, Pine Labs, Razor Pay? 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