Fintechs intensify merchant push as payment aggregator market gets crowded
The shift is playing out differently across the market’s major players, such as Razorpay and Juspay. The former, which holds RBI licences across online, offline, and cross-border payments, is building what it calls a unified merchant stack rather than running separate businesses, while also tracking early-stage tech startups that would help it grow. Juspay, one of India’s well-known payment firms, reported a record ₹514 crore in revenue for FY25, up 61% year-on-year, and swung to a ₹62 crore net profit, as daily transaction volumes went over 300 million and annualised total payments volume hit $1 trillion.
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