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Fintech face-off: Paytm takes on Juspay in clash for payments supremacy

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Nikhil Patwardhan

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Gaurav Tyagi

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Nikhil Patwardhan

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Gaurav Tyagi

25 reads

Fintech giant Paytm is taking on its fellow SoftBank-backed peer Juspay for domination of the latter’s stomping ground—payments orchestration and tokenisation. Even as the two fintechs square off, others may soon join the melee.

January 10, 2024

9 MINS READ

Key Takeaways

  • Paytm has developed a new product suite by leveraging its AI capabilities to make payments more seamless and efficient for merchants
  • With the new suite, the SoftBank-backed company is competing directly with a fellow SoftBank investee, Juspay
  • Interestingly, fintech unicorn Razorpay also recently introduced a similar product, illustrating the increased diversification in the payments space over the past few quarters
  • Payments-focused fintech companies are now vying for the top spot in the full-stack payment services provider space

As the race for dominance in India's digital lending sector intensifies among the country's various fintech giants, a fresh rivalry is unfolding within the payments sphere between two SoftBank-backed companies—Paytm and Juspay.

The former, renowned as a pioneering fintech unicorn, has harnessed its artificial intelligence (AI) capabilities to craft a suite of products aimed at expediting and making payments seamless for merchants. Paytm’s suite, which encompasses features such as routing payments to the most efficient gateways and tokenising credit and debit card details, places the fintech giant on a collision course with Juspay.

Initially developed and used internally to decrease reliance on platforms like Juspay, Paytm realised the need to take this suite to its existing set of merchants to improve its client retention rate.

Previously, Paytm’s merchant suite offered online and in-store payment acceptance services such as an online payment gateway, all-in-one and dynamic-QR codes to receive cross-platform payments, point-of-sale (PoS) machines, and soundboxes. Now with the new product set, it is aiming to become a full-stack, one-stop payment services provider.

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