Home Uncategorized Juspay Bolsters Recurring Payments Arsenal with Acquisition of LotusPay.

Juspay Bolsters Recurring Payments Arsenal with Acquisition of LotusPay.

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In a strategic move aimed at fortifying its position in the payments industry, Juspay, a leading payments infrastructure firm backed by SoftBank, has announced its acquisition of LotusPay in an all-cash deal. This acquisition marks a significant step for Juspay as it seeks to expand its offerings, particularly in the BFSI segment and among merchants, specifically emphasising enhancing recurring payment capabilities.

Founded in 2016 by Atma Krishna and backed by Y Combinator, LotusPay has emerged as a key player in payments infrastructure. The company provides cloud-based software tailored for merchants and banks, with its flagship product being the NACH Debit, powered by the NPCI (National Payments Corporation of India). This technology enables banks, financial institutions, and merchants to seamlessly collect recurring payments for various purposes, including loans, investments, insurance premiums, subscriptions, and more.

LotusPay has built a robust clientele, serving prominent names in the financial sector, such as HDB Financial Services, InCred Finance, IIFL Samasta Finance, and tech startups, including StashFin, Pine Labs, and Kissht. In 2023 alone, LotusPay boasted impressive statistics, registering over 5 million mandates and processing over 20 million transactions, surpassing a total value of Rs 20,000 crore.

The integration of LotusPay’s NACH Debit technology into Juspay’s existing suite of products, including HyperCheckout and Express Checkout, is poised to enhance the overall capabilities of Juspay’s offerings. This move signifies Juspay’s commitment to providing comprehensive payment solutions to its clients, enabling smoother and more efficient transaction processes.

Juspay, known for processing over 100 million transactions daily, with an annualized TPV (Total Payment Volume) of $500 billion, is poised to leverage this acquisition to solidify its market position further. By incorporating LotusPay’s technology into its ecosystem, Juspay aims to streamline recurring payment processes for its clients while continuing to offer LotusPay’s services as a standalone option.

The acquisition of LotusPay by Juspay underscores the dynamic nature of the payments industry, where strategic partnerships and acquisitions play a crucial role in shaping the landscape. As businesses and consumers increasingly rely on digital payment solutions, companies like Juspay actively seek ways to innovate and expand their offerings to meet evolving demands. With this acquisition, Juspay is well-positioned to capitalize on the growing trend of recurring payments, further cementing its status as a payment ecosystem leader.

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