India’s Juspay acquires LotusPay to enhance payment capabilities
Bengaluru, India-based Juspay has acquired the recurring payments solution provider LotusPay in an all-cash deal for an undisclosed sum.
Juspay acquires LotusPay in an all-cash deal
Founded in 2012, Juspay provides a Software-as-a-Service (SaaS) payments platform for merchants across various industries and sectors, including travel, e-commerce and fintech, and claims to handle over 100 million transactions daily.
The fintech says its takeover of LotusPay, which is also based in Bengaluru, improves its “offerings for the BFSI (banking, financial services and insurance) segment and merchants, with a particular focus on enhancing its recurring payment capabilities”.
A particular LotusPay feature that Juspay was eager to acquire was its NACH (national automated clearing house) Debit solution.
NACH Debit provides banks and merchants with cloud-based software which enables financial organisations to collect recurring payments for loans, insurance premiums, investments and subscriptions, among other benefits.
Juspay plans to integrate LotusPay NACH into the its HyperCheckout and Express Checkout products, while also continuing to offer it as an independent service.
Sheetal Lalwani, co-founder and chief operating officer of Juspay, explains that following the acquisition, the vendor can now offer its clients a “complete suite of recurring payment options with a single integration”.
Atma Krishna, founder and CEO of LotusPay, adds that both businesses share the aim of simplifying “recurring payment collection for merchants”, and that with this collaboration, the firm aims “to take LotusPay NACH Debit to even greater heights.”
