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manish aswani's avatar

First of all, this is a great article, and I truly appreciate the insights shared. However, here’s my perspective: the loss of PhonePe could ultimately be a bigger setback for PhonePe itself than for Juspay.

To truly disrupt Juspay’s dominance, it would require a coordinated exit of the top five payment aggregators simultaneously, creating a "trouble in paradise" scenario for Juspay. Otherwise, Juspay appears to be actively fortifying its position by enabling banks with the same smart gateway solutions it developed for HDFC.

Juspay’s stronghold becomes even more evident when we consider its robust merchant relationships and its Android and iOS SDKs. These SDKs, which are deeply integrated into the Indian ecosystem, inherently create powerful retention hooks that many are underestimating. Coupled with its high-retention orchestration product, this "super sticky" SDK makes it incredibly challenging to displace Juspay from the equation.

Your perspective aligns closely with mine on ecosystem to be moving toward merchant infrastructure-deployed solutions. This involves a connector-based system where Juspay-like infrastructure is embedded on merchant servers, communicating directly with gateways. This approach is likely to be well-received by gateways.

At the same time, it’s worth noting that payments have become highly commoditized, where processing a card transaction via Razorpay or HDFC’s smart gateway delivers nearly identical outcomes in terms of success rates. Decisions today are largely price-driven. If Juspay succeeds in collaborating with banks, the departure of any payment aggregator (PA) will have minimal impact on Juspay or the merchants relying on their solutions.

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Vishal Shah's avatar

Great article and very informative as always, but do you have more info on the fraud cases for xborder orchestrator, since what you mention is a solution, but any idea on the actual fraud cases.

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