PhonePe on Wednesday said its Payment Gateway has enabled small and medium businesses to save up to Rs 8 lakh. It said new merchants can onboard the gateway for free, with no hidden charges, setup fees, or annual maintenance fees.
“While most payment gateways charge a standard transaction fee of 2 per cent, the PhonePe Payment Gateway has a special offer for new merchants to onboard for free, with no hidden charges, setup fees, or annual maintenance fees,” PhonePe said in a statement.
For example, Phone said, if businesses with a monthly sales volume of Rs 1 crore choose the PhonePe Payment Gateway for free, they could potentially save around Rs 2 lakh per month. With this limited-period offer from PhonePe Payment Gateway, businesses across India that join the platform can save up to Rs 8 lakh.
“This straightforward and transparent pricing helps merchants enhance their payment experience seamlessly, allowing them to invest the savings from onboarding costs into growing their businesses. PhonePe is already a market leader in UPI with over 50 per cent market share by value,” the company said.
The company’s ability to handle large-scale transactions and the strong consumer trust in the platform have translated into PhonePe launching its Payment Gateway business to provide the best-in-class payment experience to consumers and merchants alike. The ease of use to enhance merchant experience which includes effortless integration, digital self-onboarding, and a seamless checkout experience for customers is making the PhonePe Payment Gateway a preferred choice among businesses and MSMEs across the country.
Suman Patra, co-founder of FlowerAura & Bakingo, said, “As an e-commerce business, it is important to have a reliable payment gateway partner and we are happy to have PhonePe Payment Gateway as our growth partner because of their legacy and experience. PhonePe has helped us improve the customer experience, reduce drop-offs, and increase the overall success rate of payments. PhonePe’s smooth onboarding process and excellent merchant support have been key factors in our decision to continue working with them.”
Shares his experience of working with PhonePe Payment Gateway, Nishchay AG, co-founder and CEO at Jar said in the statement: “When we started Jar, we were clear from day one that we wanted PhonePe as our payment partner because of its reach and responsiveness. PhonePe’s massive distribution network makes it a lot easier for us because users are already UPI-ready.”
“The PhonePe Payment Gateway is in compliance with RBI Laws to securely store customers’ tokenised cards in the PhonePe Card Vault after taking consumer consent,” PhonePe said in a statement.
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