Juspay, the unicorn in the payments technology industry, has become a part of Mastercard’s global partner ecosystem, aiming to speed up the adoption of the Click to Pay system. This move comes as merchants throughout Asia are increasingly looking for quicker, more secure digital checkout processes.
As a Mastercard Engage partner network’s certified third-party partner for Mastercard Click to Pay, Juspay strengthens its position in the rapidly expanding digital payments arena. This collaboration empowers Juspay to assist financial institutions and merchants in hastening the implementation of Click to Pay, a simplified online checkout solution by Mastercard. This enables consumers to finalize card transactions without the need to manually enter payment details.
This initiative succeeds a triumphant launch in Brazil and represents the company’s drive to boost Click to Pay usage throughout Asia. This region’s e-commerce growth and the ongoing surge in digital payment adoption continue to influence consumer behavior.
Click to Pay is devised with the aim of minimizing checkout friction and enhancing conversion rates by simplifying the online payment procedure. By integrating with Mastercard, Juspay offers merchants a comprehensive range of advanced payment features. These encompass biometric authentication via passkeys, card tokenisation, and streamlined checkout functionality aimed at reducing cart abandonment.
Mark Ronayne, Associate Director – International at Juspay, stated that becoming a part of the Mastercard Engage partner network is a vital landmark as they scale Click to Pay globally. He added that Juspay is determined to eradicate checkout friction while maintaining high-security standards, thus helping merchants offer consumers a uniform one-click payment experience.
This partnership also entails Juspay to collaborate with Mastercard in supporting merchant onboarding and the global implementation of Click to Pay solutions.
Having been founded in 2012 and based in Bengaluru, India, Juspay has risen to become one of the world’s largest payments infrastructure providers. The company facilitates over 300 million transactions daily and supports an annualised payment volume surpassing $1 trillion.
Juspay’s clientele includes leading global brands like Amazon, Google, HSBC, Agoda, Swiggy and Zurich Insurance. The company, backed by investors such as SoftBank, Accel, VEF and Wellington Management, employs over 1,500 payment specialists spanning Asia-Pacific, the Middle East, Europe, Latin America, UK and North America. It secured a $50 million Series D follow-on funding round, led by WestBridge Capital earlier this year, valuing the company at around $1.2 billion.
The recent Mastercard partnership follows in the wake of payment providers stepping up efforts to reduce checkout friction, bolster security, and gain a larger slice of the rapidly growing global e-commerce market.
What is the aim of the partnership between Juspay and Mastercard?
The partnership aims to accelerate the adoption and implementation of Mastercard’s Click to Pay system, offering consumers a streamlined online checkout experience.
What are the features offered to merchants through Juspay’s integration with Mastercard?
Juspay, by integrating with Mastercard, provides merchants with a suite of advanced payment features. These include biometric authentication through passkeys, card tokenisation, and simplified checkout functionality.
What has been the impact of Juspay’s collaboration with Mastercard on the company’s valuation?
While the partnership’s direct impact on Juspay’s valuation is not specified, it is worth noting that the company is valued at approximately $1.2 billion following a $50 million Series D follow-on funding round.
