Razorpay, Cashfree, Juspay pivot from take-rates to SaaS as PA market crowds with 19 cross-border licences
India's payment aggregators are intensifying merchant acquisition across MSMEs, D2C, quick commerce and cross-border, shifting monetisation to SaaS, settlements, device rentals and FX. Juspay hit ₹514 cr FY25 revenue (+61%) with ₹62 cr profit; Razorpay clocked ₹3,783 cr (+65%); PayU draws 34% from VAS.
Indian payment aggregators Razorpay, Cashfree, MobiKwik and Juspay are intensifying merchant acquisition push toward MSMEs, D2C brands, quick commerce and cross-border merchants, shifting monetisation from transaction take-rates to SaaS, settlements, device rentals and FX services.