Juspay Technologies launches solution for interoperablility of PPIs

Fintech firm Juspay Technologies on Thursday launched a solution which helps Prepaid Payment Instruments (PPI) like digital wallets implement and comply with RBI's PPI interoperability regulation.

The launch of 'Openppi' follows the May 2021 regulation from RBI mandating prepaid cards and wallets that are full-KYC-compliant to be fully interoperable by March 2022.

Juspay Technologies recently said it has raised USD 60 million (about Rs 457 crore) in funding led by SoftBank Vision Fund 2.

The series C funding round also saw participation from existing investors, VEF and Wellington Management, a statement said.

Juspay intends to invest the funds in technology and product development to scale its business in payments and product adjacencies like credit - both in India and globally, it added.

Founded in 2012, Juspay has helped improve user experience for billions of payment transactions for merchants like Amazon, Flipkart and Swiggy.

Juspay's platform processes 11 million transactions per day.