Jupiter Money, a leading name in India’s neo-banking space, is on a mission to create a fully digital banking platform. With verticals spanning across lending, banking, investments, and personal financial management (PFM), Jupiter aims to redefine convenience for its customers. Known as the “All Things Money App,” Jupiter is committed to delivering seamless financial services in the digital age.
To achieve this, they needed a reliable and efficient payment partner that could support their growing needs across multiple verticals. This is where Razorpay came into play.
The Quest for a Seamless Repayment Infrastructure
As Jupiter ventured into digital lending, one of their critical requirements was an efficient repayment structure. They needed a platform that could handle repayments seamlessly, ensuring that customers could easily repay loans through various channels. The challenge was to implement a payment collection system that could integrate with Jupiter’s existing operations and provide a reliable reconciliation process.
Prior to partnering with Razorpay, Jupiter had not used any payment provider, making this an important decision. They needed a solution that could handle manual repayments through links and other modes like UPI, especially for customers who were unable to pay through the Jupiter app for various reasons. Additionally, mandates for recurring payments were essential to ensure timely collections, reduce customer effort, and maintain a consistent revenue stream.
Razorpay’s Game Plan: Streamlining Jupiter’s Payment Journey
In 2022, Jupiter partnered with Razorpay, choosing it as their primary payment platform, particularly for lending operations. Razorpay’s seamless integration with Jupiter’s business processes proved to be a game-changer.
- Razorpay Payment Links
Razorpay provided Jupiter with efficient repayment solutions through Payment Links. This allowed customers to repay loans through various modes, such as SMS, email, or WhatsApp or any other medium, ensuring flexibility and convenience.
- Razorpay E-Mandates
Razorpay’s e-mandates feature became a crucial tool for automating recurring payments. Mandate is a convenient way for businesses and their customers to easily manage all the recurring payments like insurance premiums, SIPs, loan installment collections, etc. The implementation of Razorpay’s mandate feature has been a game-changer for recurring collections. By automating payment deductions directly from customer accounts, Jupiter has not only reduced the effort required from customers but has also consistently hit its monthly collection targets.
Jupiter’s collections reach a higher orbit with Razorpay
Razorpay’s innovative solutions have significantly enhanced Jupiter’s payment collection process, particularly for customers who prefer modes like UPI or Payment Links. In FY 2024-25 alone, the number of collections surged by 139%, while the total amount collected grew an impressive 3.4x. This growth has helped Jupiter significantly increase its revenue, ensuring consistent cash flow from a wider range of customers.
Moreover, the success rates for Jupiter’s payment collections have seen a substantial uptick, rising to an impressive 70-80% in FY 2024-25. The adoption of Razorpay’s products has also led to an increase of approximately 5,000 to 7,500 new customers, showcasing the positive impact of the partnership.
Paving the Way for Growth!
Jupiter’s partnership with Razorpay has proven to be instrumental in its journey towards becoming a fully digital bank. By providing seamless, reliable, and innovative payment solutions, Razorpay has helped Jupiter overcome key challenges in their lending operations. The impact of this partnership is evident in the improved efficiency of repayment collections, enhanced customer experience, and the solid foundation it provides for Jupiter’s future growth. As Jupiter continues to expand its horizons, Razorpay remains a trusted partner in their digital banking journey.
