Indian payment companies shore up talent in foreign shores to boost revenues
merchant payment companies are scouting for business opportunities outside the country as margins turn wafer-thin amid rising domestic competition.
Pine Labs, Juspay, CC Avenue and FSS have set up operations outside India and are also hiring senior talent for these markets, which they hope will be their new growth drivers. Aiding the push is the growing acceptance of Indian payments technology worldwide.
In India, these merchant payment companies have been losing out on major revenue generation opportunities due to competition from popular payment modes like Unified Payments Interface (UPI) and RuPay debit cards which do not attract a fee. The government has also reduced the budgetary allocation for payment subsidies.
Adding to their woes are well-funded startups like Razorpay, Cashfree, Paytm and PhonePe that are vying for market share and competing with global firms like Amazon Pay and Google Pay.
The executives ET spoke with said the aim is to help build partnerships with large brands, banks and network providers which can increase acceptability of the company in those areas.
Pine Labs has hired Dounia Jouron, who was previously at the Netherlands-headquartered payments firm Adyen. Jouron will be in charge of driving Pine Labs’ partnership businesses in Europe, the Middle East, Africa and the UK. Last year, Pine Labs had hired Marc Gendron for the firm's US business. Gendron was earlier with American payment firm Netspend and Samsung Electronics.
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