What airpay does

Airpay Payment Services Private Limited, founded in 2012 and headquartered in Mumbai, operates an integrated omnichannel payment platform serving merchants across India, UAE, and Tanzania. The company's product surface spans a full-stack payment gateway supporting 200+ payment instruments (UPI, cards, wallets, net banking, EMI/BNPL), offline acceptance (POS, dynamic QR, Soundbox, Soft POS, cash management system), cross-border services (airpay EXIM, INR collections), subscription billing, split settlement, automated reconciliation, and value-added modules including Business Loans, Risk & AML, Account Validation, e-Sign, and Connected Banking. Underlying technology includes auto-failover and dynamic routing architecture, a unified transaction dashboard, and API/SDK integrations across web, mobile, iFrame, and inline channels, with 35+ no-code storefront integrations (Shopify, Wix, Fynd, Zoho, Magento, WordPress).

The business model is a transaction-fee-led take rate (platform fee starts at 1.5%) supplemented by subscription/recurring billing services, hardware sales (POS, Soundbox), and value-added service revenue. Airpay pursues a multi-motion go-to-market: product-led self-serve digital onboarding (10% digital KYC, 24-48 hour approval), enterprise field sales for verticals such as hospitality, automotive, healthcare, NBFC, and government (with named customers including Hyatt, Titan Tanishq, KUN Hyundai, RRC Northern Railway, Bar Council of India, and Star Health), and a vyaapaar channel network of 2 lakh+ on-ground partners for last-mile distribution of payments and financial products. The company holds a full RBI Payment Aggregator license (obtained 2025) covering online, offline, and cross-border transactions and is certified across PCI-DSS, PA-DSS, PCI P2PE, ISO 27001, ISO 20000-1, ISO 22301, SOC 1, SOC 2 Type 2, and GDPR.

Airpay is privately held, with its only disclosed institutional funding being a 2017 $3.6M Series A from Kalaari Capital. The company has 501-1000 employees, serves 6+ lakh merchants (one source citing 332K+ actively processing), and has cumulatively processed 2 billion+ transactions. Recent strategic actions include the acquisition of personal finance startup Finfinity Technologies (Finmapp) in November 2023, the RBI full-stack license in 2025, and a UPI partnership with Maharashtra State Co-operative Bank covering 21,000+ cooperative branches in March 2026.

Name

airpay

Legal name

Airpay Payment Services Private Limited

Website

https://airpay.co.in

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Payment Gateway & Merchant Acquiring

akta.pro primary industry

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

akta.pro secondary industries

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Cross-border Payments, FX & Multi-currency Checkout (CRAFAJAF)

Keywords

• Online payment gateway
• Omnichannel payment platform
• Merchant payment processing
• UPI payment solutions
• Cross-border payments

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Payment Processing (Transaction Fees): Primary revenue from transaction fees charged as a percentage of each payment processed across online, offline, and cross-border channels. Pricing starts at 1.5% platform fee with T+1 settlement.
2. Subscription Billing Services: Revenue from recurring billing services for subscription-based businesses (SaaS, OTT, edtech, insurance) supporting automated mandate-based collections via UPI AutoPay, e-NACH, and card mandates.
3. POS and Hardware Services: Revenue from POS machine deployment, Soundbox, Soft POS, and related hardware for offline merchant acceptance.
4. Value-Added Services: Additional revenue from Business Loans, Campaign Management, Risk & AML Solutions, Account Validation, e-Sign, and Connected Banking services.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels6 records

Core offering

airpay is an integrated omnichannel payment platform that enables merchants to accept, process, and manage payments across online, offline, and cross-border channels. The platform supports 200+ payment instruments including UPI, cards, wallets, net banking, and EMI/BNPL, complemented by value-added services such as POS/QR acceptance, subscriptions, reconciliation, split settlements, business loans, and risk/AML solutions. The vyaapaar distribution network of 2 lakh+ on-ground partners extends reach into semi-urban and rural India for last-mile financial product distribution.

Product overview

airpay is an integrated omnichannel payment platform operating as a unified platform-plus-modules architecture. The core offering comprises a full-stack payment gateway supporting 200+ payment instruments (UPI, cards, wallets, net banking, EMI/BNPL) across online, offline, and international channels. Online products include Payment Gateway, Dash Checkout, Subscriptions, Virtual Accounts, Pay by Link, and Invoicepay. Offline solutions include POS, QR Payments, CMS, Soundbox, and Soft POS. Cross-border services are delivered through airpay EXIM. The platform is complemented by value-added modules including Affordable Payments (EMI/BNPL), Split Settlement, Reconciliation, Connected Banking, Prepaid Cards, Business Loans, Campaign Management, Risk & AML, Account Validation, and e-Sign. The vyaapaar sub-brand provides a 2 lakh+ partner distribution network for last-mile financial product reach. airpay holds a full RBI Payment Aggregator license covering online, offline, and cross-border transactions, operating across India, UAE, and Tanzania.

Differentiator

Problem solved

Functional benefit

Products and services

• Payment Gateway Secure online transaction processing that accepts cards, UPI, wallets, net banking, EMI, and more than 200 payment instruments for merchants needing digital payment acceptance.
• Dash Checkout Fast checkout solution built to boost conversions with UPI-led flows, saved payment instruments, and intelligent routing for reduced payment failures on online commerce sites.
• Subscriptions Recurring billing and payment management supporting UPI AutoPay, cards, e-NACH, and net banking with automated retry logic for subscription-based businesses.
• POS (Point of Sale) In-store card acceptance solution enabling physical retail locations to accept card payments at the point of sale.
• QR Payments Scan-and-pay UPI collection product enabling offline merchants to accept payments via QR codes.
• CMS (Cash Management System) End-to-end cash lifecycle control product for merchants to manage physical cash collection, transfers, and reconciliation across outlets.
• Soundbox Audio device product providing instant audio payment alerts for real-time transaction confirmation at merchant locations.
• Soft POS Mobile POS solution that turns a smartphone into a card acceptance terminal for merchants without dedicated POS hardware.
• Virtual Accounts Virtual IDs product for tracking payments and enabling seamless payment reconciliation for businesses handling multiple accounts.
• Pay by Link Payment link product enabling merchants to share links and receive payments instantly without needing an integrated website or app.
• Invoicepay Hosted invoice pages product for quick checkout and invoice management with integrated payment collection.
• Omnichannel Platform Unified platform enabling merchants to accept payments across online, offline, and social commerce channels with a single integrated view.
• airpay EXIM (Cross-Border Payments) Cross-border payment solution for international transactions including multi-currency collection, real-time transaction tracking, and automated reconciliation for exporters.
• Accept Payments From India International transaction processing product enabling seamless INR collections from global customers for Indian exporters and merchants.
• Unified Payments (UPI Suite) UPI routing engine product providing the fastest lane for UPI payments with smart routing and intelligent retry logic.
• Affordable Payments (EMI, Brand EMI, BNPL) Affordable payments product offering EMI, Brand EMI, and BNPL options for flexible payment solutions on high-value transactions.
• Split Settlement Auto-split instant settlement product for marketplace and multi-vendor scenarios, enabling automatic fund distribution to multiple parties upon transaction completion.
• Reconciliation & Settlement Reconciliation and settlement product enabling merchants to settle and track transactions in one click with automated reconciliation.
• Connected Banking Connected banking product enabling seamless fund transfers for instant business payments between merchant bank accounts.
• Prepaid Cards Co-branded prepaid card product for businesses offering fast, secure card solutions for customers and employees.
• Business Loans (airpay Capital) Quick business funding product through airpay Capital providing working capital and business loans to merchants.
• Risk & AML Solutions Built-in fraud detection and anti-money laundering solutions leveraging AI/ML models for transaction monitoring and risk assessment.
• Account Validation Bank account verification product enabling merchants to verify bank accounts instantly for KYC compliance and fraud prevention.
• e-Sign Digital signing product enabling paperless signing for faster deal closures and remote agreement execution.
• Campaign Management Campaign management product enabling merchants to create and manage promotional offers and marketing campaigns.
• vyaapaar Distribution Network Last-mile distribution network of more than 2 lakh on-ground partners including small merchants, kirana owners, and agents across India for distribution of financial products and payment services.
• Finmapp (Personal Finance Management) Personal finance management mobile app (Finmapp) acquired from Finfinity Technologies, integrated into airpay's ecosystem to strengthen the payments, lending, and investing stack.

Quantifiable outcome

• 99.9% peak uptime across recruitment cycles with zero downtime incidents
• +5 more outcomes

Named customers13 records

Segments12 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability3 records

Feature9 records

Partnerships

Six partnerships are on record, tiered core.

• Maharashtra State Co-operative Bank (MSCB)coreTechnology or Integration · 12 March 2026airpay partnered with Maharashtra State Co-operative Bank to enable UPI digital payments across Maharashtra's cooperative banking network, covering over 21,000 societies and branches. The partnership aims to enhance digital transaction access for rural communities, aligning with government initiatives for financial inclusion and digital transformation.
• RBI (Payment License)coreOthers · 1 January 2025RBI approved Airpay for full-stack and category-specific payment aggregator services across online, offline, and cross-border transactions as part of the RBI's expanded issuance of payment licenses to fintech companies in 2025.
• Finfinity TechnologiescoreStrategic or Co-development Partner · 24 November 2023Acquisition of Delhi-based personal finance management startup known for Finmapp finance management app. The deal aims to strengthen airpay's integrated financial ecosystem spanning payments, lending, and investing, supporting global expansion strategy with completion expected by March.
• CrediliocoreChannel Partner/ Reseller/ DistributorPartnership for distribution of the novio Fixed Deposit Credit Card through airpay's vyaapaar network and financial management app. The distribution model combines physical reach through 2 lakh+ on-ground partners with digital engagement through the airpay financial management app, enabling Credilio to reach young, financially underserved users in semi-urban India.
• Kashyap Data ServicescoreStrategic or Co-development PartnerTechnology partner managing RRC Northern Railway's digital payment operations. airpay deployed recruitment-grade payment infrastructure processing 10,000+ daily payments with 99.9% uptime and automated reconciliation for government recruitment drives.
• PCI Security Standards CouncilcoreTechnology or IntegrationCompliance with PCI-DSS, PA-DSS, PCI PIN, P2PE security standards ensuring payment data security. airpay maintains compliance with these security standards as part of its regulatory obligations.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Razorpay: India's largest full-stack payment gateway and aggregator for online businesses, offering card, UPI, netbanking, and wallet acceptance plus developer APIs. Most directly comparable to airpay in product surface, target merchants, and India-centric omnichannel strategy.
• PayU India: Long-standing Indian payment gateway serving enterprises and SMBs with online card/UPI acceptance, POS, and lending products. Comparable in breadth (gateway plus adjacent financial services) and in enterprise + SMB merchant focus.
• Cashfree Payments: Indian payment gateway and aggregator covering online, offline, and cross-border payouts with strong API-first positioning. Comparable to airpay in targeting D2C/e-commerce merchants and offering subscription, payouts, and verification modules.
• BharatPe: Indian fintech offering UPI/QR acceptance, POS, and merchant lending with a strong kirana/SMB distribution network. Directly comparable to airpay's vyaapaar-led offline and SMB distribution approach and merchant lending products.
• CCAvenue (Infibeam Avenues): One of India's earliest multi-instrument payment gateways, supporting 200+ payment options across cards, UPI, wallets, and netbanking. Closely matches airpay's instrument breadth and enterprise / SMB coverage.
• Juspay: Bengaluru-based payment orchestration and gateway platform powering large enterprise merchants in India and globally. Comparable in API-first, reliability-focused, omnichannel payment routing positioning.

Broad incumbents

• Pine Labs: Established Indian POS and in-store payments platform expanding into online checkout and omnichannel commerce. Overlaps with airpay on offline merchant acceptance but operates at significantly larger scale and broader enterprise footprint.
• Paytm Business: Paytm's merchant-facing payment acceptance and financial services offering spanning QR, POS, Soundbox, payment gateway, and business loans. Comparable to airpay's product breadth, though Paytm has much larger consumer and merchant reach.
• PhonePe Business: UPI-led merchant acceptance arm of PhonePe, dominant in QR and online UPI for Indian merchants. Overlaps with airpay's UPI/QR and POS offerings and competes in the same SMB and enterprise merchant segments.
• Stripe: Global online payment processor expanding into India with API-first gateway, subscriptions, and Connect products. Comparable to airpay's developer-centric online payment gateway, though operating at global scale and not India-fintech specific.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about airpay