PhysicsWallah's journey to higher success rates
Take a look at how Juspay assisted PhysicsWallah, an edtech giant in India, in improving the payment success rates.
Funding
$100 million (Series-A)
Student base
6 million
Revenue
$96 million ARR

About Physics Wallah

PhysicsWallah (PW) is an edtech startup founded in 2016. It started as a YouTube channel by Alakh Pandey, an engineer, to teach physics concepts to students preparing for competitive exams like JEE and NEET. Since then the PW family has grown tremendously and continues to strive towards making knowledge easily accessible to students. It provides everything that students need with best-in-class faculty to support them. Within a few years, PW has evolved as a leading online learning platform that provides recorded video lectures and live online classes.

Payment Challenges

PW focuses on providing affordable education. With pocket friendly prices for its offerings, the most popular payment method among its customers are wallets like Amazon Pay, Google Pay and more. PW aims to offer a seamless payment experience to its customers.

Their challenges largely revolved around:

  • Increasing the success rates for wallet and online bank transactions
  • Increasing UPI’s volume viz-a-viz payments volume and increasing the success rates for UPI. UPI*(Unified Payments Interface)*, the account-to-account (A2A) instant transfer platform in India was launched in 2017. UPI today is the world’s largest A2A instant transfer platform and does 11 billion transactions a month.
  • Offering customers a wide variety of Payment Methods coupled with Affordability

Solution

We collaborated with PW to improve their payment process and increase the success rates, which would eventually boost their business growth. By implementing a robust end-to-end payment platform, we made the intricate task of managing payments much more simple, intuitive, and seamless for users.

1. Improving the success rate of wallet and internet payment

Most of PW’s payment volumes are facilitated through wallets, and leveraging our actionable insights derived from customer behaviour on the PhysicsWallah platform resulted in a 3% increase in success rates for wallet transactions.

This involved optimizing wallet configurations by turning off underperforming wallets and fixing gateway configuration issues. Furthermore, configuring fallback gateways for online bank transactions increased success rates by 2%.

2. Improving UPI Volumes and Success Rates

Utilizing UPI as a payment method enables merchants to save on processing fees while simultaneously offering a convenient payment experience for customers. Launching UPI QR code payments on the PW platform, single-click verify and pay mechanisms for UPI led to a 12% increase in UPI Volumes and a 3.2% increase in success rates.

3. Offering Payment Flexibility to users through Affordability

A detailed analysis of PW’s users revealed that the customers had a bigger propensity for completing a transaction if payment flexibility options such as EMI and consumer finance were presented on the Checkout page.

The success of the EMI plans, in particular, was notable, leading to a 3% increase in success rates for credit card transactions. Additionally, more customers opted for consumer finance to purchase the courses on PW, further demonstrating the effectiveness of these payment options.

Impact

PW aims to expand and adjust to the customer's ever-changing payment preferences by introducing newer and more flexible payment methods.

They have achieved an impressive 6% increase in overall success rates, making the checkout process smoother than ever before. As a result, PW users can now enjoy a seamless payment experience.

About Hyperswitch

Hyperswitch is on Open-source payments platform by Juspay that allows global digital businesses to:

Reduce processing cost Reduce dev. efforts Seamlessly adopt innovation & changes
Integrate directly with the network or the issuer Access to local & global payment methods with minimal engineering effort. Newer A2A/real-time payment systems evolving in most countries.
Better Authentication to eliminate fraud, shift liability to the issuer. Unified operations, analytics, disputes & reconciliation dashboards Local payment methods like wallets, pay laters and more.
Smart routing transactions between multiple processors Regulatory changes like tokenisation, 2-FA, data localisation and more.

With Hyperswitch, our vision is to provide digital business with a payments platform which they need to run their business efficiently, focussing on their core and not on the complexity of payments. Written ground-up in rust, we’re have built Hyperswitch it like a systems software which is super performant, low latency and ultra-reliable.

Streamline payments with Hyperswitch
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