Jupiter Partners with RazorpayX to Provide New Salary Accounts to 1 Million Users
INDIA, Bengaluru, 27th August 2022 – Jupiter, a new-age digital banking platform, collaborates with RazorpayX, the neo-banking arm of Razorpay to provide a comprehensive payroll platform for companies to ensure a seamless and on-demand banking experience for their employees, right from their first day of joining. This, one-of-its-kind partnership, enables organizations to maintain a single dashboard for all things salary and more and helps automate the entire processes of salary calculation, salary disbursal, managing the provident fund, gratuity, insurance, salary accounts, and more in a hassle-free manner.
This integration will enable corporates to open Salary Accounts for their employees with Jupiter in under 5 minutes, using a link unique to the organization. The relevant employee details are then automatically synced with RazorpayX Payroll which makes salary transfers instant and takes up to 10 minutes for companies to process payroll. With the Jupiter Pro Salary Account, employees get access to health insurance with comprehensive coverage from Day 1; on-demand salary – turning any day into salary-day! – with no interest or processing fee; exciting rewards on domestic Debit Cards and select UPI spends every month with no expiration on rewards; an easy money tracking tool that auto-categorizes spends, tracks loans & investments; better personal finance management with Jupiter Money Pots that helps employees save easily by creating a pot for their next trip, for that expensive item on their wishlist, or an upcoming IPO.
RazorpayX’s payroll platform is transforming the way thousands of corporates have handled payroll traditionally thus far and reimagined a new seamless automated payroll experience in how organizations can manage, pay and ensure their employees throughout the employee lifecycle. Through this platform, employees can save, track & spend their money better with the Jupiter Pro Salary Account. On the other hand, the companies save costs and eliminate tedious work, achieving functional efficiency.
Sahil Sorathiya, Product- Growth and Community, Jupiter, said, “We are excited to join hands with RazorpayX to provide a convenient and comprehensive solution to everyone in the payroll system. The partnership comes at an opportune time that will ensure fast and efficient HR processes, providing a superior employee experience. Together, our synergies will help build an all-inclusive and innovative platform that will transform and create a progressive working environment for companies.”
Commenting on the partnership, Shashank Mehta, Sr. Director and General Manager of RazorpayX, said, “RazorpayX has always strived to make business finance effortless through automation. As enterprises scale up, one of the major costs for them is creating salary accounts for their employees, in addition to managing payroll, compliance, and onboarding them into the organization. Companies spend 25 hours every month conducting these processes manually. One of the key offerings of RazorpayX has been automating payroll disbursement and compliance along with tax payments and filing for businesses, in return saving up time for businesses to continue to focus on creating greater growth. With our partnership with Jupiter, a frontrunner in creating new digital banking experiences, we hope to provide businesses and their employees with an industry-leading offering.”