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VMPL
Jaipur (Rajasthan) [India], April 30: With India witnessing a sharp rise in digital transaction frauds, Jaipur-based fintech startup PayShri has entered the market to address the trust gap in peer-to-peer online deals. Founded by Sahil Gangwani, PayShri provides a secure, escrow-based payment platform for everyday users transacting through informal digital spaces such as Facebook Groups, WhatsApp, Reddit, and Instagram. Rising Online Fraud: A Widespread Concern According to a 2024 report by the Ministry of Electronics and Information Technology (MeitY), India recorded over 77,000 cases of digital payment fraud in the previous year alone, with the majority occurring in unregulated, peer-to-peer settings. These scams often involve resale of tickets, gym memberships, electronics, and other secondhand items--transactions that largely occur outside formal e-commerce platforms. Recognizing this growing threat, Gangwani conceived the idea for PayShri after personally falling victim to an Rs8,000 scam while trying to buy a concert ticket on Facebook. "That loss wasn't just financial--it exposed the complete absence of buyer protection in informal deals," he said. Escrow for the Everyday User Traditionally, escrow services have been associated with real estate or large B2B transactions. PayShri challenges this perception by democratizing escrow for everyday use. The platform works by holding funds in a neutral account once a buyer initiates a transaction. This approach not only eliminates the need for blind trust but also introduces accountability into previously unregulated digital marketplaces. Real-World Validation In a recent incident within a Facebook group where gym memberships were being resold, a buyer requested to complete the deal via PayShri. Upon learning the transaction would go through PayShri, the seller--later identified as a repeat scammer--vanished. This demonstrated PayShri's potential to not just prevent fraud but actively filter out bad actors. In another case, a verified transaction through PayShri was praised by both parties. "The platform gave us peace of mind. I knew I'd get paid after delivery, and the buyer felt protected too," a seller said in his feedback. Launched officially on March 24, 2025, PayShri aims to capture a market segment largely ignored by legacy financial institutions: informal, small-ticket online transactions. As reported by Statista, India's resale and peer-to-peer market is expected to cross Rs85,000 crore by 2027, making it a significant frontier for innovation and safety tools. Purpose and Vision Through this launch, PayShri aims to change how individuals approach trust in digital deals. "Our platform is a response to a systemic issue," said Gangwani. "Escrow isn't just for businesses anymore--it's for everyone who's ever been afraid to click 'Send' in a chat-based deal." With a rising number of people depending on informal digital marketplaces for everyday needs, PayShri's vision is to make every online transaction safe, reliable, and scam-free. For more information, visit: www.payshri.com (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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