Fri. Mar 29th, 2024
PayU launches new platform 'PayUnow'PayU launches new platform 'PayUnow'

Leading online payment service provider PayU has launched ‘PayUnow‘, to enable offline business or businesses with limited online presence to create their own website using PayU gateway to accept digital payments.

PayU has already allocated ₹50 crores for its new platform, this money will be used for product development and marketing of PayUnow over the next two years. The company aims to enable 1 million merchants through its new platform by 2020.

Talking about PayUnow, Nameet Potnis, business head for PayUnow, said, “India has around 50 million small businesses of whom industry assumption is that only 3% is online, 70% of the rest are completely offline and 30% might be using Facebook to sell their products. That is the opportunity we are seeking to capture.”

The platform is currently in a beta testing mode and it has garnered about 5,000 active monthly merchants and more than 500 of them have generated more than 1 lakh transaction run rate per month already.

PayU is already in talks with e-commerce companies to expedite their move onto online websites, it is also exploring partnership opportunities in the logistics domain for sold items. In the early phase, the platform has attracted users like cable operators, travel agents, restaurants educational institutions and freelancers.

As per an industry report, less than 2% of India’s small and medium businesses (SMB) have an online presence. PayU will be looking to target the remaining 98% SMBs to enable them with technology and a digital payments platform. This will not only help these businesses to grow and expand but also provides PayU with a growth opportunity in India.

Also, PayU is attracting these businesses by providing quicker money settlement within two days of the transaction. This is much quicker than the market norm of three days, along with providing instant money transfer to the bank accounts.

PayUnow is accessible through the website, as well as on Android phones. The app for iOS is to be launched soon.

In another news, PayU has recently acquired Israel-based fintech startup ZOOZ for an undisclosed amount. It had also invested in another Mumbai-based fintech PaySense.

By Varun

Startups | Books | Ideas

Leave a Reply

Your email address will not be published. Required fields are marked *