PayU India, the fastest growing online payment company in country, today launched an online payment solution — PayUPaisa– wherein any individual or seller can create their own business page on its website and start selling the products. This payment solution can be integrated to the existing websites also of an individual or of any business. It’s a first product of its own kind in India which allows any individual or a business to go online in a matter of few minutes and start collecting online payments. The other plus point of PayUPaisa service is that it has a strong dispute resolution center to safeguard buyers and keep their money safe even when they have paid for a product or service.
PayUPaisa service is free, fast and everything including the documentations process. The sellers just need to give their PAN number and bank account details and the verification process is over. No need for filling up and signing bulky forms.
The sellers don’t have pay any upfront payment for the service and they are charged 3.2 per cent and Rs 3 only for successful transactions. This service is ideal for those sellers who are hesitant to switch to online selling of their products. PayUPaisa enables a seller to make a free webstore in few minutes. The seller can upload the logo of his store, information regarding the store, contact details etc. He can upload as many product as he wants along with product images. Once he’s through this short process, he can publish his store on web and publicise the URL of his store on social networking platforms and thereby pull in the consumer traffic. By default every store on PayUPaisa has a free payment gateway integrated in it (powered by PayU) This way a seller clears two major roadblocks when it comes to online selling.
Besides commercial sellers, this service can be utilised by the schools for collecting fees online, a Housing society for collecting maintenance fees, an event organizer which intends to collect entry fee/ticket fee, a restaurant which wants to get paid for home delivery etc.
In order to safeguard buyers’ interests, the company has various checkpoints to make online buying safe. When a buyer purchases some product from its webstore, the money is not released to the seller instantly but is kept at nodal bank account, which is mandated by RBI, for three days and after the seller sends a proof of delivery, the money is released into its account. In case if PayUPaisa doesn’t receive any confirmation from the buyer in 3 days after the product delivery, the payments is released to the seller by default.
In an unlikely case, where a buyer faces a problem with the delivered product, he can raise a quick dispute with PayUPaisa’s dispute resolution team. This team will resolve the dispute in an unbiased way so that the buyer does not face any financial loss. The dispute needs to be resolved in maximum 12 working days and PayUPaisa refunds back the money to the buyer if the dispute is found to be genuine.
Since the company is providing free space to sellers, it has set up data centres in Mumbai and Gurgaon.
Our objective is to enable 1 million sellers and 20 million buyers on PayUPaisa platform in the next 3. We will redefine the way payments will happen in this country and believe PayUPaisa is a market disrupting payment solution.” quoted Nitin Gupta, Co-founder and CEO at PayU India.
PayU services more than 4000 merchants as on date. Its merchant clientele includes names like Goibibo, Snapdeal, Bookmyshow, Jabong, Ferns n Petals, Freecharge, Zomato, Tradus, Rechargeitnow and Groupon India.
