PayUMoney has proved a boon for the Indian SMEs, who wish to expand their business online. PayUMoney provides easy payment collection solutions and hassle-free integration with online businesses. Since its inception in 2013, more than 1.3 lakhs SMEs have signed up with PayUMoney while 30,000 live merchants have already processed transactions worth 1 billion rupees, as claimed by the company in its press statement.
PayUMoney is a free and unique online payments solution for anyone who wants to collect payments in India (be it Individuals, brick & mortar start-ups, Freelancers, Schools, Hotels, Utility companies, Residential societies, Telcos, Insurance companies, traders, retailers etc. )
The main hurdle faced by the small businesses who want to sell online is how to collect payment in safe and fast environment. PayUMoney resovles this problem in very professional ways. PayUMoney’s payment solution features are designed in a way such as to enable an average Indian seller to focus solely on his business as PayUMoney takes care of the payment requirements in a hassle-free manner.
PayUMoney invested in a strong technology product with a solid scalable process to help lakhs of Indian sellers who were looking to increase their sales through online channel.This investment helped merchant acquisition and customer service teams to operate efficiently, enabling Indian sellers to adopt the online channel easily.
Moreover, PayUMoney has been more effective for SMEs to sell their big ticket products online when compared to ecommerce players as traditionally, ecommerce players act as aggregators, displaying products by other vendors as well. Using PayUMoney enables SMEs to not only market their products online directly but also collect payments for them. PayUMoney has helped traditional businesses go online. In fact, approximately 20% of businesses being set up through PayUMoney are first time business owners having set up shop online.
Commenting on the success so far and the way forward, Nitin Gupta, Co-Founder & CEO at PayU India said, “Currently, 30,000 Indian sellers have processed transactions worth over 1 billion rupees through our platform. These are very promising numbers for a product which has opened a new market. This number is expected to grow by over 40% within the next year. PayUMoney is well on its way to reach a million sellers, selling to over 20 million customers.”
