Gurgaon-based PayU India Internet Pvt Ltd that offers an online payment solution PayUMoney (earlier PayUPaisa) has launched a wallet service for online shoppers in India. Called 'PayUMoney wallet', the e-wallet will enable consumers to pay through normal payment methods like credit card, debit card or net banking and get rewarded on every transaction.
According to the company, the e-wallet is accepted on more than 8,500 e-commerce websites as of now, which includes players like BookMyShow, Tradus, Rechargeitnow, Ferns n Petals, Groupon, and Travelyaari, besides two other sister firms Goibibo and redBus, etc. The company is also offering up to 10 per cent instant cash back (ranges between 2 to 10 per cent) on each transaction customers make through PayUMoney. The cashback is done in the user's PayUMoney wallet, and can be used as a discount on the very next purchase.
Interestingly, consumers will again receive a cashback on their next transaction, basically meaning that they will get paid every time they pay through PayUMoney. Note that PayUMoney's cashback offer is a top-up on any discount or cashback being offered by a merchant or bank, which means it is in addition to any discounts offered by a merchant or bank.
Card storage: The PayUMoney wallet comes with a 'stored card' feature that eliminates the need to enter card details every time a consumer makes a purchase online. A consumer can choose to store his/her credit or debit card details once and do a one-click checkout in the next transaction.
Buyer protection: PayUMoney is also offering a 'buyer protection' program, according to which customers will get an option to release their payments only on a satisfactory purchase. They can also raise a dispute in case of any mismatch of expectations.
Started in October 2011, PayU India is part of Naspers Group, a South Africa-based multinational group of media and e-commerce platforms. It claims to be the number one payments company in the e-commerce category in the country as of now, and is serving more than 8,500 businesses in India, up from 5,000 merchants in Nov 2013. Headquartered in Gurgaon, the company also has regional offices in Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Jaipur, Ahmedabad and Shimla.
"PayUMoney has been integrated with more than 8,500 merchants, which makes it the most widely available wallet service in the e-commerce category. Moreover, PayUMoney comes with features like stored card, which enables users to do a speedy checkout. The intent is to allow users to pay through usual payment options like credit cards, debit cards or net banking and reward them with instant cashbacks," said Nitin Gupta, co-founder and CEO, PayU India.
The company had launched PayUMoney, a web-based product that enables small and medium sellers to put their stores online in minutes and transact through the PayU gateway in April last year. It offers a gamut of free tools like a payment gateway, web store, email invoicing and an event-ticketing platform, etc. to collect payments online.
Late last month, the company renamed its flagship product PayUPaisa to PayUMoney. This was been done to position PayUMoney as a global brand and reach out to an international audience.