NEW DELHI, Jan. 30, 2020 /PRNewswire/ --
- PayU currently enables over 100k merchants with its international payments offering; SME merchant base for international payments has grown 4x in the last one year
- The company is targeting a 5X growth in international payments business over the next one year; with SME's continuing to be the major focus area driving this growth
PayU, India's leading online payments solution provider, today announced that it has doubled the volume of its international payments business in 2019. This growth has been witnessed across domains in both large enterprise businesses and SME businesses. Segments which showed the highest growth for large enterprise businesses on the PayU platform include travel (flights and hotels), e-commerce, food and subscriptions (primarily video streaming).
In the SME segment, the company has also witnessed 4X growth in the merchant base for its international payments business. It has helped SMEs across different categories including travel, education, e-commerce and technology realise their global aspirations by enabling local businesses to cater to international demand through seamless transactions.
This remarkable feat has been achieved through infrastructural changes as well as offering personalized solutions to merchants. PayU has enhanced risk engine capabilities which lead to a higher success rate, boosting merchant and customer confidence. It has invested time in creating personalized solutions for merchants, including meeting with them to educate and sensitize them on fraud and risk scenarios. It provided a dedicated dashboard on which merchants were able to onitor all transactions and history on one centralised platform, making it a seamless experience. The company offers real time currency conversion and settlement in INR at competitive rates. All these measures made international payments seamless for PayU's top transacting merchants. The end customers were also given facilities such as the option to pay in local currencies (in all major currencies) and automating payments for recurring transactions.
Commenting on the growth, Gurjodhpal Singh -Senior Vice President, Growth Initiatives - PayU India, said "We are very pleased with such aggressive growth in our international payments business despite the overall global economic slowdown. PayU leverages state-of-the-art 'API first' design and a single integration to address challenges in international payments, providing merchants access to more than 2.3 billion potential new customers in major high growth markets. Building on the existing success, we are targeting a 5X growth in international payments business over the next one year, with SME's continuing to be our major focus area in driving this growth. Various innovations including the use of artificial intelligence and machine learning based risk monitoring for fraud detection and security will power our growth."
Nitin Mehra, e-commerce manager, Ethos Watches said, "It's been a pleasure working with PayU for collecting international payments on our website with effective risk management on international payments offering. PayU has advanced fraud monitoring tools and a dedicated team that caters to the fraud-related queries with real-time updates. Also, we receive timely assistance on our queries around decline in transaction through the dashboard."
Smriti Sain, proprietor of Chiaroscuro from New Delhi said, "PayU has made it seamless for our international customers to buy beautiful Made in India leather bags directly from our webstore. The transaction speed and success rates are encouraging and have helped us feel confident of servicing customers worldwide. We've seen a doubling of our overseas conversions since we started working with PayU. Their customer services are ever available, fast and very helpful and as a merchant, this is all the support we need."
About PayU India
PayU, India's leading online payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market.
PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology. In India, PayU serves more than 3,50,000 merchants with 70+ local payment methods and is the preferred payments partner for nearly 60% of the e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses.
PayU also developed LazyPay in 2017, an alternate lending platform to offer credit solutions such as Small Ticket Credit (Buy Now Pay Later), App-based loans (Instant personal loans) and Point of Sale Credit (Merchant EMI). LazyPay Buy Now Pay Later is currently live on 100+ merchants such as Byju's, Swiggy, Flipkart, Makemytrip, Dunzo, Vodafone, Zomato, Bookmyshow, Oyo, Tata Sky and many more.