In 2022 PayU, India’s leading online payments solutions provider, continued to be a front-runner in digitizing & simplifying the payments infrastructure of SMBs & enterprises. Keeping product innovation at the centre of its efforts, PayU witnessed a successful year and its revenues grew 38% to $183 million in the first half of the FY 2022-23. With a view to provide the best experience to its merchants PayU made several launches & updates in 2022:
Product milestones & updates:
- Tokenized 65M+ Cards with PayU Token Hub: PayU enabled merchants to comply with RBI’s guidelines on online card data storage while offering customers a seamless payment experience. This unique platform allows banks to create their own tokens. PayU has the potential to tokenize 90% of all domestic transactions, as it is live with India’s largest payment networks – Visa, Mastercard and RuPay.
- Refunds within 30 seconds: Through platform optimising, PayU guarantees 30-second refunds for 90%+ of transactions. This creates stickiness and loyalty for merchants, making PayU their preferred partner for processing and refunds, especially adding value during sale periods of enterprises.
- Advanced Split Settlements: PayU launched an advanced version of its Split Settlements product which helps marketplaces, aggregators, conglomerates, fintechs and lenders easily split payments & collections between various parties using powerful APIs or the merchant dashboard.
PayU‘s product launches in 2022:
- Checkout for Bharat: To help merchants offer customers a localized experience, PayU enabled shopping experience in Hindi, Gujarati, Bengali, Marathi, Telugu, Tamil, and Kannada, which are the first languages of 79% of Indians.
- Affordability Container: With a single API integration, merchants can offer their customers Equated Monthly Instalments through Credit & Debit cards, BNPL and Card-less EMI options, without separate integration for every lender. PayU is a leader in this space, offering merchants access to the highest number of lenders (25) through its container.
- Offers Engine: PayU launched the first in the industry, a 3-fold platform which brings merchants, issuers and brands together to create & run promotion campaigns for the consumer. Once all three parties integrate with PayU’s solution, subsequently any offer can be organised for customers seamlessly, without additional development or operational effort.
- Dynamic Checkout SDK: Typically, if an update is made to the checkouts & payments page, the customer has to upgrade their app. PayU’s solution eliminates this process, & merchants can update their payment page on the go in response to a dynamic payment eco-system, introduction of new payment instruments and evolving regulatory guidelines. It helps SMB merchants to focus on their core business without worrying about customers updating checkout processes.
- Full-Stack Credit Solutions: PayU launched credit offerings to help Indian businesses access faster, simplified and flexible digital credit offerings. With Marketplace Early settlement, Priority Settlement, and Merchant Lending, merchants can avail credit amounts ranging from Rs. 25,000 to several crores, and flexible repayment cycles. Merchants receive access to credit as early as 15 minutes after a successful transaction, 24*7, even during bank holidays & weekends.
Manas Mishra, Chief Product Officer – PayU Payments said, “In 2022, we supported government initiatives through product innovations which helped merchants & issuers adapt to regulations. We have partnered closely with merchants to add value and increase efficiency through customised solutions for businesses. It’s been an exciting year for us, as the country returned to normal & PayU recorded a 48% increase in TPV to $28 billion in the first six months of FY23. We have a pipeline of exciting products for 2023 & we look forward to the coming year.”