PAYU INDIA UNVIELS A REVOLUTIONARY ONLINE PAYMENT SOLUTION FOR MASSES
19 04 2013 PAYU INDIA UNVIELS A REVOLUTIONARY ONLINE PAYMENT SOLUTION FOR MASSESRedefining Payments, Simplifying Lives!
New Delhi, April 18, 2013 – PayU India, the fastest growing online payment company in country, today, launched PayUPaisa, a revolutionary web based product which empower buyers to pay and sellers to get paid online. 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 product is free for sellers and provides beneficial selling tools like a free webstore, free storefront and email invoicing. On the other hand, PayUPaisa has a strong dispute resolution centre to safeguard buyers and keep their money safe even when they have paid for a product or service.
Why Sellers will use PayUPaisa:
What actually hinders a seller in India to come online and sell? (a) Seller needs to invest time and money in making a website (b) Investment required in getting a payment gateway (c) Series of documentation process which has a significant lead time
PayUPaisa solves all these 3 problems: It’s FREE, It’s FAST and everything is ONLINE including the documentations process.
FREE & FAST: 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
ALL ONLINE: For the first time, a payment company has introduced the concept of ONLINE DOCUMENTATION. This means no more lengthy signups or bulky form fill ups. No physical documentation required and not even scanned copies. If anyone wants to sell online all he/she needs to do is just punch in the PAN card number, bank account details and the verification process is over!
A PayUPaisa store looks like:
Seller Use Cases: Who can be a seller on PayUPaisa? Virtually anyone! Be it a small handicraft seller in chandi chowk or an individual who wants to sell paintings online. A school which wants to collect fees online, a Housing society which needs to collect maintenance fees, an event organizer which intends to collect entry fee/ticket fee, a restaurant which wants to get paid for home delivery etc.
Why Buyers will use PayUPaisa: Because PayUPaisa safeguard buyer’s money and protect him through its strong dispute resolution process. PayUPaisa has various safety checkpoints to make online buying totally safe.
Safety Checkpoint 1: A buyer purchases a product from any PayuPaisa webstore or storefront, his money is kept safely with PayUPaisa and is not released to the seller in first go.
Safety Checkpoint 2: When the seller sends a proof of product delivery to PayUPaisa or the buyer explicitly informs PayUPaisa to release the payments, only then the buyer’s money is transferred to the seller. 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.
What if something goes wrong with the buyer’s placed order?
Safety Checkpoint 3: 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.
PayUPaisa’s Buyer Protection Mechanism
For a country like ours which has a population of over 1.2 billion out of which more than 300 Million have a bank account, and an internet penetration which exceeds 150 million; only fewer than 7 million people actively buying online is a miniscule number. What is even more disappointing is that with over 30 Million SMEs and around 5 Million freelancers in India, fewer than 10,000 people sell online today. PayUPaisa was born out of these needs and intends to solve the above problems. 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.
About PayUPaisa
PayUPaisa is brought to you by PayU India which is India’s fastest growing online payment company.
Founded in October 2011, It started as the 14th Player in the online payments space and offered payment gateway solutions to the e-commerce businesses. Owing to its innovation leveraging technology, patent pending algorithms, robust sales force and amazing customer service, PayU achieved the feat of having the highest merchant acquisition rate in the country. PayU’s success story is seconded by the fact that is now the NO.1 payment aggregator in the Indian e-commerce category and No.3 player in the overall payments Industry. 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.
PayU India is headquartered in Pearl Tower, Gurgoan and has regional offices in Mumbai and Bangalore. It’s close to 150 people strong and has dedicated Pan India teams for Engineering, sales, operations, customer support, dispute resolution and marketing.
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