PayUMoney clocks 1 billion online transactions and 1.3 lakhs sign ups for SMEs

4th September 2014 | By Mouseworld Now Correspondent |

PayU India Co-Founder & CEO Nitin GuptaNew Delhi, September 03, 2014: PayUMoney has said that it has carved out a new market for Indian SMEs – with easy payment collection solutions and hassle-free integration. According to the company, more than 1.3 lakhs SMEs have signed up with PayUMoney while 30,000 live merchants have already processed transactions worth 1 billion rupees!

How did PayUMoney pull off this task? The company astutely followed the mantra – Whatever the payment collection need, PayUMoney has the payment solution to match!

PayUMoney addressed basic issues faced by Indian SMEs. Typically, a small business owner would first put in: Mony + Time + Energy + Build Website + Maintenance = End Product, i.e. an ecommerce website. This is a long and tiring process. But PayUMoney takes away all these steps and provides Indian sellers specific solutions for specific categories of business.

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. But what makes PayUMoney different amongst the many ecommerce players who offer payment collection solutions to their SME partners?

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.

These first-time sellers have reported an average revenue increase of around 12% post adopting the PayUMoney payments platform.

PayU India Co-Founder & CEO Nitin Gupta 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.”

By investing in a strong technological product with a solid scalable process the solution, PayUMoney has helped 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.

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