The government has implemented several actions to encourage and promote digital payments in India. Through the “Digital India” initiative, the government seeks to create an empowered economy that is Cashless, Faceless, and Paperless. Various formats and methods are used for digital payments.

Please be advised that customers can make digital payments in person and online. For instance, it counts as a digital payment if you make an Amazon purchase and pay with UPI. Similar to the previous example, if you purchase at your neighbourhood Kirana store and decide to pay with UPI rather than cash, that is also a digital payment.

What are the different types of online payments?

We now have various online payment options available in India due to the implementation of Cashless India. Some techniques have been in use for over ten years, while others have only lately gained popularity.

Cards

As an alternative to cash payments, Indians frequently utilise debit/credit cards, prepaid cards, or banking cards. In 1981, Andhra Bank introduced the country’s first credit card.

Cards are preferred for a variety of factors, including but not exclusive to mobility, convenience, safety, and security. This is the only type of digital payment that is widely used for both online and offline transactions. Numerous applications, like Cred, Square, etc., are released solely for managing card transactions.

Unified Payments Interface (UPI)

A payment system called UPI combines many bank accounts into a single application to make it simple to transfer money between any two parties. UPI is significantly more defined and standardised across banks than NEFT, RTGS, and IMPS. You may start a bank transfer via UPI from any location with only a few clicks.

The advantage of using UPI is that you can make payments directly from your bank account without entering your card or bank information. In 2020, this method became one of the most widely used digital payment methods, with more than 2 billion transactions recorded in October.

Mobile wallets

Mobile wallets are a type of wallet where you can carry cash in a digital format, as the name implies. Customers frequently connect their bank accounts or credit cards to the wallet to enable safe online transactions. Adding funds to a mobile wallet and then transferring funds using that amount is another way to use wallets.

These days, numerous banks have introduced their wallets. Famous private companies have also made their presence known in the mobile wallet market.

Online banking

Customers of a specific bank are given the option to perform transactions and engage in other financial activities online through internet banking, sometimes referred to as e-banking or online banking, on the bank’s website. To make or receive payments online and to access a bank’s website, which is known as Internet Banking, you need a reliable internet connection.

The majority of Indian banks have now made their internet banking services available. In India, a virtual banking option is available on every payment gateway. It has grown to be one of the most widely used methods for making purchases online. Some of the most popular methods for doing transactions via internet banking are NEFT, RTGS, or IMPS.

What advantages can online payments offer?

There are numerous advantages to using online payments. Ensuring financial equality becomes a significant concern in a country like India, where discrepancies can be extreme. Our government began advocating for the Cashless Economy and Digital India to increase access to financial resources.

Comfort and simplicity

The seamless experience online payments offer clients is one of their most important benefits. You can instantly send and receive money using digital payment methods from anywhere in the world. Online payments are a favoured option because of the decreased reliance on currency, quick transfer times, and simplicity of transactions. Cash and checks are common payment forms, contributing to other considerations, including risk, steps, and physical presence.

Economic development

When customers experience the simplicity, ease of use, and security of online payments, they engage in more online business. This indicates that an increasing number of people are at ease making purchases, making investments, and moving money using electronic means. The expansion of online commerce and money transportation both help the economy grow. Because of this, new internet businesses are starting up every day, and a growing number of them are turning a profit.

Protection and effective tracking

It takes time and effort to handle and deal in cash. Along with the chance of losing money, carrying cash about and keeping it secure can be a bother. One may easily keep their money secure online by using online payments. Thanks to UPI, netbanking, and mobile wallets, you can make and receive payments with just your cell phone nowadays. A customer can track his funds using most digital payment channels’ regular updates, notifications, and statements.

PayU Payment Gateway, Your Ultimate Solution For Online Payments

Your digital payment partner, PayU Payment Gateway has helped more than 5 lakh businesses. It enables companies to accept digital payments using more than 150 online payment options, including Wallets, QR Codes, Net Banking, EMIs, BNPL, and more. One of the top payment gateways is PayU, which guarantees a smooth checkout process and has the best success rates in the business.

Your and your customers’ money is secure with the PayU payment gateway since PayU complies with PCI-DSS standards. We want to allow all organisations, enterprises, freelancers, and entrepreneurs to use online payment methods to expand their operations.

A payment gateway is equivalent to a portal connecting your bank account to the platform where your transactions occur. The most straightforward approach for a company to accept online payments through their website is through this third-party addon. Your first choice should be PayU Payment Gateway if your business has a website or an app.

Participate in India’s transition to digital payments!

In India, the trend toward digital payments isn’t going away. Online payments are anticipated to increase dramatically as financial accessibility and awareness become more prevalent. As a business owner and professional, now is the time to embrace digital payments and give your clients the ability to trade safely online.

FAQs

The post Introduction to Online Payments | PayU appeared first on PayU Blog.

But scaling and growing a business in India isn’t easy at all. It is because India has a diverse population. If we go by the stats from the census report of 2011, out of 121 crores, over 100 crore people speak 30+ languages in nearly 1600 dialects. Hindi is a widely spoken language in India followed by English. It is also seen that around 43.63% of Indians speak Hindi as their first language. It is spoken in 50+ dialects. Rural parts of India are dominated by local languages and dialects. Leveraging the Digital India initiative, 9 out of every 10 users prefer to consume content in their native language only (Source: Google).  

So, do you think relying only on English for business communications to customers in India is enough? Definitely not! That’s why PayU has launched a vernacular payment checkout solution – Checkout for Bharat. A customized solution for businesses like yours that will help you penetrate rural areas along with tier 2 and tier 3 cities. It will also help in breaking the language barrier between the customer and your business. Let’s find out how? 

What is Checkout for Bharat? 

It is a personalized payment solution for businesses like yours to offer vernacular checkout to customers in their native language. To start with, PayU is going live with Hindi language and in the upcoming months, Checkout for Bharat will be available in other native languages like Bengali, Marathi, Telugu, Tamil, Gujarati, and Kannada.  

Users will always have the option to switch between the languages anytime they want. Their preferred language will be saved for the next time they come again to make payments. With Checkout for Bharat, the customers will have an option to choose one preferred language. Our advanced APIs will detect the preferred user’s language on the web or mobile and offer the checkout page in that language. Even, the error codes and pages will be rendered in their preferred languages only. 

Is Checkout for Bharat the Right Fit for Your Business? 

Checkout for Bharat is beneficial for businesses: 

• Having or aspiring to have a customer base which is largely rural, tier 2 and, tier 3 Indian population.  
• Having their websites in vernacular languages and looking to build a checkout experience that enhances their customers’ payment experience. 

Why Do You Need Checkout for Bharat? 

Customers these days love a personalized solution that’s only built for them. Then, why should the checkout page be in English when you can offer it in their native language? 

With Checkout for Bharat, PayU enables businesses:  

• To provide an indigenous experience to their customers  
• To reduce poor experience for native language speakers and customer drop-off rates significantly. 

If you have a business presence in rural, tier 2, and tier 3 cities already or you are finding ways to tap into these geographies, Checkout for Bharat is the ideal solution for you! 

What Makes Checkout for Bharat a Choice for All Businesses  

Government Entities

The government entities such as railways, tax, and municipal corporations have to cater to customers from all parts of India. Giving a personalized checkout experience in their customers’ native languages would help them achieve enhanced customer satisfaction in their payment journey. 

Insurance, Telecom, OTT and EdTech 

Companies that fall into these categories usually have recurring billing cycles. Implementing PayU’s vernacular checkout experience for their customers would benefit them. They can easily tap into the audience in tier 2 and 3 cities of India including the rural segment. 

Online Gaming Platforms

Online gaming platforms have a varied customer base from all parts of India. With Checkout for Bharat, growing a business would become quite simple. They can offer a better user experience and achieve high retention rates effortlessly.  

E-commerce 

Checkout for Bharat can do wonders for SMBs and e-commerce giants having heavy penetration in tier 2 and tier 3 cities. It can also help businesses planning to tap into these untapped geographies. 

With a vernacular payment experience, they will get an edge over their competitors by offering a checkout experience in their customers’ preferred language. Establishing a better connect with their customers would become no big deal. 

Conclusion

Going vernacular strikes the right chords in many ways. It is certainly a delight for any native language speaker/reader. So, capturing the regional nuances would open up new avenues for any business and enhance the chances to be with you.  

So why wait, take the plunge right now and have an edge over your competitors right away! 

The post Checkout For Bharat: An Effortless Way To Expand Your Business Reach Across India appeared first on PayU Blog.

What is Neobank? 

The financial services industry is focusing on customer experience and satisfaction; a gap has developed from what the traditional banks offer to what customers expect. And, neobanks are attempting to fill that gap. A neobank is banking on a fingertip through its zero presence on the ground & a complete digital offering. 

It offers a fully digital banking solution at a discounted cost due to the considerable savings in operating costs. This is attributed to zero physical branches & no spending on the workforce to man those branches. Some of the services include international payments, money transfers, or lending credit. Some new banks also partner with neobank to offer the services that help them provide both online & offline banking services. 

Why Neobank? 

India has over 2000 fintech firms in the country. With the government wanting Indians to embrace a completely cashless economy, Fintechs have played a significant role in fulfilling this vision. 

Also, with the Covid-19 pandemic, the need for contactless banking was felt by the people more than ever before. People moved away from traditional banking & physical cash with more & more interest in online banking & wallets. 

The invention of UPI pushed this adoption, which facilitated transactions irrespective of value size. In 2020, India already has clocked more annual transactions in terms of volume than that of China & the US combined totaling $25.5bn.  

Neobank Vs Traditional/Digital Banks

Neobanks are new entrants into the banking industry. They are also known as fintech companies or financial technology companies. A simple example of how they differ from traditional banks is neobanks do not charge any fees for opening an account. Ideally, traditional banks charge a monthly fee for maintaining a budget. 

The government regulates traditional banks. On the other hand, neobanks either have no partial or complete banking license regulated by the government.  

Digital banks offer a fully digital banking experience, mainly through their e-banking platforms. They are similar to neobanks in some ways, but there are differences too. For example, digital banks charge a monthly fee to maintain an account. 

Benefits of a Neobank to Customers? 

• Low cost: Products as simple as savings accounts are available at no charge due to the bank’s complete digital presence & low regulatory hurdle. 

• Higher interest rate: The low-cost structures of neobanks help offer lucrative fixed deposits at an attractive interest rate as the entire experience is digital. 
• Convenience: UI/UX lies at the heart of a neobank, attracting customers to adopt it quickly. Also, due to state of the art IT systems & security features, it is easy to predict any fraudulent activity and stop it at the right time. 
• Reduction in processing time: Imagine applying for a loan & it getting processed within minutes & not days. Neobanks bring with it the ability to reduce processing times, which otherwise would take days & manual underwriting by bank personnel. 

Tips to Choose a Neobank

Neobanks may offer a great deal of convenience due to its complete digital presence. However, the fact remains that they are partially or fully unregulated in terms of their offerings by RBI currently. Hence, it is essential to choose one based on its management expertise in managing risk related to banking & finance. 

Five key points to keep in mind before choosing the right neobank:  

1. Know your banking needs – The kind of banking partner one needs depends on how complex the individual’s banking need is. Today, most digital banking apps offer the same set of functionalities that a neobank provides, so it is good to know what your bank offers before signing up for a neobank. 

2. Insurance – Banking is a business of trust & the government, with its regulation, offers to protect the depositors from default through an insurance program. This insurance program ensures that the insurer pays depositors in case the bank defaults on the deposit repayment. The same rules do not govern neobanks. The best way to work with neobanks is to ascertain if they offer a private deposit insurance scheme to protect the depositor. 

3. You are comfortable with technology – Neobanks work best for tech-savvy folks and want banking at their fingertips. Neobank apps are minimal, with a clean & straightforward UI design. 

4. You want to get better at money management – In a world that thrives on making you spend more & more money. Neobanks, with their ease of use, can significantly help you design a reward & a goal-based system. Such programs can lead you to invest wisely & track all your unwanted expenses simply because money saved is money earned.
5. Account management & reconciliation – If you are a business or an entrepreneur, you may need more than one system to manage your finances. Neobanks can combine all of it into one & offer business insights through its reports that can save time in decision-making. 

The Way Forward 

Low-cost internet & a tech-savvy young population is creating massive drifts in the way banking is perceived. Some of the notable trends soon with regard to this new-age banking can be seen from 

• Focus on national markets by emerging fintech startups that offer unparalleled services in several regions of India & are making an impact by driving financial inclusion for the masses. 
• Neobanks gradually transform into full-fledged banking institutions by offering various services, from account opening to travel credit card sales. 
• Neobanks are going into messengers; slowly, customers will manage their accounts and cards without installing the bank’s app but from their preferred messaging service. Many popular neobanks partner with social media companies like Facebook & Google to offer world-class customer support through their apps. 

The post The Exponential Rise of NeoBanks In India appeared first on PayU Blog.

Well, that’s not enough, this quick payment method allows users to pay their utility bills with Bharat QR-enabled mobile banking apps. The user makes the payment without sharing any user credentials with the businesses. Let’s have a look at it in detail below:

What Is Bharat QR?

The BHIM (Bharat Interface for Money) app, a unified UPI app, was launched with the intention not to create a situation of UPI QR Code vs Bharat QR Code but to make processes even more accessible safer. Bharat QR is known for using unique QR codes to facilitate merchant-to-person (M2P) interactions. After the QR codes are installed in the stores, customers may pay using Bharat QR-enabled mobile banking applications, selecting a payment method without disclosing user details.

A QR (Quick Response) code is a machine-readable information matrix that contains the information needed to receive payments from clients. Name, contact address, business name, destination bank data, and so forth are all stored in the BharatQR code. On top of all of that, payment through this mode is highly safe and secure as well.

How to Use a Bharat QR Code Mechanism?

Bharat QR was created from the bottom up with virtual account transactions at its heart, making it compatible with a wide range of mobile devices and apps.

In a QR-based payment scenario, a client scans a QR code placed on the merchant’s shop using a Bharat QR-enabled mobile app. Customers are routed to a checkout page after a successful scan, where they input their card information and complete the payment for the charged amount. Both the merchant and the consumer are advised of the payment status after it is completed. The money is settled in the bank account according to the settlement schedule once successfully authorised and recorded.

Let us now look at a flowchart to understand the working of a Bharat QR:

The supported payment schemes include:

• UPI
• Credit/Debit cards
  • Mastercard
  • Visa
  • RuPay

Will Bharat QR Be Beneficial?

Non-cash expenditure is anticipated to eclipse cash spending, according to industry projections. Infrastructure is one of the most important requirements for enabling electronic transactions. Furthermore, BharatQR virtually removes the need for construction and operational expenditures.

Here’s how this kind of payment may help your company:

Allow Clients Who Do Not have Cards to Make Cashless Transactions

Customers may make cashless purchases without having to use a physical credit or debit card. Payments are made through BharatQR-enabled banking applications on cell phones. For wide acceptability, this payment system accepts Visa, MasterCard, American Express, and Rupay cards, as well as BHIM-UPI. Depending on your needs, you may attach numerous cards to your Bharat QR-enabled bank applications and choose which one you want to use.

Ensure that Clients have a Smooth Payment Experience

Specific wallet applications are no longer necessary with the BharatQR UPI specifications. Your consumer may now use any app linked to their bank account and is integrated with BHIM (Bharat Interface for Money). You only need the BHIM-UPI app as a merchant to generate a unique BharatQR code. The code may be printed and pasted on your payment counter. Customers may pay money straight to their account by scanning the QR code. There is no need for any further physical or technological involvement.

All of the Big Banks Support Bharat QR

Integration with BharatQR has been enabled by leading banks and service providers such as HDFC Bank, State Bank of India, Amazon Pay, Paytm, PhonePe, and others. As a result, all consumers, regardless of whatever bank or wallet provider they hold money with, may now trade easily.

Limitless Payment

As a merchant, you have no restriction on the amount of money you can receive each month through BharatQR. Also, with Immediate Payment Services, funds are deposited to your account immediately after settlement (IMPS). Cashless payment is quick and easy since there is no intermediate digital interface between your account and the customer’s account, such as PayUMoney or PayBiz.

Extremely Safe and Secure Payments

There is no chance of a customer’s credit card information being leaked to a third party. You need not require to hand over any debit or credit card physically to make payments. Therefore, there is no risk of data theft. You do not need to enter or give your cell phone number or account information to make a payment.

Where Can Bharat QR Be Used?

It is software for Android/ iOS that creates dynamic QR codes printed on power, gas, and other utility bills to pay the correct vendors. Merchants and dealers may now take QR code payments and send money directly into their bank accounts.

How To Get Started With Bharat QR?

Let us follow a simple flow chart to understand the easiest procedure to get started with Bharat QR.

Customers and retailers alike benefit from Bharat QR since it makes transactions easier and more convenient. When clients transact with any business, it removes the need to utilize several QR codes from different payment networks. Similarly, to accept payments with Bharat QR, retailers just need to register with the bank and show a single QR code at the payment counter.

Conclusion

Bharat QR Code is undeniably one of the most significant achievements of the Indian government toward a cashless economy. However, with knowledge about Bharat QR UPI, one also needs a safe payment gateway for carrying out the transactions. PayU India is one such platform that allows Indian businesses to accept online payments from their customers.

PayU provides the customers with 100+ payment options, including the widely preferred Bharat QR code. Despite being new, they ensure safe and speedy transactions to more than 4.5 lakh business owners. So, if you want to focus on your business without worrying about your payments, visit the PayU India website today!

The post Everything About Bharat QR Code And Its Benefits appeared first on PayU Blog.

Along with suggesting the must-have features to look for in a PG, we will also provide a comprehensive guide on how a payment gateway works. Read on.

What Is A Payment Gateway?

Payment Gateway (PG) is an online payment settlement service that a third party provides. A PG undertakes the most crucial business task – receiving payment from the end consumers. If the User Interface (UI) of the gateway is such that it does not let the user navigate the application or website easily, then the customer might end up not placing the order. You want to avoid confusing the consumer at such a pivotal stage.

Now, the payment gateway is undertaking the entire transfer transaction from the consumer to the seller. But, first, it integrates with your e-commerce website, post which it authorizes the transactions.

How Does A Payment Gateway Work?

Since you are at the forefront of the business, you must understand the following guide on how a payment gateway works.

The payment gateway service is either provided by a bank or by an authorized payment service provider. The procedure is quite systematic – let’s delve deeper into its functioning mechanism.

Here are the steps that any typical payment gateway follows while processing a transaction.

1. The customer starts with a purchase order on your online e-commerce store or mobile application.
2. The customer is then led to the payment landing page. Typically, the customer is provided with several payment options; credit cards, debit cards, payment wallets, UPI, and net banking are the usual choices available.
3. Suppose the customer opts to pay using her credit card – she has to enter the cardholder’s name, the unique card number, the card’s expiry date, and CVV. Similarly, for other payment options, some secure details are required to proceed further, and such details are encrypted to ensure there are no security breaches on data front.
4. Since the payment gateway manages the regulations, the merchant doesn’t separately required to comply with Payment Card Industry Data Security Standards. The gateway also ensures that the customers are not directed away from the website while processing the transaction.
5. The customer details are then forwarded by the merchant to the payment gateway.
6. Once the gateway receives the details, they are forwarded in a readable format to the payment processor of the merchant’s bank.
7. The information is further delivered to the card association through which the transaction is taking place.
8. Now, the card association either approves or denies the transaction. This decision is based on verifying the user’s encrypted details and additional verification tests like OTP or fingerprint scanners.
9. If the card association allows the transaction to proceed further, a request is sent to the buyer’s bank. The mechanism is necessary as the bank ensures sufficient available bank balance to process the transaction.
10. Finally, when all the security checks are met, the money flows from the buyer’s bank to the payment gateway. The payment gateway then has the responsibility of settling the transaction with the seller. 

As the business owner and the seller, you should know the money trail, and it’s time to reach your bank account. Now, What could be the best payment gateway for my requirements?

There are various payment gateways out there, and you might think you could proceed with any for your business. But as your business needs are unique, you must select a gateway that suits your requirements. Below, we discuss some notable features you should prioritize in a PG.

Top 10 Features To Have In Your Payment Gateway

Payment Options Provided

You must choose a gateway that permits multiple payment settlement modes. So, look for a gateway that offers a versatile array of options.

Does the Gateway Support International Payments?

With an online presence, you can reach customers sans boundaries. If you want this facility, do your research as to how much payment gateways cost. Also, make sure that the facility you select supports multiple currencies.

Payment Settlement Duration

The money transfer to the seller’s account is usually not instantaneous, and it takes 2-4 working days for the seller to receive the money in their bank account. Therefore, it would be best if you analyzed the offerings to make a sensible decision.

Can The Gateway Be Integrated?

The gateway must have a plugin integration option. If you are setting up a shop on an e-commerce platform, you can get started immediately.

Seamless Onboarding

Cross-check the documentation requirements with the provider before onboarding. Then, select a gateway that provides a remarkable experience.

After-Sales services

What happens when you get stuck using the service? It would help if you selected a provider that answers all your queries in real-time.

Costing

Usually, payment gateways charge a standard fee of 2-3% per transaction. However, if the traffic volume on your website is not significant at the moment, it might not be easy to pay per transaction. Talk to agents and try getting a decent quote.

Add-Ons

Like a bank provides a host of services, many payment gateways offer additional services such as auto-collect and payment, employee fund transfer, handling customer refunds, etcetera. If your business needs are to grow in the future, it will help if you had all your cash management activities under one umbrella.

Analytics Report

Once your freelancing business, startup, or company grows, you would want regular business analytics.

Modes of Collection

A gateway that lets you collect money by sending professional invoices on blogs and websites and through QR codes and excel sheets will be the perfect solution for your business.

The risk management team at PayU uses Machine Learning and real-time transaction monitoring technologies to avoid payment frauds and provide a haven to the customers. You don’t need to worry about making bulk payments to suppliers and employees, even on bank holidays – it is all handled efficiently by PayU’s payment gateway. You can send refunds to customers if needed and access a picturesque dashboard to manage payouts seamlessly.

Conclusion

A good payment gateway, such as PayU, will make managing a business a lot easier. Know the payment gateway transaction limit in India, and choose one that suits your needs.

The post How To Choose The Best Payment Gateway For Your Business? appeared first on PayU Blog.

Following demonetization and the ensuing problems with cash payments, the government made digital payments in India a priority. The Indian government has taken several steps to promote and support digital payments systems in India. The government has set a goal for the ‘Digital India’ initiative to establish a ‘digitally empowered’ ecosystem: ‘ Faceless, Paperless, Cashless.’ 

What are Digital Payments? 

Digital payments are transactions made via online modes without any physical exchange of money. This means that both parties, the payer and the payee, use electronic mediums to exchange money.  

The fast adoption of mobile devices and the rise of e-commerce are not the only factors driving digital payment rise. The following factors also have encouraged the expansion of these payment systems: 

• Traditional payment procedures are much more streamlined today. 
• More new entrants and competitors. 
• Expectations and Preferences of consumers are constantly evolving. 
• Rules, Regulations, and Legal frameworks. 
• Innovations that are both competitive as well as collaborative. 
• Newer payment methods have emerged as a result of technological advances and the adoption of existing ones. 

Why are Digital Payments Important? 

Establishing financial parity always remains critical in a nation like India, where inequalities are sometimes fundamentally opposed. One of the main reasons our government started talking more and more about Cashless Economy and Digital India was to make financial resources more accessible to every citizen possible. 

Depending on the platform you choose, digital payments are done by transferring money from the user’s account to your corporate bank account via the internet secure bank network. When you receive payment, the money is immediately sent to your corporate account. This makes the overall online payment procedure very simple and trustworthy. The following factors justify the increasing need for digital payments:

• Cash has become almost obsolete, mainly following the COVID-19 pandemic. Thus, sellers and buyers are looking for secure and convenient payment options. 
• Any company or individual from anywhere in the world can use digital payment methods. 
• You can make online payments more quickly than cash. 
• Compared to the traditional payment methods, digital payments are safer, simpler to process, and far less costly in the long term. 

What are the Different Methods of Digital Payments? 

Here are some of the most common digital payment technologies in India that might help you save time and manage your money transfers: 

Banking Cards

Banking cards, like debit and credit cards, are the earliest digital payment methods available in India. It had a significant impact on the payment system. This change was necessary for the long run to allow for a cashless or digital economy.

Mobile Banking

Mobile banking refers to the use of e-banking services such as  NEFT, RTGS, IMPS transactions to transmit money around the world utilizing your online banking platform. Most leading banks are working on interactive internet banking platforms to make online banking transactions increasingly common than they are now.

Mobile Wallets

A payment wallet comes with a lot of digital payments software. This wallet is a digital wallet that holds your money instead of your bank account in an incredibly simple interface, allowing users to conduct financial transactions straight from the application wallet.

Unified Payments Interface (UPI)

UPI is among the most widely used digital payment systems currently. Numerous simple and user-friendly smartphone applications enable users to transact directly from their bank account in seconds using the KYC verification completed during their account setup process.

Unstructured Supplementary Service Data (USSD)

USSD is a digitized form of payment that does not need the internet. It is the most convenient as you can do it by calling a standard code immediately from a genuine and validated phone network.

What are the Benefits of Digital Payments? 

Users, businesses, governments, and global development entities all benefit from digital payments. The following are some of the advantages of turning digital: 

• To promote financial inclusion, increase access to various financial services, such as savings, credit, and insurance. 
• Inclusive growth enables a more optimal income movement by allowing the economically disadvantaged to contribute to the economy. 
• Higher effectiveness and responsiveness result in cost savings. 
• Women’s economic engagement has gone north on the charts by giving them more control over their finances and additional options. 
• Safety and Transparency is much better these days as increasing and rapid tracking and accountability reduces fraud and theft. 

PayU As Your Digital Payments Partner 

PayU gives users simple, safe, and secure payment solutions with no need for coding and downtime. It even gives you access to digital payments application descriptions and also full-time integration support for the same. It enables users, individuals, freelancers, businesses as well as organizations to: 

• Create their online presence. 
• Accept online payments on the website, mobile app, and more. 
• Collect payments via professional invoices, blogs, web pages, QR codes, excel sheets, among others. 
• Pay their vendors, employees, and customers even on bank holidays with real-time updates. 

Conclusion 

The days of people relying on traditional payment methods like cash and cheques are pretty much gone. Computers and mobile phones have transformed the way we live and work and manage our finances and transactions. The emergence of modern services, such as e-commerce, has resulted in a desire for faster payment methods due to the constantly changing and expanding technologies. 

The post How Are Digital Payments Revolutionizing Money In India? appeared first on PayU Blog.

In this era where being contactless is the prime motive, a seller has to digitize delivery and payments to keep the business in shape. The reason behind every successful delivery is a trustworthy logistics partner who helps the seller in achieving this. Thus, an e-commerce venture should constantly upgrade itself to keep up with the needs of its customers by ensuring a seamless delivery. 

PayU Partnering with Shyplite 

Keeping the current demand for digitization of shipping and payments in consideration, the partnership of PayU and Shyplite is going to empower the business enterprises to ease payouts, payment collection, and financial tracking as well as shipping their products to end customers.  

One of the outcomes of this partnership is that it benefits the business owners on two of the most important fronts, one on managing payments and other being the customer satisfaction. This association will help enterprises build their brand better providing customers a seamless experience and on-time delivery.

Why Do You Need a Reliable Digital Payments Partner like PayU? 

Ever since the pandemic situation came into existence, the dependency on digital payments has risen as it gives us the facility to make contactless payments. So, in order to ensure the success of your business, a reliable payment partner like PayU is a must.  

PayU offers world-class yet simple digital payment tools with 100+ payment options, and high success rates customized to cater to the needs of your business and customers.

By signing up with PayU, you can accelerate your business to reach new heights without worrying about the payments and start accepting payments directly in your bank account.  

Sign Up Now

Shyplite – The right choice for all your shipping needs 

Shyplite is a SaaS-based logistics aggregator which helps in enabling API integrations with a well-established marketplace. This makes it a trusted logistics partner for 70,000+ sellers delivering to 26000+ pin codes in India and across 220 countries.

Signing up with Shyplite will help you run your e-commerce business smoothly with 30 + courier services, easy tracking, no subscription fee, easy integration, and the best customer experience.

So, if you are in quest of a reliable yet trustworthy shipping partner for your business, Shyplite is the one for you. In order to grow your online business effectively and efficiently, switch to an aggregator which will provide everything within a single platform.

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What’s in store for you to choose PayU as your payments partner? 

If you are not well-versed with the offerings of PayU, here’s a little something about us. PayU is India’s leading complete payment solutions provider company enabling financial growth for businesses of all sizes. Listed below are the major features of PayU. 

Easy & Quick Onboarding 
Accepting payments with PayU is quite simple. We offer 100% online onboarding! 

100% No-code Integrations 
Easy no-coding integration sets up your payments in 5 minutes.  

Enhanced Security  
Our ecosystem is completely PCI-DSS compliant that makes digital transactions 100% secure. 

Highest Success Rates 
With powerful user experience functionalities & real-time updates, we offer industry-best rates. 

Diverse Payment Options & International Payments 
We make it easy to accept cross-border payments. Offer 100+ payment modes.  

Same-day Settlements & Much More 
Reconcile your payments at one place, share invoices, issue instant refunds, make bulk payouts with a click, improve cash flow with same-day settlements, and much more! 

Our Existing Customers 

It’s nothing short of motivation to hear PharmEasy’s experience with us.  

“A PayU partner since inception, PharmEasy trusts and admires PayU’s quick responses to query resolution, which has led to better conversion rates. We are also happy that PayU supports the industry’s newest payment technologies. Our partnership experience has been smooth, with quick & effective resolutions.” 

Switch to PayU now & explore a seamless payments experience like never before! Get Started Now.  

The post Supercharge Your Payments with PayU While Shyplite Takes Care of Your Logistics appeared first on PayU Blog.

This means that you will have to choose measures that are flexible and serve your business irrespective of whether you are able to operate from your physical store or not. Moving online could help you carry on your “business as usual” and will continue being useful even after the end of this pandemic.  

Making Everything Easier For You!

Building an online store is a major task. However, with e-commerce platforms such as Shopify, it is easy to get up and running with, providing your customers with a seamless shopping experience similar to what they get from large online retailers. However, to provide a seamless checkout experience to your customers, you would also require a payment solution provider that is highly secure and understands the needs of your business.  

We are glad to share that PayU has partnered with Shopify to help businesses move online and start accepting payments, easily and quickly! This solution can help you open an alternative revenue stream for your business by reaching out to new and existing customers online.  

With PayU, you can accept payments on your Shopify store via UPI, Credit/Debit Card, Net banking, Paytm, Google Pay, PhonePe, Wallets, and more. We are also offering some discounted rates on transactions to Shopify merchants! (Know more about this and other offers in our benefits section below.) 

Many of our features are specially built for businesses like:  

• Essentials/Groceries  
• Travel 
• Gaming  
• Non-profit organizations/Donations 
• Financial & Insurance Services 
• Freelancing  
• Healthcare & Beauty   
• Educational Services 

Selling online is very different from selling offline. While selling online, you’ll have to click photos of your products, write content, create videos, etc. Luckily, you get all these and more features when you get started with us. 

How to Create Your Online Store on Shopify

You can easily set up your Shopify store by following these simple steps: 

1. Go to Shopify and click on “Start free trial”  

2. Now, enter your email ID, password, and Store name and click “Create Your Store”. Wait for a few seconds while your store is created! Your domain will be “your store name.myshopify.com”

3. Enter your credentials such as your name, business address, number, etc. and click on “Enter my store” 

4. Now, “Add your product/s”. You will be required to enter a title for your product, along with a product description, photo, and its pricing 

5. Next, choose a theme for your online store. You can add a logo, product slideshow, and colors that match your brand 

6. Once you have customized your theme and added all your products, you can add a custom domain to help customers find your online store 

7. Now, click on “Settings” on the left-hand side menu to manage your payments service provider, how you ship orders to your customers, and your billing information (this is mandatory to go live with your online store) and more. While choosing your payment service provider, make sure you choose the one that is highly secure and lets you collect payments hassle-free like PayU

Your online store is ready!  

Once you have built your online store with Shopify and integrated PayU as your payments service provider, you can try our different features that will help you grow your business. 

Benefits of using PayU on Shopify 

• Exclusive Pricing – We are offering discounted pricing for Shopify merchants, starting at 0.40% per transaction 
• Transaction Charges Waiver – Zero transaction fees on transaction value up to ₹5 lacs for new PayU merchants on Shopify 
• Bulk Payments at ₹0 Fees – Pay your vendors & employees, disburse winnings & initiate instant refunds in Bulk at zero transaction fees for the first month 
• Shopify free for 14 days – Try Shopify for free, and explore all the tools and services you need to start, run, and grow your business.     
• Accept International Payments – PayU enables you to accept payments in 100+ currencies across the world and get settled in your local currency  
• Same Day Settlements – Get money in your bank account the same day and improve your cash flow 
• Collect Payments via Subscription page – Accept recurring payments automatically with our subscription platform 
• Offer EMI Options to Customers – Increase your cart value by giving your customers an option to make payment through EMIs 
• Powerful Dashboard – You can track, manage and reconcile all your transactions on the powerful dashboard 
• Automate COD Refunds via Payouts – Initiate instant refunds for your COD orders via the dashboard, integrating our API or links 

How to Integrate PayU Payment Gateway on your Online Shopify Store? 

You can integrate PayU payment gateway seamlessly, allowing the customer to pay on your online Shopify store via 100+ payment modes. Here’s a step-by-step guide on how to integrate PayU on your Shopify store: 

1. Log in to your Shopify account 

2. Now, click on the Settings option in the Left-hand side menu 

3. Go to “Payments”

4. Click on “Alternative payment Methods” 

5. In ‘Alternative payment methods, select PayU India. Update the merchant key and salt values in the PayU India configuration page, . 

• If you are already a PayU Merchant, you can find your Merchant Salt and Merchant Key from the profile section of your PayU dashboard. Click on the Profile tab at the top right corner of your PayU dashboard. Under the “Integration Details” tab, you will find your Key and Salt. 

• New merchants can sign up in minutes to get their key and salt details. 

6. Now, click on “Activate PayU India”. You can also test the integration using the option “Enable test mode” and the test key and salt provided by PayU. 

In the End 

We are here to help you get your business up and running online. Integrate PayU payment gateway on your online Shopify store and start collecting payments in your bank account directly. If you need any other help in expanding your business online,  

The post Expand your Business Online with Shopify & PayU appeared first on PayU Blog.

Supporting businesses and help them grow has always been our mission, here at PayU. And helping people carry out their business smoothly has become more important than ever in the wake of a global pandemic like COVID-19. 

Through this article, we intend to help local businesses face minimal impact during this outbreak, by assisting them in going online and accepting payments digitally.    

Get Your Business Online In No Time 

Build a free website for your business with a built-in payment gateway & get 100% TDR waiver on the first INR 50,000 worth of business done via PayU.

Collect Payments via Payment Links 

With the World Health Organization (WHO) warning that the virus can be transmitted to customers via banknotes and coin, people have become more cautious in handling cash.  

One way of contactless payments is by accepting payments digitally! You can easily collect online payments from your customers with PayU Payment links, in just 3 simple steps:  

• Create a PayU payment link 
• Share link with customers via WhatsApp, Facebook, Email or SMS  
• Get paid directly into your bank account 

To know more about how to create payment links and its benefits, click here.  

Create a Website for Free In No Time 

As social distancing starts, people will start consuming less and purchasing in different ways, mostly online. However, your business is unlikely to face any impact of COVID-19 on the sales of your products or services if you have an online presence.   

You can create a beautiful online store/website with a built-in payment gateway with PayU or through the PayU app, in minutes. Customers can buy products from your website and pay through the medium they prefer. 

Invoice Generation & Account Management 

You can create and send itemized invoices to your clients with PayU Payment Links. You can send these payment links via different mediums such as Email, SMS, WhatsApp and more. You can also send reminders to your customers about unpaid invoices, just through a few taps. Read here to know how to Accept Payments Online Using PayU Payment Links? 

Also, you can manage your customers’ information, business details, and payments, all at one place, on the powerful PayU dashboard or the PayU app. 

Take Charge of Your Business with Same Day Settlements   

As mentioned earlier, a business may see a decrease in its sales due to the outbreak which may impact in carrying out day-to-day activities smoothly.   

However, if you are a PayU merchant, you need not worry about your daily cash flow. With our Same Day Settlement feature, our merchants can receive settlements on the same day of the transaction, via IMPS for the amount less than 2 lac per day. Earlier, merchants used to receive settlements 2 days after successful transaction.  

You can start receiving same-day settlements by simply getting in touch with your Relationship Manager and signing the agreement or by reaching out to us here. 

Other PayU Initiatives 

All of us at PayU are now focused on enabling businesses to be more productive and collaborative during this challenging time, through various initiatives: 

• Bringing India Online: Our initiative to bring businesses who have been affected, online and run their business as usual  
• Startups Helping Startups: A platform where various startups can post offers they are providing and take help from each other and thrive even in this time of crisis 
• Working Together: Connecting job seekers with companies/individuals who want to hire 

Offers Provided by Our Partners

1.Shopmatic: Create a complete eCommerce store for your business at just ₹50 a month as hosting charges and use the Shopmatic platform to the fullest.

How to avail the offer:

• Register at partner website by visiting https://goshopmatic.com/ or download the app from Google Play
• Set up your profile, online store and select ‘Transaction plan’ to get started

2. Zoho: Zoho, our technology partner, is offering ₹5000 in Zoho Wallet credits to help your business tide over COVID-19 and its economic impact.

How to avail the offer:

• Sign up via this link: https://www.zoho.com/wallet/?cn=PayUZoho2020
• Earn ₹5000 in your Zoho wallet
• Voila! You can purchase any Zoho product using your Zoho Wallet credits

3.Shopify: Shopify offers everything you need to create a beautiful, fully-featured e-commerce store. You can easily build and run your e-commerce website with unlimited bandwidth. Due to the impact of COVID-19, Shopify is offering an extended 90-day free trial period for all new customers.

How to avail the offer:

• Create your e-commerce website by signing up via this link: https://bit.ly/33PfSfq
• Enter the required details and you are all set!
• When you are ready to take orders, select a plan by linking your credit/debit card. Shopify will charge its monthly subscription fees only after the expiry of 90 days free trial period

Taking Care of our Community 

As we all prepare to fight the circumstances caused by COVID-19, we feel a great responsibility to help and support all – our workforce and our merchants. While we are trying to help local businesses keep moving forward in this situation by providing all the assistance, we have asked all our employees to work from home. This will, however, not impact the services we offer to our merchants and business partners.  

This is a difficult time for all of us, and we will continue to try to work with all to get through it together. To know more about us, start accepting payments digitally or to create a website in minutes, sign up on PayU.  

Above all – stay safe, stay well!  

The post COVID-19: Moving Online May Help Maintain Business as Usual appeared first on PayU Blog.

Traveling is the new way to relieve stress for people in the country. The sector is growing at an unbelievable rate. Total contribution by the travel and tourism sector to India’s GDP is expected to increase from Rs US$ 234.03 billion in 2017 to US$ 492.21 billion in 2028. According to WTTC (The World Travel & Tourism Council, India), India ranked 3rd among 185 countries in terms of travel & tourism’s total contribution to GDP in 2018.

And people are quite keen on using digital payment methods that help book tickets for transport, hotel, etc. quickly and without any hassle. Research indicates that more than 95% traffic to a hotel, airline, or a tour packages website drops off without completing the transaction.

So, are you using the best payment solution provider to give your customers a good overall experience?

Why PayU is the Best Payment Solution Provider for Your Travel Business

1.Integrate PayU Payment Gateway on Your Site- Integrate PayU payment gateway on your travel site to give your customers a quick, safe and seamless checkout experience. PayU payment gateway supports 100+ payment options and is PCI-DSS compliant (protected from fraud). To know more features of the PayU payment gateway, click here.

2. Add PayU Button on Your Travel Site – Quickly add Payment Buttons on your travel site and give your customers a seamless checkout experience. All you need to do is just copy-paste a single line of code on the web page. You can also personalize the Button by changing the color, size, and text to match your brand. To add PayU Payment Button, click here.

3. Request Payment through Payment Links – Create Payment links easily through the PayUmoney dashboard or PayU App, share it with your customers via WhatsApp, SMS, email, etc. and get paid instantly. To know more about payment links and how to create them, click here.

4. Accept International Payments Easily – You can easily go global with PayU! With PayU’s international payments acceptance feature, you can accept payments in 100+ currencies.

Benefits of accepting international payments with PayU:

1. Support payments via International Cards on your website
2. Receive Settlement in T+2 days in your home currency
3. Apart from the website, accept international payments via payment links too
4. Hassle-Free Integration/ No integration required

PayU has supported thousands of businesses in its aspiration to cater to international customers, some of them being India’s biggest brands. Click here to register yourself for the International Payments feature.

5. 100+ Payment Options – Give your travelers more than 100 modes of payments to choose from while checking out or making in-app purchases. PayU supports various payment modes such as Credit/Debit Card, Net Banking, UPI, E-Wallets, Google Pay, etc.

6. Seamless Redirection-less Checkout – With PayU’s Saved Card options, your customers will not have to enter their card credentials again and again and checkout seamlessly. They will only have to enter their CVV and a password sent to their registered mobile number.

Also, the payment page opens as a pop up on the same page, providing a complete redirection-less payment experience.

7. Responsive Checkout – There is no disruption in the experience for your customers as they can easily checkout from mobile, desktop or tablet.

8. Highly Secure – Cyber frauds are on the rise and an attack on your system can lead to the loss of valuable data and money. PayU is PCI-DSS compliant and has 128 BIT SSL encryption. We provide you with all the support and security you are looking for to receive your payments with a peace of mind. To know how secure your payments with PayU are, click here. Also, there are red flags for multiple users. A user can use only 2 cards while checking out through PayU.

9. Track Your Business Performance – You can track and manage all your business transactions through PayU’s powerful dashboard. You can also reconcile payments and monitor business performance.

Customers Speak

“We integrated PayU on our travel website in 2017. This is the only payment gateway we have been using for the last 3 years and all are transactions are 100% online. PayU has helped us with converting visitors into customers as the entire booking cycle becomes seamless for them. For our offline customers, we share PayU Payment Links with them and accept payments easily. After the growth and success of our first venture, we started with a new business named AB Hospitality last year. It has not even been a year and the business has grown exponentially. We are using PayU payment gateway for both our businesses,” said Alpesh Bhalani, Owner, AB Tours & Travels and AB Hospitality.

PayU’s international payments acceptance feature helps us accept money from travelers around the world, and provide them with a seamless experience, he added.

Closing Thoughts

While uninterrupted shopping experience is very important for people, you should aim to provide a 100% secure payment experience. PayU is the most complete choice for your online traveling business. To know more about our products and features for your traveling business,

The post Own a Travel Business? Take it to Next Level with PayU appeared first on PayU Blog.