During the festive season, online payments banks have noticed 60% of consumers used online payment methods to make purchases via e-commerce portals. So what are online or payments? 

What are Online Payments mean in India? 

Online payments involve transactions that occur digitally without using paper currency. Online payments facilitate hassle-free, fast, and secure payments through a secured network, from paying for online purchases to transferring money online to making investments. Online/digital transactions involve the collaboration of multiple parties, including the banks and the financial firms, along with several sectors within the economy. 

For making online payments, the sender and the receiver must have:   

• Bank account 
• Online banking facility  
• A medium through which the transmission can happen such as a bank or service provider 

Different Methods of Online Payments In India 

Presently, there are several online payment methods available in India. Online payment methods have been in operation for now, but they received traction during the pandemic lockdown. Let’s look at them in detail below: 

Banking Cards 

Banking Cards are one of the widely used payment systems in India. Cards are very convenient, portable, and have the benefit of security of payments. The two most common banking cards used for online payments are debit and credit cards. These cards are used extensively in both online and physical transactions. Some of the renowned payment networks are VISA, RuPay, and MasterCard, among others.

Aadhaar Enabled Payment System (AEPS)

As the name suggests, anyone holding Aadhaar can use AEPS to carry out online/digital transactions, provided the Aadhar number is linked with his bank account. An Aadhaar holder can use AEPS for balance queries, withdrawal, deposits, and Aadhar to Aadhar bank transfers. If your Aadhar number is registered with the bank where you hold an account, then you can use AEPS for your online payments. Instead of mentioning the bank details, one can send funds from one bank account to another through their Aadhaar numbers.  

For making an AEPS transaction, all you need to do is: 

• Visit a Micro-ATM or a business correspondent (could be even your local store owner with the necessary device, who will function as a “micro-ATM” and help conduct these instant transactions). 

• Provide Aadhaar details. 
• Authenticate it with your fingerprint or iris scan, and then continue with your transaction. 

Unified Payments Interface (UPI)

UPI is the most popular online payment system that brings in several bank accounts into one single app. Any individual holding a bank account can send or receive money through a UPI application. UPI is extremely user-friendly; any UPI transaction requires merely a few clicks on the phone. UPI also allows users to transfer money without the hassle of remembering the bank account number or IFSC code. All they need to know is the phone number or a Virtual Payment Address. Several UPI apps are available both for Android and iOS platforms. 

Mobile Wallets 

Mobile Wallets are essentially your virtual wallet. Usually, people link their bank accounts to this online/digital wallet for secure transactions. One can download a mobile wallet app, add money to these wallets and use them for their purchases. With services like sending and receiving money, merchants’ payments, and making online purchases, among others, mobile wallets broadly facilitate faceless and cardless payments. Even, several prominent banks have also launched their e-wallet services, such as ICICI Pockets, Axis Bank Lime, etc. 

Internet Banking 

Internet banking allows users of a particular bank to carry out financial activities online, including transferring money, applying for loans, credit cards, closing an account, and many more. Almost all Indian banks have internet banking or e-banking services. The internet banking system is a banking network that is open throughout the year. The broad scope of the banking facilities that internet banking provides makes it a trendy option among customers. Almost all online transactions can happen using internet banking. 

PoS Terminals 

PoS terminals or Point of Sale terminals are the locations where the sale happens. For a long time, PoS terminals were those machines on the counters in malls and stores where the payment was made using credit or debit cards. These are the same machines where the users swipe the card and enter the PIN. However, with the increasing popularity of other payment methods, new PoS terminals have come into place.  

Physical PoS terminals are available in shops and stores; Mobile PoS are accessible through a phone or a tablet; Virtual PoS, are simply accessible through web-based applications to make payments hassle-free.

Mobile Banking 

Mobile Banking helps you do all financial activities with your smartphone. It is an umbrella term encompassing several banking services that are accessible over mobile devices. With the rise of UPI and digital wallets, banking via mobile has been expanding. It is becoming a popular option due to its convenience and swiftness. Most banks have their mobile banking apps where all services, including investments, bank statements, bill payments, and many others, are available at the click of a button. 

PayU: Your Online Payments Partner in India 

PayU provides online merchants with innovative payment technology with a range of multi-faceted features. Basically, a no-brainer tool to transact digitally while catering to individual freelancers, startups, and business enterprises. 

Integrating PayU payment network with business has several advantages, including:

• The high transaction success rate. 
• The ready-to-use payment network to set up with no coding skills. 
• PayU has developer-friendly APIs, plugins that facilitate easy integration with merchant websites. 
• Once your account is set up, you can start accepting payments easily. All you need is to complete the onboarding process. The entire process is online and hassle-free. 
• The PayU team helps merchants operate seamlessly and securely without any downtime. 

Final Words 

The Government of India has taken several steps to push people to use these online payment methods using their “Digital India” campaign. This campaign aims to create a cashless economy. Online payments help you keep “your money under your control”. At PayU, we help people facilitate online transactions seamlessly. To know more about us, visit PayU now. 

The post How Do Online Payments In India Work? 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.

PayU India, the market leader in the e-commerce payments space, is looking to make a big push into omni-channel this year, according to the company’s CEO Anirban Mukherjee. Besides, the fintech company plans to emerge as a large digital credit platform and build digital financial services this year, Mukherjee told BusinessLine.

“All the three segments — payments, credit platform and digital financial services – will be the focus areas this year. The big theme of 2020 will be to engage more with banks on all the three fronts. We do things on our own, but banks have deep relationships with merchants and consumers, and we want to work with them,” he said.

Omni-channel Payments

While continuing to operate in e-commerce payment, PayU India will focus on giving a big push into omni-channel, said Mukherjee.

“Consumers start payments on one channel and then move — they start on their mobile, then they go the store, they order online and return to the store, look at offers elsewhere. So most of our merchants have a presence online and offline. We are now building a fairly large initiative on omni-channel,” he said.

Claiming that PayU India is the preferred payments partner for the top 200 merchants in the country, Mukherjee said: “We have done a lot and continue to innovate from the platform and product perspective, to improve the experience for merchants and consumers.”

PayU India also plans to make a big push into in-store payments. Further, one will see the company working more with Wibmo, an authentication services provider it has acquired, he added.

Consumer lending

PayU India will look to ramp up “very significantly” on consumer lending this year, said Mukherjee. “This will happen once PayU Finance comes together – with PaySense and LazyPay. We will be a very large digital credit platform within this year, offering all products —buy now pay later, EMI at the point of sale, and personal loans — all digitally-led,” he said.

Going forward, PayU also plans to work with banks, partnering them and originating loans together.

“Today we lend on our own books. We will partner with banks to co-lend in the coming days. Credit is a massively under-served problem in our country. We will start with the consumer and eventually do SMB (small and medium businesses) lending as well,” he said.

While LazyPay — which does a lakh transactions per day — is the ‘buy now pay later’ product, PaySense is a recently acquired lending platform. Mukherjee said PayU Finance will become one business. “We have complementary capabilities, we will take our own lending business and put it under the PayU Finance umbrella. The PaySense platform and what already existed within PayU Finance will be combined under PayU Finance,” he said.

Fintech ecosystem

PayU India is also looking to build fintech ecosystem.

“We have made an investment in Fisdom. We will make a bunch of other investments. There will be a big push into fintech ecosystem — essentially digital financial services for consumers and small and medium businesses,” Mukherjee said.

Fisdom is working with banks, offering digital wealth products such as mutual funds, gold loans and insurance. They mostly offer services to bank customers both through physical branches and a digital app, he added.

Click here to read the complete interview on the Hindu Businessline.

With more than 3.5 lakh merchants, PayU is India’s leading all-in-one payment solution. Now to enjoy the best payment gateway experience and grow your business effortlessly,

The post In 2020, PayU India To Engage More With Banks For Digital Payments Push appeared first on PayU Blog.

Recently, we took the next step in this journey – well, a leap actually! We are glad to share with you that we have acquired California-based payment and security company Wibmo for $70 Million. And this strategic acquisition has taken our fintech investment total past the $500 million mark, putting us within the top five leading global fintech investors over the last two years.

We believe that constant technological advancements in the digital payments industry will help save a lot of time and effort for the users be it merchants or end customers.

Found in 1999, Wibmo helps over 20 nations with payment security and authentication, risk management and mobile payment solutions. They, like us, are committed to making digital payments frictionless through innovative products and services, supporting the Government’s vision of a Digital and Cashless India.

This is a very important moment for all of us at PayU as by combining Wibmo’s expertise in payment security and mobile payments with our strong merchant network and heritage in payments, the combined entity will be focused on delivering more secure and seamless payments experience to our customers.

Aakash Moondhra, CFO, PayU Global said, “We will partner with leading banks to enable digital banking, merchants will gain with higher conversions rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions.”

How this Acquisition Will Help Our Merchants

Helping merchants with seamless and secure transactions is our priority! A step that we take would only be successful, if it helps you (the merchants) in your digital payments. We are in the process of creating a robust online payment ecosystem that will cater to all your needs in a secure manner and help you grow your business! For merchants, this acquisition will result in:

• Higher Success Rates, More Conversions – PayU-Wibmo integration will reduce hops in a transaction from 16 to 6. Therefore, reduce the latency & increase success rates.
• Safer Transactions – As mentioned above, Wibmo is a major provider of authentication and payment security solutions. From innovative One StepTM frictionless, device-fingerprinting to authentication through downloadable apps, to behavior modeling for fraud detection, their innovative solutions help authenticate genuine transactions while keeping fraudulent ones away.
• Great Consumer Experience – With reduced hops in transaction, higher success rates and improved authentication – your consumers will have a seamless payment experience.

Conclusion

These acquisitions and investments are a testimony to the trust all of you have shown in choosing PayU as your digital payment solution. The addition of Wibmo will definitely boost our core payment gateway service. Together, we will build even more meaning relations – with merchants, customers, and financial partners. We are sure that this acquisition would prove great for Wibmo, PayU, our merchants, customers and the fintech sector!

Have a look at how our story regarding Wibmo acquisition got covered in popular media channels, newspapers and online:

Click on these links below to know more about PayU-Wibmo acquisition:

TechCrunch, CNBC India, The Economic Times, Mint, The Hindu Business Line, Business Standard The Financial Express. Finextra,VentureBeat The Paypers.

The post PayU Acquires Payment and Security Firm Wibmo for $70Mn appeared first on PayU Blog.

According to data, there are currently 147.8 million eCommerce users in India, and we can expect this number to grow to over 358 million by 2020. However, the data also reveals that around 70% of the customers abandon the shopping cart, right at the checkout phase, which leads to losses in business.

Therefore, the payment solution that you choose should have multiple features such as a variety of payment methods during checkout, an easy-to-use customer interface and high success rates, for more conversions.

Here are a few key pointers to consider when selecting an online payment solution for your business:

1. More than Just a Payment Gateway

If you are building your business, you should choose a payment solution that offers customized products and fulfil all your payment collection needs. For instance, if you have a website, there should be an option of integrating a payment gateway; if you don’t have a website, it should offer payment links for collecting payments and more.

PayUmoney offers a variety of other products that could help you in managing your payments better!

• Web Checkout – You have done enough hard work to make people come to your landing page and add items to their cart. And you would surely not want to lose them with a badly-designed or confusing checkout page. We provide a completely redirection-less checkout for website and mobile-web through PayUmoney Bolt. The payment page opens as a pop up on the website itself, and the customer never leaves your website, leading to higher success rates and increased sales.

Click here to know more about PayUmoney’s Bolt Web Checkout

• Plug n Play SDK – If you are a growing business but so not have a website, a payment gateway for your mobile app works the best for you to collect online payments. The PayUmoney SDK allows you to accept payments on your android or ios mobile applications. You can integrate SDK easily in your app with the customized pre-designed screen and start collecting your payments through multiple payment options, in minutes!

Want a SDK for your business app? Click here.

• Platform Plugins – Would it not be amazing if your website is built on an ecommerce platform? You will get an opportunity to accept payments through them! With PayUmoney Platform Plugins, you get ready-to-use payment gateways for popular ecoomerce platforms such as Shopify, Woocommerce, Magento, OpenCart and many more. And adding these plugins is as simple as ever.

Click on the image to watch a 2-minute video on how to integrate the Platform Plugins:

• Payment Links– If you want to collect payments from your customers from anywhere but do not want to get in the process of installing payment gateways, Payment Links are the best option for you. Send the PayUmoney Payment Links to your customers via Whatsapp, Email, Social Media or any other application and request for payment.

Click here if interested in accepting payments directly into your bank account via payment links.

• Excel Plugin – If you use Excel for your business extensively, you can might just use it for collecting payments too! PayUmoney Payments Plugin For MS Excel lets you accept and manage payments right from your excel sheet. With PayUmoney’s Excel plugin, you will be able to send multiple payment links at one go.
  

Know more about the features of and how to integrate PayUmoney Excel Plugin here.

• Payment Buttons – If you have a business with limited products and fixed prices or you are an NGO that want to receive donations through your website, payment buttons could be the ideal choice for you to collect payments. To integrate a PayUmoney Button, all you need to do is place the “Payment Button” on your website or blog by pasting a HTML code and start receiving payments in no time!

Watch this video to know How To Create PayUmoney Payment Button.

• Aggregator Solution – If you’re building a business that connects buyers and sellers, you can use the PayUmoney aggregator solution to get your sellers paid. Aggregator solution allows multiple settlements against a single authorised transaction.

2. Easy Sign-Up & Quick Onboarding

A heavy sign up and onboarding process remains a pain point for many in the online payments industry. Going through the tasks of providing all the documents in person, waiting for approvals for months and following up with payment solutions team can take a toll on your business.

While the sign up is done in 2 east steps at PayUmoney, we are glad to share that our onboarding process in 100% online and hassle-free. While you upload soft copies of all your documents from your PayUmoney dashboard, you will keep receiving emails conforming the status of your application.

Learn more about Document Checklist for Payment Gateway through this post.

3. Higher Success Rates

It is essential to check and compare the success rates of various online payment processors. Always check if the online payment solution you choose has all payment modes. Higher number of payment options, ease of checkout, lead to higher success rates.

PayUmoney is badged with the best transaction success rates in the industry so far.

4. Low Charges

Paying for every transaction is not a small cost, when you are running your own business! Therefore, you should always compare the setup fees, transaction charges and ask if there are any hidden charges from various payment solution companies. At PayUmoney, we make sure that the price we offer to the merchants for carrying out transactions are best in the industry, and legal.

There is zero setup charges or Annual Maintenance Charges (AMC).We charge 2% + GST on every transaction.

For American Express & Diners Cards, transaction fees is 3% + GST for international transactions.

5. All Payment Options

It is always better to give maximum payment mode options to your customers so that the chances of drop offs reduce. The more payment options you give, the more convenient it will be for the customer, thus impacting your conversions. PayUmoney supports various payment modes such as:

• Credit/Debit Card
• Net banking
• UPI
• EMI
• E-Wallets
• Tez
• LazyPay

6.Offers International Payments + EMI Options

To grow your business globally, you should implement a payment solution that accept payments in different currencies. PayU offers international payments acceptance to our merchants in partnership with leading banks, in 30 currencies.

Here is a step-by-step guide on how to Accept International Payments with PayUmoney.

EMI Option

There are a lot of people who find it easier to pay through EMIs (Equated Monthly Installments). PayUmoney has partnered with various banks to provide this option to your customers, while they are on the checkout page. If you want to add EMI as a payment option for your customers on the checkout page, reach out to us here.

7. Seamless Checkout Experience

Customers these days expect everything to happen in a click. If you have your checkout process optimized, you might end up getting more traffic, making more purchases. An easy-to-use checkout interface makes shopping easier for them. PayUmoney has developed many additional features to make sure that your customers do not face any difficulty while checking out, either through web or mobile.

• Saved Cards – PayUmoney gives your customers an option of saving their card details at the time of their transactions, so that they do not have to fill in the details every time.

Success rates for transactions through saved cards are 8-12% higher than other transactions.

• Nitro Feature– By integrating Nitro Flow, we save your customers from the pain of remembering and entering login credentials, every time they make an online payment. They can quickly access their Saved Cards with PayUmoney and make payments.

Our merchants have seen a growth of 6-7% in success rates, using Nitro.

• Easy Retry Option – In case your customer drops off during checkout process due to some technical or network error, he will not have to fill his details again. The customer can retry seamlessly by starting from where they had left.

• Payment Mode Intelligence – PayUMoney uses a proprietary algorithm that displays the most preferred option of payment to your consumers, thus providing a frictionless and fast checkout experience.

Read on to know more about PayUmoney Web Checkout: Completely Redirection-Less Checkout For Website and Mobile-Web

8. Highly Secure

With an increase in businesses using online payment solutions, there is also a fear of cyber fraud. You must have heard in news of hackers aiming to get card details of the customers via hacking sites. However, one of the key goals of PayUmoney is to secure general as well as financial information of its users. The following pointers make PayUmoney a totally secure payment processor:

• It is a PCI-DSS compliant, which means PayUmoney adheres to all the security standards and practices recommended by the Payments Card Industry.
• Also, there is always a two-factor authentication during checkouts. First, the customer must enter the CVV and secondly, enter the OTP sent on his registered mobile number.

9. Powerful Dashboard for Tracking

The online payment solution that you use should not only have payment accepting options but also provide you with the convenience of tracking and managing online transactions.

The PayUmoney dashboard enables you to view all your transactions in a systematic form. Also, you will be able to keep a tab on your cashflow – how much money is being credited, how much debited (refund), reconcile payments and send payment links to your customers.

Read more about various filters and features of The All New PayUmoney Dashboard

10. Optimized for All Devices

The payment/checkout page of your business must be optimized to adapt to any device such as desktop, mobile, or tablet to provide better payment experience to the customers.

PayUmoney’s checkout page is highly optimized & responsive for any device be it smartphones, tablets, desktop or laptops. Thus, your consumer experiences a seamless payment checkout, irrespective of the device or browser.

Also, PayUmoney has a Mobile Only Checkout feature that allows consumers to checkout through mobile easily. The consumer will not be required to enter his email address during checkout, if he has done that before on web checkouts.

Conclusion

Security and easy-to-use checkout pages play the most vital role while you are in the process of selecting an online payment solution for your business. And PayUmoney is the world’s leading payment solution provider, in terms of success rates and convenient checkouts.

If you’d like to have all these benefits and grow your business efficiently, sign up on PayUmoney.

The post Guide to Choose the Best Online Payment Solution for Your Business appeared first on PayU Blog.

Online Payment Processing: What Does It Mean?

Now that we know we are at online payment processing era, let us dive deep and understand what online payments mean and look at the pros and cons it offers. Online payment refers to any transaction that is done electronically. It can be via a mobile device or computer or POS machines. This involves the use of an internet network, secure payment ecosystem and coded information, imprinted on your card or your confidential details.

In the war of offline vs online payment processing, the online method seems to be winning so far! Here’s why:

• Online method is quick and easy. You can easily transfer a huge amount of money within minutes
• It offers transparency in each transaction. You can have a record of each transaction hence, reducing payment frauds
• A number of payment gateways like PayUmoney, makes the entire process hassle-free, promising industry best success rates!
• Online payment processing allows you to make a transaction in any part of the world without facing the currency difference
• With the online ecosystem, you can send and accept payments 24*7!
• It allows businesses to offer multiple payment options to its customers like Credit/ debit cards, Netbanking, UPI, Wallets, etc.

Is Online Payment Processing A Necessity?

Historically, cheques were the most preferred payment methods. Organizations wrote, signed and mailed paper cheques as it used to save on costing and mainly because this was the only mode of payment available. But ever since the FinTech came into the picture, organizations and individuals started using electronic payment methods for faster and simpler processing. It saved their time and effort, hence reducing risks and fraud.

A recent report suggests that 81% of businesses find online payment processing better because of all the advantages it offers! This makes it clear that accepting online payments is no more a choice, it is a necessity.

Here’s the endnote: if you want to scale up your business and offer the best experience to your customers, then it is necessary to move in the direction of your customers: ‘online’ with a wide range of payment options. Read our blog on Why Should You Collect Online Payments here!

What’s Next For Businesses?

Newly ventured into an online or rather just created your e-commerce website? Then along with design and smooth interface you need a safe, trusted and fast payment gateway for the website. Now that you know what online payment processing means and what importance it holds in the modern world, the next step is to choose the right payment gateway. Read here to know What Is Payment Gateway For Website And How It Works? Before we understand the pre-requisites for choosing a payment gateway, let us understand why you need a payment gateway for your business:

1. Secured & Protected Payments: Payment gateways are highly secured and encrypted. Hence, they protect sensitive customer data such as credit card number, etc., from fraudulent activities or online theft.
2. 24/7 Store: Your customers can make a purchase anytime and from anywhere they want to.
3. Shopping Cart Convenience – Payment gateways facilitate customers with shopping carts for better shopping and complete checkout experience.
4. Tracking Abilities: You can track all your transactions (past and present) all at one place.
5. Multiple Modes Of Transactions: Your customers can make use of a credit card, debit card, net banking, UPI and even international cards to make an online purchase on your website/app.
6. Multiple Device Friendly: A payment gateway provides smooth payment experience to customers, be it on a desktop, laptop, mobile or a tablet, etc.
7. Faster Transaction Processing: A payment service provider is much faster than manual processing. Your customers can make a purchase without any inconvenience of waiting in long queues.
8. Integrated Payments & Settlements: The effort of individually reaching out to multiple banks naturally reduces by integrating with a payment gateway. It takes all the load on your behalf so that you can solely concentrate on building your business.

Ones you know why your business exactly needs a payment gateway, take a step further and choose the right payment gateway for your business. You can read here to know How To Choose Best Payment Gateway In India. You may like to consider PayUmoney because of the following features:

• Super quick and free set-up
• Test mode experience
• Easy onboarding and integration
• Advanced dashboard
• Leading E-commerce plugins
• Secure checkout options
• Competitive TDR rates

Currently, PayUmoney is offering services to 4.5 lakh+ happy businesses across the country. It is trusted, instant and secure. Here’s what some of our merchants have to say about their experience with PayU! “

“A successful business is built by people and not by money. We are glad to have found the right people to manage our online finances.” – Abhishek Chandrashekhar, Royal Brothers

“PayUmoney delivers on its promise of being a robust and quick to activate payment gateway. It outperforms to firmly support its merchants” – Arvind Batra, Events High

“PayUmoney delivers on its promise of being a robust and quick to activate payment gateway. It outperforms to firmly support its merchants” – Arvind Batra, Events High

“The payment settlement time is very good. Being a startup liquidity is very important, which PayUmoney has helped to achieve” – Amit Saini, Founder, Let’s Ryde

This is not it! Our robust technology ensures your business gets all its payment-related services under one roof. Some of our industry best innovative products are:

1. Web Checkout: Add a completely redirection-less & secure payment gateway on your website
2. Plug-n-Play SDK: Accept payments on your Android / iOS app with our customizable SDK
3. Platform Plugins: Quickly accept payments on e-commerce platforms – WooCommerce, OpenCart, Shopify etc.
4. Payments On MS Excel: Choose the industry-first innovation to accept payments right from your MS Excel
5. Payments Button: Just copy-paste a single line of code to accept payments within minutes from your website/ blog

With all your marketing efforts for your business in place, it’s a good idea to have an all-in-one payment solution in place as well. Sign up with PayUmoney to enjoy the best payment gateway experience and grow your business effortlessly!

The post Everything You Need To Know About Online Payment Processing appeared first on PayU Blog.

Now, all passwords must have certain mandatory criteria to be fulfilled. After the update, you will be logged out of your PayU account. To login, please reset your password by following the step-by-step process below.

How To Reset PayU Password?

• For existing users who have access to their phone number
• For existing users who don’t have access to their phone number

For Existing Users Who Have Access To Their Phone Number

Here is the step-by-step guide to reset your password only if you remember and have access to your phone number you used while signing up on PayU.

1. Go to PayU website and click on either “Login”

2. Enter the email ID you had used while creating your PayU account and click on “Next“.

3. You will be notified about your ‘Password Expiry’. Please click on “Proceed”

4. Our system will match your email ID (entered in step 2) with the phone number (entered while creating account).

Please enter the 6 digit OTP you receive on this phone number correctly and click on ‘Verify‘.

5. Once your phone number is verified, kindly set new password for your PayU account.

Attention! Please create your password carefully by fulfilling all the conditions: 8 characters, 1 uppercase, 1 number, 1 lowercase, 1 special character

6. Congratulations! Your new password is now updated.

For Existing Users Who Don’t Have Access To Their Phone Number

Here is the step-by-step guide to reset your password only if you don’t remember or don’t have access to the phone number, you used while signing up on PayU.

*Follow these steps even if you want to link your PayU account with a different phone number

1. Go to PayU website and click on either “Login”

2. Enter the email ID you had used while creating your PayU account and click on “Next“.

3. You will be notified about your ‘Password Expiry’. Please click on “Proceed”

4. Our system will match your email ID (entered in step 2) with the phone number (entered while creating account).

Incase you wish to manage your business on PayU using a different phone number, please click on “Use Different Phone” option (mentioned below your existing phone number)

5. After you click on “Use Different Phone“, please enter the number phone number

6. Please enter the 6 digit OTP you receive on this new phone number correctly and click on ‘Verify‘.

7. For update phone number, we will send the 6 digits OTP on your registered email ID (step 2) as well.

Kindly enter the OTP you receive on your email ID correctly and click on “Verify”

8. Once you enter the OTP you received on your email ID, please set a new password and click on “Next“

Attention! Please create your password carefully by fulfilling all the conditions: 8 characters, 1 uppercase, 1 number, 1 lowercase, 1 special character

9. Congratulations! Your login details are updated on PayU. Here on, please continue using our services as you used to.

Like we mentioned above, your security is our utmost priority, hence we have introduced these additional security measures. Please co-operate with us.

You can always reach out to us in case of any queries. Just drop us a message and we will be happy to help.

Just in case you have been away from us for some time, have a look at all the wonderful line of products we have created for all your business needs.

If you are a new business looking for a robust and trusted payment gateway for skyrocketing your business then;

The post Step-By-Step Guide To Reset Your PayU Account Password appeared first on PayU Blog.

1. Create an account on PayU by entering your email ID.

Please note: Select ‘Become A Merchant’ to integrate your Shopify website with PayU.

2. Further, enter your name and contact number & create a password. Add business details and get your bank account verified.

3. If you already have an account with PayU, keep your key and salt details handy. Here’s how you can find your details:

4. Now login to your Shopify account.

5. Click on ‘Settings’ and choose ‘Payment providers’.

6. Go to ‘Accept credit cards’ section and click on ‘Service Provider’. Choose PayU from the list.

Please note: If your merchant account is with PayU, it will only work with the option ‘PayU Money’ and not PayU India. PayU India is the option for the merchants who onboarded with PayUbiz.

7. Next, enter the merchant key and salt details available on PayU dashboard and click on ‘Activate’ to start collecting payments via PayU.

PayU’s integration with Shopify is that easy. Now you are all set to accept online payments via India’s most trusted payment gateway- PayU. However, if you have any questions, please Contact Us and we will be happy to help you!

Grow your business effortlessly with PayU.

Recommended Reads:

• PayU Review: Hear ‘About Us’ Directly From Our Merchants!
• PayU Payment Gateway Integration In PHP Website

The post How To Integrate PayU With Shopify appeared first on PayU Blog.

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PayUmoney Review: Our Services Loved By Businesses

We are happy to be a part of your business and a main reason for your growth! If you are a new business and still thinking which payment gateway to integrate with, then why wait?

Apart from online payment solutions we deeply feel the urge to support businesses with nailing their marketing at the right place through PayUmoney blog.

The post PayUmoney Review: Hear ‘About Us’ Directly From Our Merchants! appeared first on PayU Blog.

“Since a few of weeks various ministries of the India government came together to formulate these decisions. After all the inspection and checks, I want to inform the country about these 12 historical decisions. In the times of globalization, these 12 decisions will start a new chapter for the MSMEs”

– Narendra Modi, Prime Minister of India (translated from Hindi, Source: Economic Times)

The MSME sector was hit hard when demonization and GST laws were rolled out in the country. In order to provide an empathizing shoulder to the sector, the Indian government introduced these 12 decisions charted below:

Gesturing the measures as a Diwali gift PM says that, the MSMEs will see new heights and will be the biggest employment generator following the agriculture industry. However, these loans range from Rs. 10,00,000 to Rs. 1 Cr with a starting interest rate of 8%. The MSME loans are a part of the Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) and collateral coverage is not compulsory.

The Finance Minister launched a fast track portal for the MSME loan application. This portal helps MSMEs to secure loans faster and in an extremely secure way. Here’s how the portal works:

Image Source: PSB Loans in 59 Minutes

Documents Required For The MSME Loan Application

Please keep the following documents in a soft copy form ready for the MSME loan application:

• • GST Identification number

• • Income tax returns in XML format or PAN card details

• • Incorporation date

• • Bank statements (last 6 months) or net banking credentials

• Basic company ownership details: director or owner details

The 10 Steps To Get MSME Loan Approved In 59 Minutes

1.Provide all essential details and register

Image Source: Economic Times

2. Confirm answers to the four simple questions

Image Source: Economic Times

3. Enter your GST details

Image Source: Economic Times

4. Fill your income tax information

Image Source: Economic Times

5. Provide bank account details

Image Source: Economic Times

6. Give the company director’s information

Image Source: Economic Times

7. Select the bank you want to apply for the loan

Image Source: Economic Times

8. Select your preferred bank

Image Source: Economic Times

9. Pay the nominal convenience fee

Image Source: Economic Times

10. The process is complete. Download your approval letter

Image Source: Economic Times

The MSME sector comprises of a huge network of over 63 million units and facilitates work to 111 million people. It contributes close to 30% to the GDP. It accounts for approximately 40% total exports and 45% manufacturing output. This growth program will run for 100 days across the country. It is expected to provide a boost of fresh air in the sector in coordination to the efforts put in for its upliftment. The progress of the program will be under the constant surveillance of the senior officials.

[tweet=”“MSME sector is of vital importance to the Indian economy. This sector’s energy and dynamism is noteworthy” – PM tweeted. “]

Are you an online business looking for a robust, trusted and secured payment gateway?

Recommended Reads

GST For Online Businesses

GST Ready Payment Gateway

An Overview: GST Returns

The post MSME Loan Alert: Get Rs.1 Cr In Just 59 Minutes! appeared first on PayU Blog.