Leveraging UPI for Faster Insurance Payments 

Traditionally, insurance premium payments relied on cash, cheques, or RTGS transfers, presenting numerous challenges such as delays and manual errors. UPI’s secure, real-time payment capabilities and user-friendly interface offer unparalleled convenience and efficiency to both insurers and policyholders. The seamless integration of UPI into insurers’ existing payment infrastructure also facilitates faster transaction processing and improved reconciliation processes, leading to enhanced operational efficiency and cost savings. 

PayU’s UPI integration uses the Immediate Payment Service (IMPS) infrastructure, ensuring round-the-clock availability. PayU’s solution simplifies the banking process, eliminating the need for cumbersome details like IFSC or account numbers. Instead, policyholders can simply enter their mobile numbers to map their accounts, facilitating hassle-free payments.

As insurers continue to harness the power of UPI to streamline insurance premium payments, the future of insurance transactions promises to be characterized by greater speed, security, and simplicity. PayU’s UPI solution offers insurers and policyholders a seamless and efficient method for premium payments. 

Click here to learn how to get PayU’s web integration for UPI. To learn about PayU’s other payment solutions for insurance businesses, go here.

The post Efficient Insurance Premium Payments: PayU’s UPI Solution appeared first on PayU Blog.

Picture this: You’ve worked hard to create a global business, expanding revenue streams and earning in foreign currencies. In addition to foreign customers, you also have foreign vendors who need to be paid regularly. However, your earnings from foreign customers are settled after conversion to INR. Your business, thus, multiplies conversion costs when making payments to overseas vendors by again converting these funds to another foreign currency, thereby cutting into your profits.

The solution to all such problems is simple: Opening an EEFC Account 

What is an EEFC Account? 
Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an authorized Dealer Category – I bank i.e. a bank dealing in foreign exchange. It is a facility provided to foreign exchange earners, including exporters to credit 100 percent of their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into INR and vice versa, thereby minimizing the transaction costs. 

EEFC Settlement with PayU 
With PayU EEFC Settlement, say goodbye to currency conversion woes and manage foreign currency transactions with ease. Enjoy hassle-free onboarding along with additional features that ensure the best success rates and make managing multiple currency earnings easy. 

So, what are you waiting for? Say goodbye to the hassles of currency conversion and hello to a brighter, more profitable future for your online business, all thanks to PayU EEFC Settlement.

FAQs 

Q: What currencies are supported for transaction processing? 

A: Payments can be processed in USD, GBP, AED, EUR, SGD, AUD, CAD, CHF, HKD, QAR, OMR. 

Q: How will refunds be managed? 

A: Refunds can be initiated through PayU and settlement for these refunds will be directly managed by the banking partner

Q: How will chargeback be managed? 

A: Chargeback will be managed directly by the banking partner, streamlining their dispute resolution processes. 

Q: EEFC settlement is supported in which currencies? 

A: Settlement into EEFC account will happen in USD. 

The post PayU EEFC Settlement: Making Cross-Border Payments simpler, faster, and cost-effective appeared first on PayU Blog.

• Introduction
• Understanding Payment Challenges for Travel Businesses
• PayU’s Integrated Travel Payment Platform for Seamless Bookings
  • Diverse payment solutions for enhanced convenience
  • One-stop affordability solution to reduce CAC
  • Dynamic currency support for enhanced international travel bookings
  • Minimal friction for maximum conversion
  • Smoother cancellations and refunds for more stickiness and cost savings
  • Improve finops and cashflow with PayU
• Envisioning the Future of Travel Bookings with PayU

Today, online travel booking has solved many of its traditional counterpart’s challenges. However, travel businesses still struggle to meet their digital customers’ diverse needs. Especially when it comes to payment challenges for travel businesses, streamlining them can help you deliver the smoothest customer experiences and increase sales.

Understanding Payment Challenges for Travel Businesses

The challenge for travel businesses isn’t just making travel bookings possible, but easy. High cart abandonment rates and drop-offs due to inconvenient customer payments make scaling more challenging for travel businesses. Inversely, the intricate process of managing payouts to multiple vendors and partners presents another obstacle. The involvement of numerous service providers and complex payment chains.
Some common payment challenges travel businesses face include:

• Simplifying pre- and post-travel payments for their customers, like advanced bookings, instant bookings, refunds, and cancellations.
• Cart abandonment and maintaining competitive pricing.
• Facilitating international payments and minimizing losses incurred in conversion.
• Mitigating fraud and payment errors.
• Ensuring seamless integration with third-party platforms for a unified customer experience.
• Enhance loyalty and brand affinity.
• Efficiently managing settlements and maintaining cash flow.
• Complex payouts to vendors and partners.

The global travel industry is projected to reach $15.5 trillion by 2033, with the Indian share growing to $34 billion by 2028. Providing a seamless payment experience can translate to more profits and happier customers for your travel business.

PayU’s Integrated Travel Payment Platform for Seamless Bookings

The world is on a digitalization streak; any growth here on will be digital-led. Especially the future of payments is digital, not just in travel but in any industry. PayU offers a payment gateway for travel businesses with the highest transaction success rate of 99.98% and direct integration with all major banks. Its payment solutions are trusted by more than 5 lakh businesses across industries.

Let’s dive into how PayU’s payment solutions can solve critical challenges for your travel business:

Diverse payment solutions for enhanced convenience

PayU revolutionizes the customer payment experience by offering diverse payment options. No matter the geography or demography of your customers, accept digital payments anytime from anywhere. Give your customers the convenience of paying with over 150 payment modes like UPI, credit and debit cards, wallets, net banking, etc.

One-stop affordability solution to reduce CAC

Besides a wide range of choices in payment modes, customers also demand affordability so they can travel without burning a hole in their pockets. PayU’s Affordability Suite includes flexible payment options like Buy Now Pay Later and EMI from all issuers with real-time tracking. Breaking down big payments can make travel more affordable for your customers.

Using Offer Engine, you can sweeten the deal with custom offers and discounts. And, tools like Affordability Widget ensure customers see the most relevant payment options first directly on product pages, even before checkout. In turn, your sales go up and customer acquisition costs come down.

Dynamic currency support for enhanced international travel bookings

Grow your customer base beyond borders by accepting payments in 130+ currencies. PayU’s dynamic currency conversion features allow customers to transact in their local currencies and you receive settlements in INR. It eliminates customers’ concerns regarding the exact amount to be paid, exchange rates, and hidden charges, while you get full clarity on their settlements.

Minimal friction for maximum conversion

A major differentiator in a customer’s payment experience is determined by factors like cumbersome steps, redirects, and unfriendly bank pages. Token Hub securely tokenizes customer data on saved cards and Native OTP prevents redirection to external payment pages so customers can experience a branded payment experience right within your app or website.

Smoother cancellations and refunds for more stickiness and cost savings

Making travel bookings is one part of the customer journey. The other end entails cancellations and refunds. Streamlining such crucial processes can help you reduce costs and enhance customer trust. Auth and Capture is a tool that allows you to block customers’ funds and only capture them when they avail of the booked services.

During this time, if a customer cancels their booking or requests a refund, it can be initiated instantly. This also allows you to process bookings without having to pay TDS on receiving and returning the amount. You can also convert refunds into coupons and wallet recharges to increase customer loyalty. You can also issue cashback, referral bonuses, and partial redemption on wallets.

Improve finops and cashflow with PayU

Using a payment gateway for travel agencies that offer instant settlements allows you to have a steady cash flow. This makes capital available for operational expenses like making advanced bookings. PayU’s Priority Settlement allows you to receive settlements as soon as T+15 minutes. Then, Split Settlements allows you to automate payments to multiple vendors simultaneously. Streamlining vendor payments fortifies partner relationships, laying a solid foundation for operational excellence.

Envisioning the Future of Travel Bookings with PayU

As the travel industry continues to navigate the complexities of global digital transformation, the role of seamless payment experiences cannot be overstated. PayU stands at the forefront of this revolution, empowering travel businesses with the tools to enhance customer transactions and optimize business-to-business payouts. With PayU, the future of travel booking payments looks not just promising but boundless, promising a world where every booking is a doorway to adventure, unencumbered by payment challenges.

For travel businesses aiming to reach new heights, click here to begin your journey with PayU.

The post Enhancing Travel Bookings with PayU’s Payment Solutions appeared first on PayU Blog.

When businesses approach payment solution providers, what do they look for?

• A stable product – YES!
• A great experience – YES!
• Minimal integration hassles – YES!
• Serviceability – YES!

One more very important thing is collaboration, between the solution provider and the business itself.

The only way to complete a professional software project is through collaboration. This collaboration is when both the business and the solutions provider’s teams come together to fulfill the requirements – for which PayU has created the developer documentation. The documentation includes detailed information of what all goes into the product from a technical standpoint, thus making it easier for the concerned teams at the business’s end to collaborate easily.

What does developer documentation provide?

It captures all the architectural details of the codebase, and guides developers through the software. This includes the product details and information about the APIs being used – integration information, sample documentation, tutorials on usage – how to use the product.

Businesses partnered with PayU can take advantage of PayU Docs which captures everything developers need for the PayU product portfolio.

PayU Docs

This is how the PayU Docs look like:

The interface enhances usability, ensuring developers a seamless experience navigating the portal. 

PayU Docs features

The developer’s guide is packed with a host of features, a few of them being:

• Interactive API docs — The docs portal comes with a stitched API playground where developers can make API calls natively with test data. We have also included a native generate hash button to simplify the try-out experience. The API reference allows developers to try out the API calls in 12+ programming language, cURL, PHP, Python, Rube, Node being few of them.  

• Step by step walkthroughs of the most used Mobile SDKs and Integrations – We have added recipes to walk developers through a code sample step by step to help them get started with PayU’s integrations faster. Get hand holding of some integration procedures with “Recipes” highlighting the code and steps.

• Enhanced navigation through the content, greater discoverability.

• Enhanced embedded search – The PayU Docs not only help developers jump to the exact required information but also makes it easy for them to try out APIs, navigate easily through the pages and even experiment in all the prominent languages for their ease.

To try the docs, click here.

Looking ahead to the next phase of the development, we will continuously improve the portal’s capabilities by including more and more features based on the feedback we receive from our partners, stakeholders and businesses. Our aim is to provide businesses with the best in class product, service and features to support them in their growth journey.

The post Do you know how to get the best out of PayU Docs? appeared first on PayU Blog.

Payments on WhatsApp Business powered by PayU 

PayU and Meta have joined forces to create an end-to-end shopping experience right on the WhatsApp Business platform. From discovering awesome products to collecting payments, everything happens seamlessly within WhatsApp. What’s more, your customers can choose from various payment options, including UPI, net banking, cards, and wallets, all without leaving the chat.  

This fantastic feature is available to all businesses in India using the WhatsApp Business platform. It’s a game-changer, allowing businesses to offer their customers a seamless shopping experience within WhatsApp. It reduces friction in the checkout process and increases customer conversion. It’s faster, more convenient, and eliminates the need for redirection between apps or websites. 

Benefits of WhatsApp commerce with PayU 

For businesses 

• Businesses can provide a seamless end-to-end shopping experience within WhatsApp. 
• Offer diverse payment options, including cards, UPI, net banking, and more. 
• Easy setup by connecting your PayU account to start accepting payments directly on WhatsApp. 

For customers

• Choose your preferred payment method to complete your purchase without any hassle. 
• Get instant payment confirmations, view offerings, track your order, and check transaction history, all on WhatsApp. 
• Easily discover and reconnect with businesses you’ve recently transacted with. 

How to enable PayU payments on WhatsApp Business 

Enabling PayU payment solutions on WhatsApp Business is a breeze. All it takes is: 

1. The WhatsApp Business API to integrate payments into the platform. 

2. An active PayU account. 

We’ve made integration super easy by enabling all major Business Solution Providers (BSPs) in the country, reducing your effort significantly. 

Ready to get started? Set up PayU payments on WhatsApp Business now! 

Sell where your customers are 

The popularity of social platforms like WhatsApp is ever-increasing. The simplicity of the platform coupled with the power of online payments makes up a shopping experience that leads to higher reach, purchase volume, and brand value. 

Say goodbye to cart abandonment and hello to closing every sale right in the chat. It’s an exciting time for e-commerce, and we can’t wait to see how your business soars to new heights with WhatsApp and PayU. 

Get ready to turn conversations into conversions like never before! 🚀 

Learn more.

The post Turn Conversations into Conversions with PayU Payments and WhatsApp Business appeared first on PayU Blog.

Health insurance still isn’t a common investment term for many in India. Hence, a huge part of the population struggles with financing their families’ day-to-day healthcare.  

According to health insurance statistics in India, 31% of hospitalizations are financed with loans and 47% by selling assets.

Also, 70% of Indians spend their entire income on healthcare, and 3.2% go under the poverty line due to excessive medical costs. 

As per the Insurance Regulatory and Development Authority of India (IRDAI), Goal 2047 aims to cover 100% of India’s population under insurance by 2047. However, around 40 crore Indians still lack health insurance for various reasons.  

Reasons for low insurance penetration 

As per studies, there are multiple reasons why people may not opt for insurance: 

Talking about high premiums, 4 out of 10 people find insurance premiums very high, discouraging them from getting insurance.  

Consider a family of four – a couple and their two children.

For health insurance cover of ₹10 lakhs, they need to pay a premium of about ₹25,000 annually. As the monthly disposable income of 80% of Indian households is below ₹20000, paying the premium upfront is a challenge.  

How PayU is supporting the insurance industry with EMI integration

PayU understands that customers have buying intent but may be limited by their budgets. We strive to best support our partner businesses in providing their customers with the best affordability solutions. Insurance penetration with PayU’s EMI Integration

Our product suite includes the best EMI schemes – be it on credit cards from 16+ issuers or debit cards from 6+ issuers. People who don’t have credit or debit cards can opt for cardless EMIs supported by 6+ partners.

One of our partner businesses, a leading health insurance brand, trusts us with our Affordability Suite and saw an average m-o-m growth of 133% in conversions.

This is only the start, and we aim to support insurance penetration with PayU’s EMI Integration. Also, empower insurance businesses and help IRDAI achieve Goal 2047.

The post Aligning PayU’s product suite for insurance to achieve IRDAI’s Goal 2047 | PayU EMI appeared first on PayU Blog.

While you focus on resolving such situations, PayU can help you streamline refunds and provide a hassle-free experience to your customers. Refunds need to be quick and flow back into their source accounts. PayU processes over 4 lakh refund requests daily with a success rate of over 99%. Over 90% of these refunds are successfully processed within 30 seconds of initiation.

Here is how PayU can help businesses ramp up their refund cycle during peak sale season and improve stickiness by offering customers quick money back.

Channels offered by PayU for refund initiation

• Refund initiation via merchant dashboard: Refunds can be initiated for any transaction by clicking on the ‘send refund’ button next to the transaction on the merchant dashboard.
• Refund initiation in bulk through files: Businesses can issue refunds in bulk using a .xlsx, .xls or .csvfile. Once the file is uploaded, the details are picked up within 60 minutes for refund processing.
• Refund initiation via APIs: Businesses can integrate with PayU’s refund APIs to initiate refunds for any transaction processed via PayU.
• Payment methods supported: Refunds are supported on all payment methods powered by PayU. Refunds are issued back to the source, which means the money is credited to the customer’s source account used for making the payment. For instance, if a transaction is performed using a credit card, the refund will be pushed to the same credit card.

Refunds can be full or partial

• Full refund: 100% of the amount paid is returned to the customer.
• Partial refund: Depending on the customer’s request, refunds can also be initiated for amounts less than the total transaction amounts. Multiple partial refunds can be made until the full amount has been refunded.

Refund processing

Once a refund is initiated, it is queued in PayU’s system for processing. After passing internal validations, the refund request is raised to the banking partners for processing. Each bank has its own process for making refunds.

Once the refund is processed successfully, money is credited to the customer’s account, and the refund status is communicated to the business via APIs, the dashboard, or webhooks.

A typical flow for card refunds looks like this:

If a refund fails at a banking partner’s end, PayU can internally retry processing it with the banking partner. This is to ensure high success rates for refunds. This retry functionality is configurable at a merchant level and is enabled for all merchants by default.

How long does it take to process a refund?

When a business initiates a refund request with PayU, it is instantly moved forward to the banking partner for processing. Depending on the bank’s processing time, it can take up to five to seven business days for the refund to reflect in the customer’s source account.

How to track refunds

Once a refund is initiated, it can be in either of these stages:

SUCCESS: This indicates that the refund has been processed successfully.

FAILURE: This indicates that the refund processing failed. No funds are deducted from the merchant’s settlement for such refunds.

IN PROGRESS: This indicates that the refund has been raised to the bank for processing.

REQUESTED: This indicates that the refund is sent to the bank for offline processing. In such cases, it takes up to five to seven business days for the credit to reflect in the customer’s account.

Businesses can track the refund status and details via the dashboard and APIs.

Here’s how refunds appear to businesses

·         Through the PayU dashboard

Businesses can see the refund requests created, their status, and other details under the ‘Refunds’ tab on the dashboard. Refunds can be filtered based on their date of initiation and refund status. You can also search for refunds with transaction IDs and download refund reports.

When you click on the transaction ID, you can see the ‘transaction details’ page, which contains payment, refund, and settlement details for that transaction.

You can find the refund details under the ‘Refund Activity’ section. You can view the refund history by clicking on the ‘view history’ button. This shows a timeline view for each refund, highlighting various stages in the refund processing lifecycle.

·         Through APIs

Merchants can also enquire about any refund status and details by integrating with refund enquiry APIs.

·        Refund communication

PayU supports webhooks or callbacks for the following events:

1. Refund status updates: Callbacks for refund status updates can be sent on a URL configured by the business. These callbacks can be configured for refund successes, failures, and all status updates.
2. ARN generation: An Acquirer Reference Number (ARN) is a unique number generated by banks for online transactions. This ARN is generated within 24-72 business hours of a successful refund. A callback for successfully uploading ARN can be made to the URL configured by the business.

How to fund your refunds

PayU does not charge any processing fees for refunds. However, transaction fees PayU charges on successful transactions are not reversed into the business’s account.

Refunds can be sourced from:

1. Daily settlements: The refund amount can be deducted from the business’s daily sales till the amount is exhausted. By default, all refunds are deducted from the business’s daily sales.
2. Overdraft account: If a business does not wish refunds to be deducted from its daily sales, PayU supports an overdraft functionality that allows the business to park additional funds for refunds with PayU. In such cases, the business needs to pre-fund its overdraft account for refund processing.
3. Combination of business’s daily settlements and an overdraft account: In cases where the business’s daily sale is insufficient, additional funds parked by the merchant in the overdraft account can be used to process refunds.

How do chargebacks differ from refunds?

A chargeback is raised by the customer to the issuing bank for many reasons, like a fraudulent transaction or unsatisfactory product or service delivery. On the other hand, refunds are initiated by the business at its customer’s request.

Initiating and processing refunds is extremely easy and fast with PayU. To learn more, read this dev guide.

The post Earn Your Customers’ Trust with PayU’s Hassle-free and Fast Refunds appeared first on PayU Blog.

What is International Payments?

While accepting international cards allows for global payments, what is crucial in making this experience more seamless is enabling a localized currency experience for customers using Dynamic Currency Conversion (DCC).

What is Dynamic Currency Conversion? 

PayU’s Dynamic Currency Conversion (DCC) enables merchants to offer goods or services priced in foreign currencies while receiving settlements in ₹. This benefits customers by allowing them to easily understand and pay in a currency of their choice or preference.

How is PayU one step ahead of others?

From Yen to Dinar to any currency in the world, PayU Dynamic Currency Conversion enables merchants to accept payments in over 130 currencies, making it the industry leader in currency coverage. This enables merchants to accept international payments from anywhere in the world.  

How do 130+ currency options help businesses and customers?

This feature brings several benefits to businesses and customers.

How can PayU merchants accept payments in 130+ currencies?

Enabling this feature for merchants is a simple process. To start accepting international payments, reach out to care@payu.in To enable 130+ currency options or to customize currencies for accepting payments, you can reach out to care@payu.in

Frequently Asked Questions (FAQs): 

The post Widest Currency Coverage with PayU International Payments appeared first on PayU Blog.

But starting and running a business takes immense effort and diligence.

• Setting up a business requires a great deal of paperwork, taking your business to the right social and e-commerce platforms, and putting payments and payouts in place.

• Running a business has many aspects, such as logistics, inventory and order management, and gathering working capital for daily operations.

• Growing your business may entail going to new locations and expanding into new verticals

PayU for MSME growth: Solutions and partnerships that can help you set up and scale

Over the years, PayU has built the right partnerships and expertise that make us the most reliable partner for any business at any stage of its growth journey. While we take care of your digital payment needs, we have a network of industry-leading partners to take care of almost any aspect of your business. Here are PayU solutions and partners that enable MSME growth:

• No online store? No worries. Even before you get a website and online store for your business, you can easily collect payments using payment links generated from the PayU dashboard.

• Deliver your products far and wide with logistics partners like Delhivery and Shiprocket. What’s more? These partners can help you unlock the convenience of converting cash on delivery to digital payments with UPI, QR codes, payment links, etc.
• Your working capital needs will be taken care of with easy access to collateral-free credit within the PayU dashboard
• Seamlessly connect your PayU account with efficient and user-friendly accounting tools like Zoho Books and Tally to sort your accounting books to the T. This way, you can directly add payment links to invoices for easy tracking and reconciliation.
• When you go global, accept international card payments to win customers worldwide.
• Easily integrate with platforms like Haptik and Interkart to set up WhatsApp commerce that can reduce cart abandonment and improve conversion.

In conclusion

Being a business owner may be challenging, but choosing the right partners can take much of the burden off your shoulders. With the right partners, you can leave the daily operations to them so you can focus on taking your business to newer heights.

The post Set up to Success: PayU’s Expertise and Partnerships Help MSME’s Realize Their Biggest Dreams appeared first on PayU Blog.

PayU is the preferred payment partner for the biggest travel players

Over 10+ online travel aggregators are integrated with PayU’s Affordability Suite. PayU’s integration has helped them clock a ~30% month-on-month GMV growth via EMI options alone in 2022. Owing to the present affordability trends, travel brands are actively opting for EMI and BNPL options. This not only helps increase conversion but also fuels growth.

For instance, India’s biggest travel aggregator, with an average monthly traffic of 45 million, has shown continuous growth in GMV of 25% (month-on-month) using EMI options under PayU’s Affordability Suite.

Other PayU products leveraged by OTAs

With PayU’s Affordability Suite, India’s top OTAs enjoy the highest coverage of EMI options. This includes credit card EMIs from 17+ banks, debit card EMIs from 6+ banks, cardless EMIs from 6+ providers, BNPL offers from 5 partners, and many no-cost EMI options.

In addition to these, PayU provides best-in-class API solutions. PayU also offers an Affordability widget that enables our OTA partners to provide a frictionless customer experience on their websites and apps.

These include:

Click here to learn more about the product offerings.

PayU’s Affordability Suite has helped players in the travel industry unlock a new level of growth. Moreover, PayU is continuously supporting them with best-in-class product offerings to improve their customer experience.

You, too, can power your travel business with PayU’s Affordability Suite in just three simple steps. Click here to learn how.

The post PayU’s Affordability Suite Fueling Growth in India’s Travel Industry appeared first on PayU Blog.