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.

What is EMI? 

It basically stands for equated monthly instalments. As self-explanatory as the word is, it basically allows the buyer to buy a big-ticket product or service without the requirement of immediate and complete payment. How, then, does the buyer pay? It’s simple, the buyer pays back the amount of purchase in comfortable monthly instalments instead of having to pay the entire amount upfront. This right here is the main appeal of this payment mode. Not only does the buyer get what they want but they can choose to pay over a few months, as per their comfort. 

Now, that we know what is EMI, the question that comes to mind is how EMI works to help your business.

How does EMI help you as a business?

Here are a few ways in which activating EMI at your checkout will help you boost your business: 

Increase consumer affordability: As a brand, you would provide all kinds of products or services that you can. Some are big-ticket while others are small-ticket. While most buyers take little to no time to purchase small-ticket items, they would definitely consider a variety of factors before investing in something that’s expensive. In such a scenario, the best way to enhance your customer’s affordability is to give them respite when it comes to paying you for the product. This is exactly what EMI does. This is an ideal way to delight your customers by making your big-ticket items affordable and attainable for them. 

Reduce cart abandonment: In continuation to the above point, when a buyer is unable to afford a certain product, they are bound to abandon their cart. This impacts your business in terms of conversion and revenue. But what if the buyer can choose to pay in instalments? In that case, your buyer will reconsider their purchase decision as paying in installments will help them gratify themselves and also ensure that they don’t invite financial burden as a result of the purchase.

Increase conversions: As mentioned above, once you have made yourself affordable to your buyer, conversions are bound to increase. This will ensure dipping cart abandonment rates and ensure that every customer journey on your platform is taken to completion.  

Increased revenue: Needless to say, once your conversions heighten, it automatically enhances your revenue. Now as a business that wants to prosper and sell nothing but the best, this is a win-win situation for you wherein not only does your customer become more loyal and makes repeat purchases but also you as a business witness escalating revenues. 

Now you know the many ways in which EMI activation is bound to help your business soar.

So, wait no more and activate EMI today!

Frequently Asked Questions

The post Reasons your business should offer EMI appeared first on PayU Blog.

Consumers today are used to purchasing on credit. There’s been a 220% rise in EMI transactions since the pandemic, a 65% rise in adoption of Buy Now Pay Later (BNPL), discounts, and cashback have been powering purchases for the last decade.

Indian markets are grossly underserved when it comes to access to formal credit, with only 62 Million Indians having access to credit cards. But the consumer of today has the desire to purchase and is looking for credit to increase their purchasing power. In fact, consumers are looking to get these services in real-time on their mobile without having to do cumbersome paperwork.

So, the question is – Is your business ready to offer the flexibility and affordability modern Indian consumers desire?

How does PayU Enable You to be Festive – Ready?

PayU’s Affordability Suite empowers customers to make the purchases they desire with payment modes such as Card Based EMIs, No Cost EMIs, Buy Now Pay Later, and Cardless EMIs.

These can be used for high-ticket purchases such as consumer electronics with EMIs or low-ticket high-frequency purchases such as food orders with BNPL.

You reduce the one-time purchase cost for a consumer, nudging higher order values and increasing sales for your business.

What is PayU’s Affordability Suite?

The PayU Affordability Suite offers:

• PayU Offers Engine: Enables you to create customized offers at a brand, category and even product level across all payment modes. With real-time analytics, you can optimize your campaigns to power more purchases.
• White-Labelled Customer Base: We give you access to 50 million white-labelled users to whom you can show the exact offers they are eligible for across all payment modes. The personalized experience increases the probability of final purchase.

What Do We Do for You?

• Offer the best coverage of payment options in the industry
  
  We enable you to offer affordability options across all payment modes and banks- Credit Card EMIs, Debit Card EMIs, Cardless EMIs, Buy Now Pay Later. In fact, our direct integrations with banks lead to 5% higher success rates on transactions.
• Enable you to offer the best customer experience
  
  A fully digital, mobile- first payment experience enables your customers to opt for EMIs and BNPL within minutes. We also standardize the flow for all EMI transactions by enabling you to capture the OTP on your website, this giving you full control on the customer experience.  
• Offer affordability in retail/ omnichannel stores as well
  
  You can also enable EMI availability using Contactless QR Codes or your POS device at your retail outlets.

How Can You Get Started?

Just reach out to us at affordability@payu.in or your respective Account Managers, to enable the Affordability Suite for your business.  

Co-authored by Dhruv Mathur-Assistant Manager, Content, PayU India

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