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July 14, 2020

India’s PayU introduces QR enabled EFT payment option

Indian online payment solutions provider PayU has launched the QR enabled EFT payment option.

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The move will enable businesses and customers to monitor high value EFT payment transactions in real time.

It comes after PayU rolled out EFT payment option enabling offline and online transactions.

With the new option, the company seeks to address the uncertainty around payment processes. Additionally, it will eliminate the need for the businesses to reach bank customer care centres for payment status updates.

PayU India Compulsive Businesses senior vice-president Alim Khan said: “When it comes to time bound payments such as application fees or tender registration, it becomes particularly stressful to customers and businesses, as they don’t receive real time updates about the status of their payments.

“This could become a major source of anxiety for customers especially where large sums and time bound payment is involved.

“The new feature gives the exact status of their transaction and provides them a sense of control over their payment, reducing anxiety. We hope this encourages more customers and businesses to transact online.”

PayU focuses on providing payment gateway solutions to online businesses. The company is regulated under the Reserve Bank of India, the central bank of the country.

In India, the company counts 350,000 merchants as its clients. It also an alternate lending platform called LazyPay in 2017.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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