NewsVoir
Mumbai (Maharashtra) [India], September 3: On the sidelines of Global Fintech Festival 2024 (GFF), PayU, one of India's leading digital financial services providers, announced the launch of its most advanced and innovative payment solutions along with a host of industry-leading collaborations. In alignment with PayU's recent refreshed brand identity that reflects its unwavering commitment to innovation, trust, and customer centricity, these latest solutions and partnerships will help foster a dynamic payments environment for all ecosystem players.
Manas Mishra, Chief Product Officer, PayU said, "Our vision to deliver globally impactful solutions is driven by our strategic goal to solve the financial services sector's challenges through innovation and trust. Our new offerings showcase our dedication to developing pioneering and scalable solutions, while our industry partnerships enhance our commitment to empowering both businesses and consumers. This represents a major advancement in PayU's journey toward reaching future milestones."
Key product announcements include:
* PayU Protect Plus: This is an advanced AI/ML-powered solution for Indian merchants, offering fraud detection and protection, efficient chargeback management, and more. Merchants can identify fraudulent users and restrict them before they can cause operational uncertainties and revenue loss. With PayU Protect Plus, merchants can expand to international markets without having to worry about the associated digital payment risks involved.
* PayU Prepaid Edge PPI Suite: This is a comprehensive payments and engagement solution bundle designed to tackle merchant challenges like customer acquisition, retention, brand recall, and cost efficiency. Leveraging instruments such as e-Wallets, prepaid/gift cards & reward points, it integrates with the powerful PayU Hexa Prepaid Stack that offers advanced tools, including Offer Engine, Loyalty Suite, Subscriptions Suite, Data Insights, and Dashboard & Analytics.
* Push Provisioning Solution: In partnership with Mastercard, Visa, and RuPay, this solution offers a secure platform for dynamic card token sharing between merchants and banks, transforming card payment management for businesses and customers.
* FlashPay: This EVMCo-compliant plug and play solution simplifies the payment process by replacing OTP verification with biometric authentication--using Face ID or fingerprint recognition--ensuring fast, error-free transactions.
* ReconX: A cutting-edge automated reconciliation tool designed to streamline financial operations for merchants, ReconX allows merchants to configure multi-source data ingestion via SFTP, email, API, or database, while enjoying support for multiple file formats and vendors, leading to greater financial accuracy and efficiency.
* Maximizer: A powerful payment routing tool that automates streamlining of multiple financial data sources for merchants that allows merchants to achieve the highest transaction success rates while minimizing costs. With a DIY dashboard, merchants can enable 10+ leading Payment Aggregators and Direct Bank PGs, set routing preferences based on cost and success rates, and get started with just a few clicks.
Some industry-leading strategic partnerships announced were with:
* Mastercard: PayU partnered with Mastercard to deploy a host of cutting-edge solutions such as Brighterion AI (a solution for fraud risk assessment at transaction and merchant level) and Payment Passkey Service (an enhanced biometric that validates consumers' online purchase using mobile device-based biometrics, eliminating passwords and one-time codes). Furthermore, PayU has also collaborated with Mastercard to drive pilot for its Subscription Multiplier and Cross-Border Issuer Authentication solutions, to streamline and secure international transactions, offering merchants, issuers, and consumers seamless payment experiences across global markets.
* Subscription Multiplier: This is an RBI-compliant interoperable standing instruction (SI) mandate solution on the Issuer ACS platform that enables acquiring merchants to create the mandate at the issuer (bank) end within the existing Authentication flow as defined by EMVCo under 3DS 2.0 Protocols. It supports both domestic and international merchants and aggregators.
* Cross-Border Issuer Authentication: allows issuers to instantly connect to their authentication platform to identify and authorize non-3DS international e-commerce payments, ensuring risk-free and secure transaction processing. This solution also enhances fraud detection and compliance with global regulatory standards, providing issuers with the tools to offer seamless and reliable services to their cardholders across any region.
* Amazon Pay: To extend instant digital credit access to millions of Indian shoppers, PayU and Amazon Pay have collaborated. Amazon Pay Later, a popular buy-now-pay-later (BNPL) service, will be integrated on PayU's advanced checkout infrastructure, helping merchants drive better business revenues.
PayU, one of India's leading digital financial services providers with Prosus as an investor, operates businesses that are regulated by the Reserve Bank of India and offers advanced solutions to meet the digital payment requirements of the Indian market. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers through technology solutions. PayU provide payment gateway solutions to online businesses through its cutting-edge and award-winning technology and has empowered 5 lakhs+ businesses, including India's leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, pay-later, QR, UPI, Wallets, and more. It's a preferred partner in the affordability ecosystem, offering the maximum coverage of issuers and easy-to-implement integrations across card-based EMIs, pay-later options and new-age cardless EMIs. PayU offers e-commerce brands best-in-industry success rates while ensuring a seamless checkout experience.
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