Payment solutions for consumers need to be convenient, widely accepted and come with rewards, thinks Nitin Gupta, Co-founder & CEO, PayU India. Considering this as an opportunity, PayU India, the Gurgaon based number one payments company in the e-commerce category in the country as of now, has launched an e-wallet service for online shoppers in India. Calling it ‘PayUMoney Wallet’, the e-wallet will enable consumers to pay through normal payment methods like credit card, debit card or net banking and get rewarded on every transaction.
Founded in 2011, the company known for offering an online payment solution via PayUMoney, informed that the e-wallet would be accepted on more than 8,500 e-commerce websites as of now, which includes players like BookMyShow, Tradus, Rechargeitnow, to name a few.
Besides to make its new feature visible, the company is also offering up to 10 per cent instant cash back (ranges between 2 to 10 per cent) on each transaction customers make through PayUMoney. The cashback is done in the user’s PayUMoney wallet, and can be used as a discount on the very next purchase. Interestingly these cashback offers will act as a top-up on any discount or cashback being offered by a merchant or bank, which means it is in addition to any discounts offered by a merchant or bank.
PayUMoney Wallet comes with some more additional features such as option for storing credit or debit card details for a one click checkout and the availability of ‘buyer protection’ aimed to release customer’s payment upon a satisfactory purchase.
Adding more on the need of such an e-wallet service, Nitin informed, “The intent is to allow users to pay through usual payment options like credit cards, debit cards or net banking and reward them with instant cashbacks.”
The latest offering from PayU India comes on the heels of the rebranding exercise it did for its flagship product PayUPaisa which is now being known as PayUMoney. The only intention to do this was to ensure the brand appears to be region neutral as it will soon go international.
With this new feature PayU India joins the ranks of IRCTC’s eWallet which the site had launched last year during November, and then there are services like, ZipCash, OxiCash Money Transfer which was launched last year to make non-banking money transfer possible.
Nonetheless, it would be interesting to know if the 10% cash back will entice consumers to sign up for PayUMoney e-wallet.