Payment gateway company PayU India’s PayUPaisa has undergone a brand revision and will henceforth be referred to as PayUMoney. The only intention apparently was to ensure the brand appears to be region neutral as it will soon go international.
With an intention to reposition PayUPaisa as a global brand, PayU India has opted to alter the name of its flagship product to PayUMoney. But the company has assured that the processes, transactions and account details too, will continue to remain the same.
Why rename the core product? PayUPaisa may have sounded ‘desi’, but that shouldn’t have mattered much. However, the company has apparently parted ways with the Ibibo Group (MIH India). As part of the restructuring process, the CEO of PayU, Nitin Gupta will now report directly to PayU’s parent company Nasper, which is based in South Africa.
Will the rebrand affect the company? From the end–user’s perspective, it may not matter much who handles the payment, as long as it is processed correctly and the status in the Order Page changes to ‘Paid’. It might be interesting to note that even in the Cash On Delivery Segment, which has traditionally been a difficult proposition for eCommerce players, PayU launched an interesting variation called ‘Release on Delivery’ which worked similar to the one already in place by eBay. eBay’s PasiaPay sounds and works in a very similar way as it doesn’t pay the merchant until the end–buyer acknowledges delivery.
Online Payment Gateway Segment has been witnessing a rather strange phenomenon as eCommerce companies themselves have started to develop and deploy their own iterations to handle the payment. Quite recently online shopping portal SnapDeal launched Safeship, prior to which eBay had already introduced eBay Guarantee. Even Flipkart, another popular virtual shopping destination, has PayZippy.
PayUPaisa or PayUMoney’s original intention behind setting up the endeavor was to enable sellers to develop trust within the buyers especially during the payment stage, where a large portion of orders are unceremoniously cancelled or terminated. It offers a large bouquet of Free Tools like a Free Payment Gateway, Free Web-store, Email Invoicing and Event Ticketing Platform etc. to easily collect payments online.
Now that it is going international, it will have to compete against the likes of eBay International, Amazon, Walmart, BestBuy and such. Will it be able to sustain and grow amidst these physical and virtual retail giants?