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PayUMoney introduces 'Pay with PayUMoney' button for faster payment collection on e-com sites

VCCircle_PayumoneyGurgaon-based PayU India Internet Pvt Ltd that offers an online payment solution PayUMoney (earlier PayUPaisa) has introduced a 'Pay with PayUMoney' button to let online shoppers complete purchases with just a few clicks. The new feature will basically let e-tailers embed a button within their websites and blogs so that users can make payments without having to navigate away.

According to the company, the button's look and design can be customised as per the website's design to collect details of customers. Its design also enables the same button to work for both web and mobile. PayU India further claims that over 2,188 merchants have already created the button for collecting payments.

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"PayUMoney button securely speeds up online checkout for both sellers and buyers. It enables websites and blogs to start collecting online payments in just one day with no set-up fees involved," said Nitin Gupta, co-founder and CEO, PayU India.

How it works?

E-tailers who want to add the PayUMoney button on their sites / blogs can do so by logging in to PayUMoney and in the merchant dashboard going to PayUMoney tools. Post that, they can click on the PayUMoney button in order to create new button.

The e-tailers can then specify the amount and customise the look and feel of the button. They can also add a custom field to collect more information about the customer. Once that is done, e-tailers can embed the button into their website and start collecting payments.

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Competition

Recently, Amazon had also extended its 'Pay with Amazon' service to India. According to the company, the service streamlines how customers transact with online merchants, and allows participating companies to enable customers to go from browsing to buying in just a few clicks- using their Amazon account information.

While there is no monthly, setup, fraud protection or cancellation fees for the merchants, the company will charge a standard fee of three per cent for transactions done via credit cards and net banking. In the case of debit card transactions, Amazon will charge a standard fee of 0.75 per cent on transactions of up to Rs 2,000 and 1 per cent on transaction valued greater than Rs 2,000.

Started in October 2011, PayU India is part of Naspers Group, a South Africa-based multinational group of media and e-commerce platforms. PayU India has two brands – PayU and PayUMoney. PayU is the enterprise product used by large merchants like Snapdeal, Jabong, BookMyShow, Cleartrip, GoIbibo, Redbus, Freecharge, Groupon etc.

PayUMoney, on the other hand, is a web-based product that enables small and medium sellers to put their stores online in minutes and transact through the PayU gateway. Headquartered in Gurgaon, the company also has regional offices in Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Jaipur, Ahmedabad and Shimla.

As of September this year, the company claimed to have processed transactions worth Rs 100 crore since its inception in April 2013. It is now looking to grow this number by over 40 per cent within the next year. It further claimed to have signed up more than 1.3 lakh Indian small and medium enterprises (SMEs), and had 30,000 merchants live on its platform.

During the same time, the company released a new version of its merchant facing dashboard to provide a better understanding of the purchasing behaviour of consumers to its merchants (read here  for more on that).

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