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PayUMoney, PayU India’s online payment solution brand is soon going to launch a semi-closed co-branded virtual wallet in association with Ratnakar Bank.

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The co-branded wallet will be issued by RBL Bank and distributed and marketed by PayUMoney. The wallet will be available exclusively to PayUMoney consumers in India.

Speaking on this alliance, Shailaz Nag, COO of PayU Payments said, “We are happy to partner with RBL Bank to provide wallet services to our consumers. This semi-closed wallet will add to the ease and convenience of the consumers while paying through PayUMoney.”

With the help of this PayUMoney option, a customer can simply choose to pay on an ecommerce website and create a wallet account on the fly while paying on the website. Once the account is created, the user can continue paying through usual payment modes like Credit Card, Debit Card and Netbanking.

The user can also load this wallet up to a maximum of INR 10,000 and use it on more than 62,000 merchants where PayUMoney is accepted as a payment option. Bookmyshow, Dominoz, Snapdeal, Jabong, Redbus, Goibibo, Groupon are some of PayUMoney merchant clients.

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