Gurgaon based online payment solution firm PayU India Internet Pvt Ltd’s has recently re-branded its online payment solution PayUPaisa to PayUMoney. In an interaction with Inc42, Nitin Gupta, co-founder and CEO, PayU India said, “The name Money is more global in reach, which has been the main reason to use it. Our vision is to make PayU a global brand so we are renaming our marquee product PayUPaisa to PayUMoney which has a more global appeal,” he added.
PayU India is the flagship company of Naspers group and it had launched PayUMoney in April 2013. PayUMoney claims to provide – free hosted webstores with services like email invoicing, easy website integration, free payment gateway and more.
PayUMoney had introduced automated all-in-one-payment solution targeting ecommerce marketplaces and aggregators in September last year. In November, it had launched a new payment option called Release On Delivery, which empowers users with the power to release payment to a seller only after an order is satisfactorily delivered.
Last week, CCavenue had also introduced a bunch of new features on its website, like they too believed in a global reach and thus launched a multi-currency payment gateway which will enable payment acceptance and processing in 27 major global currencies.
Apart from this, the CCAvenue has bundled new platform with features like Smart Dynamic Routing for better success rate, iFrame integration for a seamless shopping experience,Retry for completing failed transaction and 1-Click Checkout for quick checkout process.
Seems a lot of thought is going in the online payment industry. Nitin Gupta, co-founder and CEO, PayU India believes that in year 2014 lot of payment startups will mushroom which will act as a layer between users and core payment gateway service. These services will be focused around providing convenience factor on top of underlying payment technology. “Release On Delivery” service by PayU Money is an example of such convenience factors. Other startups working around these services are,Paytm, PayZippy among others.