Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
In a bid to streamline the payment settlement process between online marketplaces and sellers, PayUbiz, the enterprise centric arm of PayU India, has launched ‘SplitSettle’. This feature will allow marketplaces to disburse payments to multiple sellers by splitting a single transaction collected from a customer to settle all entities involved.
SplitSettle, provides a centralised dashboard for online marketplaces to grant full control to process refunds and payouts. Moreover, the feature also provides sellers with the ability to easily track their transactions and settlements. It can be implemented across industries such as ecommerce, education, healthcare, food tech, real estate, fashion etc.
Speaking on the launch, Rahul Kothari, Head of Business, PayUbiz, said, “The payments infrastructure currently being leveraged for settlements between marketplace and sellers in India is extremely disjointed and time-consuming. The ‘SplitSettle’ feature has been launched as a first-of-its-kind initiative to eliminate this particular gap. By streamlining and optimising the seller-marketplace settlement process, we are confident that we will add much value to the online businesses.”
PayU India was founded in 2011 by Nitin Gupta and Shailaz Nag. It has two business verticals – PayUBiz & PayUmoney. PayUbiz is a leading payment gateway solution provider used by more than 80 such as Snapdeal, Jabong, Bookmyshow, Ola, Cleartrip, Redbus, GoIbibo, Zomato etc.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.