MUMBAI: Since its inception in April 2013, PayUMoney has carved out a new market for Indian SMEs – with easy payment collection solutions and hassle-free integration, more than 1.3 lakhs SMEs have signed up with PayUMoney while 30,000 live merchants have already processed transactions worth 1 billion rupees!
Achieving this feat in such a short span is nothing short of a revolution. How did PayUMoney pull off this task? By simply following the mantra – Whatever the payment collection need, PayUMoney has the payment solution to match!
PayUMoney stepped in to erase the basic issues faced by Indian SMEs. Typically, a small business owner would first put in: Monies + Time + Energy + Build Website + Maintenance = End Product, i.e. an ecommerce website. This is a long and tiring process. But PayUMoney takes away all these steps and provides Indian sellers specific solutions for specific categories of business.
Scaling up operation was the first step to success for PayUMoney!
PayUMoney’s payment solution features are designed in a way such as to enable an average Indian seller to focus solely on his business as PayUMoney takes care of the payment requirements in a hassle-free manner!
To achieve this seamless work-relationship, PayUMoney invested in a strong technology product with a solid scalable process to help lakhs of Indian sellers who were looking to increase their sales through online channel. This investment helped merchant acquisition and customer service teams to operate efficiently, enabling Indian sellers to adopt the online channel easily. But what makes PayUMoney different amongst the many ecommerce players who offer payment collection solutions to their SME partners?
The below table showcases the average monthly transactions processed by live merchants on PayUMoney versus the average monthly transaction processed by traditional ecommerce players.
This clearly indicates that using the PayUMoney has been more effective for SMEs to sell their big ticket products online when compared to ecommerce players as traditionally, ecommerce players act as aggregators, displaying products by other vendors as well. Using PayUMoney enables SMEs to not only market their products online directly but also collect payments for them.
Because of the ease of use and quick integration, there has been Quarter by Quarter growth in merchant acquisition for PayUMoney since April, 2013:
The above graph depicts the quarter on quarter growth for seller acquisition. In the 2nd quarter itself, merchants acquisition grew six times over, and the third, fourth and fifth quarter have seen acquisition double over each time, respectively.