PayU India has launched PayUPaisa, a web based product which empowers buyers to pay and sellers to get paid online. It’s a product which allows any individual or a business to go online in a matter of few minutes and start collecting online payments. The product is free for sellers and provides selling tools like a free webstore, free storefront and email invoicing. On the other hand, PayUPaisa has a strong dispute resolution centre to safeguard buyers and keep their money safe even when they have paid for a product or service.
According to Nitin Gupta, CEO, PayU India, What actually hinders a seller in India to come online and sell is the time and money required, investment required in getting a payment gateway and a series of documentation process which has a significant lead time.
PayUPaisa is looking to solve all these 3 problems: It comes free upfront and processes everything online including the documentations process.
The seller can upload the logo of his store, information regarding the store, contact details etc. He can upload as many product as he wants along with product images. Once he’s through this short process, he can publish his store on web and publicise the URL of his store on social networking platforms and thereby pull in the consumer traffic. By default every store on PayUPaisa has a free payment gateway integrated in it (powered by PayU) This way a seller clears two major roadblocks when it comes to online selling. PayU is not charging any fee for the product. There is a fee on every successful transaction which is 3.2% of the value plus Rs.3.
According to Gupta only 7 million people are shopping online for goods other than travel, and less than 1% of the seller community has any online selling process. PayU is aiming to power one million sellers and 20 million buyers to sell and shop online by 2016.