In face of the Indian government’s demonetization schemes, PayU India has accelerated the launch of UPI for Indian merchants. The company has jump started its collaboration with the NPCI in order to fast forward the launch of UPI for Indian merchants.
Amidst all the hue and cry about the lack of paper currency, UPI can certainly be the saviour that everyone needs. The service allows users to instantaneously transfer funds across different banks by using a unique virtual address and. The service can also let users create a virtual address on a UPI-enabled bank app and then use it for their transactions.
Also, considering that the UPI service runs on the Immediate Payment Service (IMPS) platform, it will also be always on and available in real-time.
Speaking on the topic, B. Amrish Rau, CEO of PayU India said,
The Indian Economy is on the cusp of a digital revolution. PayU India had worked tirelessly over the last 5 years to deliver seamless, frictionless payments experience to the Indian consumers. While Wallets have done its bit, we feel strongly that the Indian consumer would like to directly use their bank account and hence have partnered with NPCI to deliver a smooth user check out experience on UPI. We intend to bring this experience to all our 30 Million consumers and 150,000 merchants.
The company also counts the likes of Snapdeal, Jabong, Ola, Bookmyshow, Goibibo, Redbus, Myntra, Foodpanda, Groupon and PepperFry amongst its clientèle, through it’s B2B division — PayUbiz.
Putting forward his thoughts on the topic, Dilip Asbe, COO, NPCI said,
UPI is the need of the hour and as a project, has enormous scope to push for Digital India. We are glad to have PayU India come on-board and support UPI with both of its platforms. Given PayU’s massive reach across ecommerce platforms, merchants and users, we are affirmative to start serving our users immediately.
PayU is probably hoping that the accelerated launch will help the company strike a chord with merchants across the country in a time when cash is in short supply. We have already seen that cashless transactions are on the rise, courtesy Indian government’s move to curb black money. By bringing UPI, which is the latest and some say the most reliable service in cashless, into the mixture — PayU India may just succeed in boosting usage.