PhonePe partners with PayU to expand online merchant coverage
Becomes the first payments container to go live on PayU
National, August 28th, 2018: PhonePe, India’s fastest growing digital payments platform, today announced a partnership with the leading fin-tech player in the country, PayU. PhonePe is the first payments container to go live on the PayU platform. As part of this partnership, PhonePe will now appear as a payment option for PayU’s four lakh plus online merchants spread across their enterprise and SMB businesses.
As one of India’s largest payment gateway, PayU is the market leader in the e-commerce and travel space. PayU covers nearly 60% of the airline business and 90% of the entire e-commerce in India. This partnership will further help PhonePe in growing their online merchant base and boost digital payments in India.
“We are extremely delighted to partner with PayU which has been a trusted payment gateway for online merchants across India. This partnership is another example of the value PhonePe places on growing the digital payment ecosystem. This partnership will also help us in significantly expanding our online merchant network. PayU and PhonePe also share a common vision of making UPI transactions ubiquitous in India, and this tie-up is a big step forward in that direction,” said Karthik Raghupathy, Head of Strategy and Planning at PhonePe
On the partnership, Rahul Kothari, Chief Business Officer, Enterprise Business, PayU India, said, “Combined with the success rate of our payment gateway, which is the best in the industry today, our partnership with PhonePe will help our merchants grow their business by leaps and bounds. It is also aligned with our vision to simplify the payment experience for the growing digital savvy consumers as well as the merchants. We are committed to give our merchants and customers innovative payment solutions through our deep rooted partnerships in the industry.”
PhonePe is currently live at over 100 top online merchants in India and is rapidly expanding this number. Besides the Flipkart group companies, PhonePe is now live on Swiggy, Foodpanda, Faasos, Freshmenu, Box8, MakeMyTrip, Railyatri, Just Ticket, 1MG, Netmeds, Pharmeasy, etc.
PhonePe recently went live with the Ola, Redbus, Mumbai Metro and Goibibo micro-apps on their platform allowing other businesses/companies to build their own exclusive stores on the PhonePe app. This is part of PhonePe’s vision of being an open payments ecosystem, enabling businesses of all sizes to build and deploy apps on its platform with a unified login and payments experience for over 100 million users.
About PayU India:
PayU is the leading online payment service provider in 16 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our various payment methods and PCI certified platforms are designed to meet every consumer’s needs. In India, PayU covers nearly 60% of the airline business and 90% of the entire e-commerce and processes over INR 95,000 crore of Digital payments in India annually. PayUBiz is the industry- leading payment service provider and its clientele includes the likes of Jet Airways, Amazon, Airtel, Snapdeal, Jabong, Ola, Bookmyshow, Insurance companies and many more. PayU India also has under its aegis PayUmoney, the fast, easy and secure payment solution which can be used by anyone who wants to collect payments in India (be it individuals, brick & mortar businesses, startups, freelancers, schools, hotels, utility companies, residential societies, telcos, insurance companies, traders, retailers etc.) PayU’s offerings are presently used by over 4,00,000+ merchants all across India.
Driven by the zeal to create powerful financial services solutions, PayU acquired Citrus Pay, a Mumbai based Fintech Company in September 2016. After the merger, PayU has been focusing its energies on building its consumer vertical and launched its flagship product ‘LazyPay’, online deferral payment option in early 2017. LazyPay, Pay Later option, is currently live on 100+ merchants such as Swiggy, Croma, Samsung, BookMyShow, PVR, Box8, Zomato, Jazz Cinemas, Netmeds and Innerchef, D Vois, AbhiBus, Fasoos, FreshMenu and many more. LazyPay also offers app-based personal loans to the consumers.
Bengaluru-headquartered PhonePe is the fastest growing payments company in India. With over 100 million users, the PhonePe app drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, datacards, make utility payments and buy gold. PhonePe is accepted as a payment option across 3 lakh offline and online merchant outlets covering food, travel, groceries, movie tickets etc. PhonePe also offers microapps within its platform allowing customers to avail Ola, redBus and Goibibo Hotel services.
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