PayUbiz simplifies multi-layered payment process, launches ‘One Tap’ technology
Speaking to Indianretailer, Rahul Kothari, Business Head, PayUbiz said that apart from providing better conversion rates, PayUbiz caters to 80 of the top eCommerce companies in India.BY Nitin Abbey | December 19, 2015 | comments ( 0 ) |
Payment gateway PayUbiz asserted its supremacy in the payment industry in India by launching a new technology which will allow users to make payments via a single tap, while remaining compliant with the Reserve Bank of India’s two-factor card authentication system.
Speaking to Indianretailer, Rahul Kothari, Business Head, PayUbiz said that apart from providing better conversion rates, PayUbiz caters to 80 of the top eCommerce companies in India. A few excerpts from the brief chat:
How many transactions happen in a day with PayUbiz? What’s the current traction?
PayUbiz processes some 20 million transactions a month. We have been coming with innovative products and offerings for our customers. Recently we have launched OneTap payment and have received great response from many merchants. You will soon see us on Peppertap, Redbus, Goibibo, Grofers, Big basket, Just dial, Xiaomi, Musafir, nearbuy and many more apps.
What is the firm’s conversion rate in the market?
Merchants using PayUbiz platform get better conversion rates. Our merchants have testified that, on an average, they have been able to get 10-12 per cent higher transaction success rates compared to partners they were previously processing payments with. There is a couple of proprietary algorithm that enables us achieve higher success rate.
Downtime detection algorithm detects downtime of card issuers and based upon that alerts the user to either use some other payment card or notifies when the network is up for the customer to try making payment again.
Dynamic Switching algorithm detects the health of multiple PG’s and switches the transaction to the PG with best health.
How many customers do you have at this point?
PayUbiz caters to more than 80 of the top 100 eCommerce companies. There are more than 10,000 enterprise grade merchants using PayUbiz.
Reliability of PGs has been an issue from long now, how do you solve this?
PayUbiz follows the most stringent security measures and ensures compliance with mandates such as PCI-DSS, which require using very strict controls around payment processing. This makes PayUbiz more secure, safe and reliable payment gateway. If we talk about reliability from transaction success point of view, then our Dynamic Switching and Magic Retry features ensure our customers do not lose out on revenue during the last leg of online transaction. So, they can reply on us.
What are the future plans?
We are targeting to increase our transaction volume to 50,000 Crores GMV by end of next financial year. Our focus is to continuously innovate and provide technologically superior payment gateway. You will see us launching new and innovative products in next 5 to 6 months.
How is PayUbiz different from other eCommerce payment gateways?
A name synonymous with ‘trust’, PayUbiz, India’s leading payment organisation for Indian eCommerce ventures is number One in the eCommerce space and number Two in the overall online payment industry. Integrating PayUbiz to an eCommerce website opens up options to receive payments from multiple channels, so we have multiple payment options; PayUbiz has provisions of storing card data in secured way, which means returning customers can make prompt payments for transactions. It is protected by 3-D secure password and PayUbiz offers white label resolution, which means customer data remains secured with the merchant.
Integrating PayUbiz means you are gaining entry into dynamic control, intelligent software and mobile optimized payment. Below is a series of benefits that one can possibly find with this online payment aggregator; PayUbiz is also known for the fast and accurate customer service. Data based on analytical observation and logical monitoring makes it easy for merchants of any size to manage customer service in conjunction with technical assistance; Brands like Makemytrip, Yatra, Snapdeal, Jabong, BookMyShow and GoIbibo use PayU too as their trusted payment processor.
Do you think innovation and growth go hand in hand?
Innovation is necessary to accelerate and sustain organic growth. Innovation paves way for new business models, improving customer experience, leveraging value propositions, opening new markets, and launching new products; which in turn results in growth of the organisation.
One such example from PayUbiz is the launch of OneTap payments. We have launched OneTap at the point when 80 out of top 100 eCommerce websites and more than 10000 enterprise grade merchants use PayUbiz. OneTap payments is an innovative technology to accelerate growth and give seamless experience to the users which comes with the purpose of providing better support, services and technology to the merchants.
What inspired you to enter into this segment?
When we started PayU India in 2011 with Naspers, payments was still an unexplored territory. Every merchant wanted to collect online payments because of convenience but the existing players were not able to cater well to the needs of the merchants in the right way. We launched our first product which was a payment gateway (now called as PaUbiz) and within few months of its launch, it became the number One gateway in eCommerce category.
Later we realised when small merchants want to collect payments, they need to set a website, they need a payment gateway and they need technology which can connect website to the payment gateway. This is when we launched PayUmoney. It enabled small merchants to go online without having an upfront cost or a website; with just a savings account. We bundled PayUmoney with lot of free tools like free website, free mails and that product saw amazing adoption. Today, we are 110,000 merchants strong and we are still growing. PayUmoney also has a customer facing wallet and checkout business where we have more than 7.5 million users.
What technological revolution have you brought in the online payments business today?
The launch of ‘One Tap’ technology that recently took place in Delhi by PayUbiz is one such technological breakthrough which sent ripples across the online payments industry. The patent pending and first-of-its-kind tech innovation in the payments world is another step which will ensure a robust online payment system. The PCI-DSS complaint and patent pending ‘One Tap technology’ is a combination of four different technological innovations that together provide a seamless online payments experience to the users.
Store Card Vault: This feature is the first of seamless payment journey, ensures that the consumers don’t have to go through the pain of putting in the 16-digit card number repeatedly.
No CVV: The heart of creating a seamless one tap payment solution was doing away with the process of repeatedly entering the CVV. The innovative patent pending and PCC-DSS certified technology developed by PayUbiz provided a solution to it.
Auto OTP Generation: Furthermore, the second factor authentication of OTP, gets auto-read and submitted leading to the completion of a seamless one tap payment experience.
Magic Retry: The magic continues even when there is a network issue and the magic retry feature picks up the transaction from the point where it stopped.
Any advice or suggestion for the start-ups to reduce their burn rate?
Entrepreneurs should carefully consider what they’re spending money on to decide whether it’s more prudent to save the cash, or scale growth faster. If a huge leap in growth comes at the expense of a reasonable increase in gross monthly burn, it just might be worth it to increase the spending. Consider the cost of slower growth, missed opportunities and the affects those could have on your business in the long-term, not just the short-term effects of increasing your spend.