Naspers operated payment company PayU India* has launched PayUPaisa, which enables businesses to set up online stores and storefronts on PayUPaisa.com to collect money from their customers. On offer are free web stores and free store fronts with services like email invoicing. Sellers can provide requisite details for the store like store name, contact details and upload products along with their images. There doesn't seem to be any limit on how many products can a seller upload to their store as of now, and the stores can be apparently integrated with the company websites. In return, PayU will charge sellers 3.2% transaction charge and Rs 3 per transaction. Online Documentation: When we checked, we noticed that after signing up, sellers need to fill in a merchant application form with requisite business details like business name, email, phone number, PAN Card details, bank account details and submit it for approval. PayU India claims to review each application within 24 hours of submission, following which sellers can publish their online stores and store fronts. We found the concept of online documentation while onboarding merchants to be quite interesting, since prior to this, merchants had to either physically submit paperwork or send scanned copies of the documents for setting up payment gateways, which was quite cumbersome. Through this initiative however, merchants can start selling by filling up an online form and providing their PAN card number and bank account details. Reducing Time To Market For Merchants PayU India also seems to be positioning this service for businesses beyond…
