payumoney

Naspers-owned online payment solutions provider PayUMoney has introduced a new payments collection feature called SMS Invoicing, which sends SMSs to customers with a link to the payment page. The SMS invoice feature is essentially the same as the email invoice in terms of format and functionality.

How it works?

The merchant will have to enter customer’s details such as name, cell phone number, amount, invoice reference ID and the description of the product that the customer has to pay for. After confirming and locking in the details, the customer gets an SMS invoice instead of an email invoice which reads:

“Dear CustomerName, you have a payment request of Rs 123 for Description from MerchantName. Make payment at http://pmny.in/payLink. Contact care@payumoney.com for more info.”

Clicking the link directs the customer to the payment gateway’s mobile site where he can complete the transaction. The feature also allows the merchant to import excel sheets where the payment details are enlisted.

PayUMoney SMS Invoice

Eashmart acquisition: PayU India, which operates PayUMoney, had acquired mobile-based payment app Eashmart for an undisclosed amount, earlier this month. The Eashmart app allowed users to select the shop or merchant they want to make a payment to, enter the amount and make the payment. The user, the delivery person and the merchant all receive real-time confirmation of the payment. Essentially, Eashmart turns the user’s smartphone into a point of sale (PoS) payment device. Following the acquisition, Eashmart’s five-member team was expected to join the app development team at PayUMoney. It’s not clear if Eashmart’s technology is powering the SMS Invoice feature, but the two do have some similarities.

Competition: Online recharge and bills payment service provider MobiKwik had integrated its mobile wallet into e-commerce portals like eBay and Nykaa, in June this year. Mobikwik co-founder Bipin Preet Singh had also claimed that over 500 merchants, including Dominos, Pizza hut, and Aircel use its wallet. Also, Bangalore-based PoS startup Ezetap had recently tied-up with the State Bank of India to launch ‘Chota ATM’, a solution that can double as an ATM device as well as a PoS terminal that can accept payments from any debit and credit card.