Exclusive: Naspers, the South African company that also co-owns Ibibo with Tencent, has quietly rolled out its payment gateway product called PayU in the Indian market, to allow websites to integrate e-commerce transactions through online payments. Although, in the South African market, PayU apart from being a merchant payment gateway, is also an online wallet (just like PayPal), open to individual users for making online transactions, in India it seems, it's only being offered as a payment gateway product. PayU also has presence in markets like Poland and Czeh republic. As expected, the gateway has first been deployed on Ibibo and its e-commerce sites tradus.in and goibibo. The service claims to offer: - Number of Payment options: According to its website, PayU accepts Visa and Mastercard credit cards and debit cards(for more than 50 banks), and Net Banking for 9 banks including ICICI, HDFC, SBI, Axis Bank and others. - API Integration: It claims to have developed payment APIs with all major shopping carts and APIs to help automatically capture, refund and cancel transactions without manual intervention. - Transaction Analytics: It also offers payment analytics for successful and failed transactions and claims to focus on recapturing abandoned transactions. - Less time to set-up: It also claims to make setup time less by making Mastercard transactions live at the same time with Visa. - Cheaper Plans: PayU offers three plans starting with a setup fee of Rs 6,000 with a 4.90% transaction rate, going up to 2.90% rate with Rs 24,000 as the set-up…
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