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PayU launches payment splitting solution for online marketplaces

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Payment gateway solutions company PayU, has launched SplitSttle, a payment settlement solution for online marketplaces, which will allow them to split payments collected from customers, to multiple sellers in a single transaction. The solution will also provide analytics, a dashboard where refunds and payouts will be visible, along with the transactions and settlements.

PayU states that SplitSettle can be used by ecommerce, education, healthcare, fashion and real estate among other industries. The new solution looks like the Splitwise app (available on both Android and iOS) for B2B. Splitwise basically lets users add and split multiple bills with multiple groups, and simplifying debts and IOUs among a group or between two individuals. Like it, there are multiple apps available in the Play Store.

Citrus’ SplitPay: Last month, payment company Citrus also launched SplitPay, an automated marketplace payment solution which would let merchants charge commissions for different sellers, release and settle payments to the merchants’ bank accounts. This integrated with the merchant’s backend engine to let them manage transactions and payouts. SplitPay’s dashboard offers analytics and multiple payments for refunds and settlements. The company said that the solution was implemented by 7 merchants.

PayU’s one tap technology: Last month, PayU Biz launched a new technology which would allow users to make payments via a single tap and still be compliant with the Reserve Bank of India’s regulation of two-factor authentication for all card payments. It would remove the need to enter the CVV and auto-read the OTP sent on mobile phones to complete the transaction in one tap. However, PayU explained that the one-tap payments technology was limited to Android mobile phones.

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Top level hires at PayU: In September, it appointed former Snapdeal executive Aakash Moondhra as its global chief financial officer, to handle the company’s finance operations and develop Naspers’ financial tech business. In August, it appointed Raj Kamal as its VP of strategy and Sanjeev Sandhu as business head of PayU Global technology solutions business. In July, PayU also appointed Prabhakar Tiwari as its Chief Marketing Officer, where Tiwari would be responsible for the public relations and marketing activities of the company.

New features and acquisition: In late 2014, the company introduced a ‘Pay with PayUMoney’ button for third-party merchants, which let online shoppers complete purchases through its platform. E-tailers could embed this button on their websites or blogs, to enable payments without navigating away, through PayUMoney’s gateway. Before that, it acquired mobile-based payment app Eashmart for an undisclosed amount, and introduced a new payments collection feature called SMS Invoicing, which sent SMSs to customers with a link to the payment page.

Image Credit: Eric Mueller under CC BY SA 2.0

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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