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With demonetization, PayU partners with Axis Bank for UPI payments

Payments company  PayU will now allow its merchants to accept payments directly into their bank account through the Unified Payments Interface (UPI), a service it had to accelerate the launch of, following the demonetization drive by the government of India. A spokesperson for the company said that the company has partnered with Axis Bank for the same. Note: Check our liveblog on demonetization here. In a statement, PayU CEO Amrish Rau said that the company intends to bring the UPI "to all our 30 Million consumers and 150,000 merchants," in a statement. It seems that the UPI feature will not be extended to merchants who are on Citrus Pay (which it acquired earlier this year). The combined entity has over 300,000 merchants.  Jitendra Gupta, co-founder of Citrus Pay, earlier had told MediaNama that the payment gateways of PayU and Citrus will continue to exist separately for the next one year. “Right now there is only 15% overlap between the merchant base for PayU and Citrus .. so they will have choice on what they want to do whether they want to stick with PayU’s payment gateway or Citrus’s gateway,” Gupta said. Banks have been tying up with more payment gateway aggregators to get access to more merchants. Typically, there is a revenue sharing agreement with banks when a merchant does a UPI transaction (20 basis points as it is in the case with Razorpay). Note on the UPI, banks are allowed to charge a merchants a higher fee than compared to P2P payments. ICICI…

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