PayU introduces the EFT payment option, allowing merchants to offer a wider variety of payment options for their customers. Through EFT, PayU offers merchants an outreach to those customers who browse online, but lack access or are reluctant to engage in digital payments. This payment solution caters to organizations that require fast and seamless solutions for high-value transactions but are unwilling to transact online. The new offering from PayU will help merchants who would like to make inroads in Tier-2 and Tier-3 cities and towns, where customers’ preferred mode of payment transactions is through banks.
Created to cater to high-value transactions, a customer can use the NEFT/RTGS option listed on the merchant’s checkout page to generate a one-time use challan to initiate the transaction. The customer can subsequently visit their bank’s branch to complete the payment. Customers also have the option of adding bank account details from the challan as a beneficiary and use net banking/mobile banking app to settle the payment. EFT makes transactions more seamless for merchants and allows them to customize challans, giving them greater flexibility with respect to transactions. PayU, as the aggregator, ensures that the merchant receives real-time transaction success updates and offers instant refunds in case of erroneous entry of information. PayU also creates an aggregated settlement report along with reconciliation and refunds reports for all modes of payments including NEFT/RTGS, thus eliminating the need for manual reconciliation.
Commenting on the new offering, Alim Khan, Senior Vice-President of Compulsive Businesses, PayU India, said “There is a large segment of the population who are comfortable browsing online but are reluctant while making online payments, and several organizations which don’t authorize their employees to initiate payments digitally. We are consistently working towards building innovative solutions that not only enhance our merchants’ experience but also help them grow their business. Through this solution, we have enabled merchants to reach out to customers and corporations who require semi-online solutions for payments. We expect this will have great application in the education, government payments and utility sectors. It is one step closer towards building an economy where the populace is less dependent on physical cash.”
While rural India saw a 45% growth in internet usage in 2019, the lack of digital financial literacy and hesitation to adopt digital payments has meant that customers are engaging less with merchant offerings. By using PayU’s EFT payment option, these customers can access the wide variety of services offered by merchants on their online platform.