PayU India aims at doubling its payment gateway business in the coming year

PayU India, the financial technology arm of Naspers has announced its plans to double the total value of transactions processed in its payment gateway business plans in the coming year. If a success, it would make them value $1 billion per month, because of the boost given in volumes from offline and online partnerships.
"Striking partnerships is critical to our growth," Nitin Gupta, PayU India CEO told ET. He added that the company is also considering launching products related to investments and lending so that they can maintain a position in all key fin-tech domains by October this year.
PayU India’s relationship with IndusInd Bank will also help it create co-branded digital consumer banking products, which would lure new customers across demographics.

Also read: PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license

PayU's growth strategy lays a special focus on its merchants, offering several value added services so that customers find something different in its provision. These services include providing analytics to merchants who are really looking for premium payment services, as told by PayUBiz business head Rahul Kothari.

"The comprehensive merchant dashboards and APIs by PayU enable merchants to perform deep analytics on their customers, especially their buying behaviour. Some of these dashboards include failure rate analytics, chargeback dashboards, offer and promotion engines," Kothari added.

The Delhi-based company has Citrus Pay, EBS, CCAvenue and banks as competitors in its payment gateway business.

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