PayUMoney, an online payment solution by PayU India makes another strategic move towards cashless economy by acquiring Eashmart, a mobile based payment application.
With this acquisition, PayUMoney is furthering towards its goal to replace cash payments with online payments.
By enabling consumers to use credit/debit cards/net-banking to make payments for anything, the mobile app let users buy things without swiping the card in a swipe machine. One of the key features of this app is that it doesn’t require merchants to install or buy any hardware.
It further eases the payment process by sensing the OTP (one-time password) from user’s mobile phone without having user to type password from the text messages.
With PayUMoney app, transactions can be easily paid online through the user’s mobile phone. All the user has to do is identify the shop/merchant, enter the amount and pay. In all cases real time confirmations is sent to user, delivery boy and the shop owner. There are more than 200 merchants live on this use case and see over 100 transactions every day.
Along with this App, PayUMoney has also offered a SMS invoice feature to its merchants. It is a very simple tool where the retailer simply needs to send a SMS invoice with a payment link inside. The user can click on the payment link and pay online. PayUMoney also offers a search URL to users using which they can search for the merchant by name/email/phone number and pay. The app can also scan QR codes and allows the user to save recent favourites. This is backed by telephone and email support and the merchant receive the payment next day in his bank account.