Online payments solution provider PayUMoney, started in April 2013, recently crossed the 1 billion rupees transaction mark with 30,000 live merchants. The company has also registered 1.3 lakh SMEs in a short span of time.
With a combination of technological product and a scalable process that enabled merchant acquisition and customer service teams to operate efficiently, the firm provides easy payment collection solutions to Indian sellers pertaining to specific category of businesses.
The below table showcases the average monthly transactions processed by live merchants on PayUMoney versus the average monthly transaction processed by traditional ecommerce players.
|Payment Solution||Average No. of merchants||Average No. of Transactions||Average Ticket Price|
|Ecommerce Players||1000||300||INR 900|
PayUMoney has enabled SMEs to sell their products online and collect payments from them as compared to ecommerce websites that aggregate products from different vendors. PayUMoney has seen Quarter by Quarter growth in merchant acquisition since April, 2013. While the second quarter saw merchant acquisition growing six times, the third to fifth quarters saw merchant numbers double every quarter. This includes Individuals, brick & mortar start-ups, Freelancers, Schools, Hotels, Utility companies, Residential societies, Telecom companies, Insurance companies, traders, retailers etc.
The firm also mentions that 20% of businesses that happens through PayUMoney are first time business owners who have wanted to take their shops online and since have also recorded a 12% increase in their revenue after adopting PayUMoney payment platform.
With the increasing number of users accepting ecommerce, PayUMoney has great hopes on the 213million strong internet user base in the country.
In earlier news, Flipkart had shut down its payment portal PayZippy earlier this year and had invested in NGPay after it incurred a loss of INR 6.5 lakhs for FY13.