Indian buyers, sellers now showing interest in Digital Wallet: Abhishek Tripathi

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Saurabh Gupta | 21 Mar, 2016
Indian sellers are now showing interest in Digital Wallet in order to facilitate faster transactions between them and the customers. Indian sellers are adopting modern technologies like digital wallet in order to optimize their business, increase sales, and improve communication with the buyers, said Abhishek Tripathi, Head of Business, PayUmoney SMB.

In an interview to SME Times he informed that a digital wallet is any electronic device which can be used to facilitate online transactions between a buyer and seller. It can be linked to an individual's bank account and may also contain their ID as well as other personal details on their phone.

Excerpts of the interview...

Please tell our readers more about PayUmoney.
Abhishek Tripathi: PayUmoney is a FREE and unique online payments solution for anyone who wants to collect payments in India (be it Individuals, brick & mortar start-ups, Freelancers, Schools, Hotels, Utility companies, Residential societies, Telcos, Insurance companies, traders, retailers etc.

PayUmoney is brought to you by PayU India, which is India's fastest growing online payment company. In just 2 years PayU has achieved the feat of becoming the No.1 player in E-commerce category and No.2 player in overall payments Industry. PayU serves more than 30000 businesses today with proven success records. Its clientele includes -Goibibo, Snapdeal, Bookmyshow, Jabong, and Ferns n Petals, Freecharge, Zomato, Dominos, Redbus, Rechargeitnow, Micromax Mobiles, Groupon India and many more.

PayUmoney is an online payment platform that helps in facilitating transactions between businesses and their customers. We aim to provide secure payment options for our users so they can make or receive payments without any difficulty. Our dedicated team ensures that all transactions are done smoothly without causing any inconvenience to the customers.

How it is different from others?
Abhishek Tripathi: PayUmoney has a comprehensive app which facilitates merchants to smoothly get on board through the mobile platform, with the additional feature of selling their products or services through the app itself. This also saves the merchants from the tedious onboarding process through website using a desktop or a laptop. The merchants simply need to follow instructions on the app, as it takes them through a seamless procedure of becoming an m-commerce enabled business.

Our target to bring more and more SMBs online was instigated by the fact that out of 51 million Indian SMEs, around 10 million are equipped with adequate technology to trade online. To tap the rest, we at PayUmoney introduced a missed call facility to assist merchants in tier -2 & 3 cities to sign-up on the platform by just giving a missed call

PayUmoney is one of the best when it comes to facilitating online transactions because we provide a safe and secure atmosphere to our users and help them at every step. Customer satisfaction is essential to us, and we have separate user interface for different requirements. Additionally, we are also helping the retail ecosystem to explore the online market with our PayUmoney SMBs initiative.

How you see the journey of yours? And what is the present size and structure of the company?
Abhishek Tripathi: We started working in the business of payments when it was still an unexplored territory in India. In every internet economy, first thing to take off is classifieds; second is travel; and the third is e-commerce. And they all need one common proposition which is a payment aggregator. The true sense of online business is when users are able to pay online. And we enabled users to pay online by integrating our technology with all the merchants so that they can collect online payments. We addressed the need of secure, fast and trustworthy payment aggregator which allow merchants to collect payments online.

The first business vertical we launched was PayUbiz, which was an enterprise grade payment solution. Starting from transactions of 400 Cr. a year, we are set to achieve the target of 25,000 Cr. by the end of this fiscal year.

We also understood and addressed the problems faced by small merchants and envisioned PayUmoney, which enabled small merchants to go online at very minimal cost and time. The product saw amazing adoption and more than 150,000 merchants uses PayUmoney today, whereas the entire enterprise market is not of more than 20,000 merchants.

Who are your prospective users? How you see the small and medium enterprise (SME) market in India?
Abhishek Tripathi: Our research has indicated that there are 51 million SMBs in India which if given option would be willing to sell their products online. However, the SMB industry was faced with challenges like cost of setting up a website, collecting payments, integration etc. This is when we launched PayUmoney SMB and gave seven tools for free. We helped SMBs to go online in just 24 hours with no set up fee and easy documentation process. Now, there are 1,50,000 SMBs which collect online payments using PayUmoney.

What are different tools to ease operations for small merchants?
Abhishek Tripathi: PayUmoney offers 7 different tools that help SMBs to grow their business:
1. Email Invoicing - Create and send unlimited professional e-invoices to your customers. The customers receive an email and can pay online by just a click.
2. Create a free Webstore - Design a simple web store using PayUmoney tools. No technical knowledge required. Useful built in support for shipping and billing. Publish your store within minutes and sell your first product today.
3. Create a Free Webfront - Design a simple webfront using PayUmoney tools. No technical knowledge required. Useful built in support to collect payments for different utilities. Select mandatory and non mandatory payments to receive.
4. Track your settlements easily - Track the status of your settlements simply through PayUmoney's PayU out tracker. Keep track of payments and its settlement date.
5. Easy Integration- Integrate PayUmoney today and go live in shortest time. Quick and easy integration. Sell hassle free at highly affordable prices.
6. Pay with PayUmoney button - You can collect payments just with a button. When a user clicks on this button, he is taken to a page where he is required to enter his details. After entering the details user clicks on submit and makes payment. It is that easy.
7. SMS Invoicing - SMS Invoice as the name suggests is an invoice (essentially a Payment Link) sent via SMS to a customer. As a merchant you can specify the amount of payment, the mobile number of customer, name of customer and description and transaction id for your reference. The customer receives a SMS with the above details and a payment link which he/she can click to make the payment.

How PayUmoney eased the process of on-boarding sellers?
Abhishek Tripathi: PayUmoney has easy documentation process with which merchant can go live in just 24 hours. The seller app is the first of its kind initiative to make the process of bringing sellers online simpler. This is now also a distinguishing feature of the brand in the market and gives it an edge over the rest of the players. This will enable them to sell their products from any corner of the country without incurring too much hassle.

What is Digital Wallet? How local Indian sellers showing interest in Digital Wallet?
Abhishek Tripathi: Digital wallet is any electronic device which can be used to facilitate online transactions between a buyer and seller. It can be linked to an individual's bank account and may also contain their ID as well as other personal details on their phone. Local Indian sellers are now showing interest in Digital Wallet in order to facilitate faster transactions between them and the customers. Indian sellers are adopting modern technologies like digital wallet in order to optimize their business, increase sales, and improve communication with the buyers.

How PayUmoney's Seller App helping merchants to come on-board through a mobile app?
Abhishek Tripathi: The comprehensive app facilitates merchants to smoothly get on board the mobile platform, with the additional feature of selling their products or services through the app itself. This also saves the merchants, the tedious onboarding process of using a desktop or a laptop computer through a website. The merchants simply need to follow instructions on the app, as it takes them through a seamless procedure of becoming an m-commerce enabled business.

What are your future plans?
Abhishek Tripathi: To scale further, we are enabling more SMBs to collect online payments. We are innovating our technology to provide seamless experience to our users. We are also introducing lot of innovations for mobile payments such as Auto-OTP read feature, magic retry etc.