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How PayUbiz is simplifying multi-layered payment process for its users Innovation is necessary to accelerate and sustain organic growth.

By Nitin Abbey

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Payment gateway PayUbiz, asserted its supremacy in the payment industry in India by launching a new technology which will allow users to make payments via a single tap, while remaining compliant with the Reserve Bank of India's two-factor card authentication system.

Speaking to Entrepreneur India, Rahul Kothari, Business Head, PayUbiz said that apart from providing better conversion rates, PayUbiz caters to 80 of the top e-commerce companies in India. A few excerpts from the brief chat:

What inspired you to enter into this segment?

When we started PayU India in 2011 with Naspers, payments was still an unexplored territory. Every merchant wanted to collect online payments because of convenience but the existing players were not able to cater well to the needs of the merchants in the right way. We launched our first product which was a payment gateway (now called as PaUbiz) and within few months of its launch, it became the number one gateway in e-commerce category.

How is PayUbiz different from other e-commerce payment gateways?

Integrating PayUbiz to an e-commerce website opens up options to receive payments from multiple channels, so we have multiple payment options; PayUbiz has provisions of storing card data in secured way, which means returning customers can make prompt payments for transactions. It is protected by 3-D secure password and PayUbiz offers white label resolution, which means customer data remains secured with the merchant.

Integrating PayUbiz means you are gaining entry into dynamic control, intelligent software and mobile optimized payment. Data based on analytical observation and logical monitoring makes it easy for merchants of any size to manage customer service in conjunction with technical assistance; Brands like Makemytrip, Yatra, Snapdeal, Jabong, BookMyShow and GoIbibo use PayU too as their trusted payment processor.

What is the firm's conversion rate in the market?

Merchants using PayUbiz platform get better conversion rates. Our merchants have testified that, on an average, they have been able to get 10-12 percent higher transaction success rates compared to partners they were previously processing payments with.

Reliability of PGs has been an issue from long now, how do you solve this?

PayUbiz follows the most stringent security measures and ensures compliance with mandates such as PCI-DSS, which require using very strict controls around payment processing. This makes PayUbiz more secure, safe and reliable payment gateway. If we talk about reliability from transaction success point of view, then our Dynamic Switching and Magic Retry features ensure our customers do not lose out on revenue during the last leg of online transaction. So, they can reply on us.

How many customers do you have at this point?

PayUbiz caters to more than 80 of the top 100 e-commerce companies. There are more than 10,000 enterprise grade merchants using PayUbiz.

How many transactions happen in a day with PayUbiz? What's the current traction?

PayUbiz processes some 20 million transactions a month. We have been coming with innovative products and offerings for our customers. Recently we have launched OneTap payment and have received great response from many merchants. You will soon see us on Peppertap, Redbus, Goibibo, Grofers, Big basket, Just dial, Xiaomi, Musafir, nearbuy and many more apps.

Do you think innovation and growth go hand in hand?

Innovation is necessary to accelerate and sustain organic growth. Innovation paves way for new business models, improving customer experience, leveraging value propositions, opening new markets, and launching new products; which in turn results in growth of the organisation.

What technological revolution have you brought in the online payments business today?

The launch of "One Tap' technology that recently took place in Delhi by PayUbiz is one such technological breakthrough which sent ripples across the online payments industry. The patent pending and first-of-its-kind tech innovation in the payments world is another step which will ensure a robust online payment system. The PCI-DSS complaint and patent pending "One Tap technology' is a combination of four different technological innovations that together provide a seamless online payments experience to the users.

Store Card Vault: This feature is the first of seamless payment journey, ensures that the consumers don't have to go through the pain of putting in the 16-digit card number repeatedly.

No CVV: The heart of creating a seamless one tap payment solution was doing away with the process of repeatedly entering the CVV. The innovative patent pending and PCC-DSS certified technology developed by PayUbiz provided a solution to it.

Auto OTP Generation: Furthermore, the second factor authentication of OTP, gets auto-read and submitted leading to the completion of a seamless one tap payment experience.

Magic Retry: The magic continues even when there is a network issue and the magic retry feature picks up the transaction from the point where it stopped.

What are the future plans?

We are targeting to increase our transaction volume to 50,000 Crores GMV by end of next financial year. Our focus is to continuously innovate and provide technologically superior payment gateway. You will see us launching new and innovative products in next 5 to 6 months.

Any advice or suggestion for the startups to reduce their burn rate

Entrepreneurs should carefully consider what they're spending money on to decide whether it's more prudent to save the cash, or scale growth faster. If a huge leap in growth comes at the expense of a reasonable increase in gross monthly burn, it just might be worth it to increase the spending. Consider the cost of slower growth, missed opportunities and the affects those could have on your business in the long-term, not just the short-term effects of increasing your spend.

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