PayUMoney is a payment solution for individuals and unregistered businesses in India. It is a payment gateway for websites and applications. Also, individuals may use it as an independent digital payment tool. Normal users can pay for their movie tickets, flight tickets, travel, hotel bookings, shopping, prepaid mobile recharges, etc. It is a convenient way to assure safe digital payments. Many registered and unregistered Indian companies have already adopted PayUMoney as their payment gateway.
PayUMoney has been adopted by business such as Jabong, Make My Trip, Book My Show, YEP ME, Zomato, Travelyaari, Amity University, etc. PayUMoney has also partnered up with several major banks like ICICI, HDFC, Induslnd, Citibank, and many more. This makes it a safe and trustworthy source of making and receiving payments for both individuals and businesses.
Individuals looking to use PayUMoney can use the app whereas businesses have to use the website to register.
For Individuals: Individuals willing to use the PayUMoney app just have to download the client from ‘Play Store’ or ‘App Store’ in their Android or Apple smartphones and create an account. Users can load money from their debit cards and make payments through both their debit and credit cards.
- For Businesses: Businesses who want to partner with PayUMoney have to go to the website www.PayUMoney.com and sign up by entering their personal and company details. By signing up, the businesses enter into a contract with PayUMoney which consists of several important factors such as the use of banking channels and services, delivery, charges, chargeback, and more. This process is fast and easy and business can also speak directly to a PayUMoney support specialist for additional information. For settling third party payments, special nodal accounts are used to manage the finance while maintaining legal compliance.
The payment gateway ‘industry’ has become quite crowded as users have started to move en masse to cashless payments and digital banking. Demonetisation has been the primary motivator, but the trend was already shifting since well before 8th November (the date demonetisation was announced). In such a highly competitive environment, customers will prefer the gateways which offer the most benefits. PayUMoney offers features such as iFrame solution for secured card data collection, 1 Click Checkout, payment analytics, IVR payments, and email invoicing – features that are sure to win more and more takers as people take up cashless payments.
Some features and benefits of using PayUMoney are explained below for ease of reference for users of the wallet.
- PayUMoney maintains several safety checkpoints to ensure a protected digital environment. The payments made by users are first kept with PayUMoney whenever they purchase anything, whether from a web-store or storefront. The money is only transferred to the seller when they send a proof of product delivery or the users explicitly orders to do so. This procedure ensures that the customer’s money is protected under all circumstances.
- Users can also transfer their loaded money from their PayUMoney wallets to their bank accounts. It eliminates the fear of losing unused money from the wallet.
- Users also receive discount coupons and cashback on several payments made through PayUMoney. This includes discounts or cashback on movie tickets, flight bookings, prepaid phone recharges, and bill payments. Users get an instant cashback of 2-10% of the transaction amount of their purchases.
- Users can also try new brands and their services for a change as many small brands featuring good quality products are often overshadowed by established brands.
- Users can directly contact PayUMoney support if money is debited from their account but they still have not received a confirmation from the merchant for the delivery or the product is not delivered at all. Such issues are directly transferred to the conflict resolution team and are promptly attended to.
- Users may also choose any preferred mode of payment. They can pay through their debit or credit card or use net banking. Financial details of users are always protected in any type of transaction.
- PayUMoney is widely accepted across the country. This means that users have the freedom to pay thousands of merchants with no fuss along with more than 8,500 websites on the internet.
- PayUMoney also features a ‘superfast checkout’ mode where users can safely store their card details, shipping information, and billing details. It allows them to pay instantly without re-entering the same data for every transaction. It is suggested that users use a password to protect the app if they have stored card or banking details on the wallet. This way, there are no chances of anyone else who gets access to the user’s phone to misuse their payments app.
- Certain payment gateways such as PayUMoney offer merchants registration at absolutely zero cost.
- It is a good medium for small start-ups and unregistered businesses to collect payments without any conflicts.
- Businesses can extend their reach to their customers and promote their brand with less effort. Usually, such endeavours require expensive and extensive marketing resources and techniques. With PayUMoney, even small brands with high-quality products can get noticed fast by consumers and avail a chance of growing amidst the ever-increasing competition.
PayUMoney also offers POS (point of sale) machines to merchants. These are card swiping machines that accept almost every type of VISA, MasterCard, Maestro, and RuPay cards. To obtain this service, merchants have to provide minimal documentation such as their PAN card details or a cancelled cheque. They do not even need to open a new bank account. It can be linked to their existing bank account with any nationalised bank. These machines can be used with the preferred mobile service provider of the merchant with GPRS connectivity. Also, PayUMoney does not charge any monthly or annual fee for this. Merchants just have to pay a one-time fee of Rs. 8,500 for a period of three years.
Q. What is the 1% reward by PayUMoney?
A. Users will get 1% reward points every time every time they use PayUMoney for shopping with saved cards or when they store a new card. Reward points are not offered for the net banking payment mode. Users can avail up to 2,500 reward points in a calendar year on a per card/device/user model. The offer excludes utility merchants, and recharge merchants.
Q. What are the reward points used for?
A. Reward points can be used for buying coupons from the rewards catalogue. Reward points can also be converted into cash and transferred into your PayUMoney wallet. For conversion, a minimum of 1,000 reward points are required.
Q. What to do if the merchant has asked the buyer to release their payments?
A. While paying online, the money is kept in the PayUMoney escrow which is only applicable for selected merchants. Once you receive the product and you are satisfied with its quality, you can release the payment. To do that, you have to follow these steps.
- Login, go to the customer dashboard, and check the transaction list.
- You will see an action section available on the right corner of the transaction list.
- There are drop down menus in the section for each transaction.
- Find the transaction you need to release and use the drop down menu to select the option to ‘release payment’ and it is done.
Q. How to transfer money from PayUMoney wallet to bank account
A. Users can transfer money from their digital wallets to their bank accounts but they have to wait for a period of seven days. PayUMoney charges a fee of 2.5% for the transfer but it is not applicable on a refund.
Q. Where can users use their wallet money?
A. The money loaded in your wallet can be spent on transactions with more than 8,500 online partners and with thousands of offline merchants availing the gateway. Users can also visit the PayUMoney website for more information about their listed shopping partners.
Q. How can refunds be transferred into the bank account?
A. Refunds obtained from the PayUMoney can be directly transferred to your bank account. The company also does not charge a fee of 2.5% on refunds transfer. To do that, you just have to follow these simple steps:
- After login, go to the customer dashboard and click on PayUMoney wallet tab
- When you see payment ID details, click on the ‘Refund’ tab
- The amount will be transferred within 3-5 working days
In case, users do not receive their funds within 3-5 working days, they can check the refund status in the refund tab or contact customer support.
Q. What to do if the transaction has failed but the money has been deducted from the PayUMoney Wallet?
A. These are some issues that may occur on rare occasions. It happens because of technical glitches or weak network connections. Users do not have to worry about the deducted money as it will be automatically transferred to their account within 48 hours.