PayU, India’s leading online payment solutions provider, has enhanced its flexible fund source management and beneficiary management capabilities with its enhanced Payouts product suite. With the newly launched Payouts from Payins feature, merchants can receive payments (settlements and payments) directly into virtual accounts created by PayU, eliminating the need for constant recharging.
From pay-ins received in the accounts, merchants can directly make bulk disbursals to vendors, partners, employees, and customers, streamlining operations. Merchants can choose the payout option that suits them best, including connected banking. This feature allows merchants to use PayU APIs and a dashboard to make secure payouts from their existing bank accounts.
With beneficiary management capabilities, PayU merchants can use a beneficiary ID to make repeat payouts to beneficiaries instead of sharing beneficiary banking details (account number, IFSC code, etc.) repeatedly. Under this function, merchants can also use the scheduled payouts facility and schedule bulk transfers for up to 3 months to ensure seamless, timely payments to their stakeholders.
At PayU, we constantly strive to address the pain points of our customers by providing innovative digital payment solutions. Our merchants, who do bulk outward payments to their consumers, vendors or employees, end up spending a lot of manual effort and resource behind these tasks. So solving for the payout experience has become as critical as solving for the collection of payments experience, where PayU is already the industry leader. With flexible fund source and beneficiary management features, merchants can scale up their financial operations exponentially and bring in more efficiency.- Manas Mishra, Chief Product Officer, PayU India.
PayU, India’s leading online payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market.
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PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology. In India, PayU serves more than 350,000 merchants with 70+ local payment methods and is the preferred payments partner for nearly 60% of the e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses.
PayU also developed LazyPay in 2017, an alternate lending platform to offer credit solutions such as Small Ticket Credit (Buy Now Pay Later), App-based loans (Instant personal loans) and Point of Sale Credit (Merchant EMI). LazyPay Buy Now Pay Later is currently live on 100+ merchants such as Byju’s, Swiggy, Flipkart, Makemytrip, Dunzo, Vodafone, Zomato, Bookmyshow, Oyo, Tata Sky and many more.