Indian wing of PayU, the Netherlands-based payments arm of big tech investor Naspers has recorded more than 50% of PayU’s overall business with a jump of 92% in its revenue in FY18.
As per the reports conducted by business intelligence platform Tofler, PayU India bagged in transactions worth of $84.8 million (Rs 588 crores) from $44.35 million (Rs 311 crores) during the end of previous financial year in March 2018 – bringing up as much as 98% growth in the company’s revenue within a year. With a bigotry profit, India has bagged over 50% of PayU’s overall business with a jump of 92% in its revenue in FY18.
Considering the bolstering growth of e-commerce business in India, and also the government supports digital payment transactions, payment gateway companies’ growth is confirmed. Many payments wallet and payment services were launched in India especially after the demonetization. And people are also being aware of the security and trustworthiness of digital payment apps. Most digital wallet uses PayU payment gateway services to accept payments. So, PayU has been making a quite good growth in the company’s revenue.
PayU made over 400 million transactions, worth of over $14 billion which is around Rs 99,071 crore. Another flagship product of the same company, LazyPay which allows people to purchase the product on credit also reported a significant grip. LazyPay attracted over 4.5 lakh customers issuing over $4 million (Rs 28.3 crore) credit per month on an average. PayU has received approval from the RBI itself to own non-bank financial company (NBFC) LazyPay. PayU claims to cover over 80% transactions of eCommerce and over 60% transactions of airline business currently. Another product of PayU, PayUMoney is a secure payment service which allows merchants to accept payment, and later transfer that amount to their respective bank accounts. That service is used by over 3.5 lakh merchants in India currently.