Leading e-payments gateway provider PayU has launched ‘PayUnow’, an e-platform, aimed at enabling offline businesses, especially small and medium businesses (SMBs) to create their online presence and have their own business page via which they can accept all kinds of digital payments directly into their bank account.
As part of the unique initiative by Naspers-backed global digital payments player, instant sign-up with online Know your customer (KYC) is also being offered to SMBs.
Elaborating on the initiative, Nameet Potnis, Business Head, PayUnow, said, “We endeavor to introduce products that will help provide solutions to SMBs. PayUnow empowers these businesses to grow fast by easily accepting all kinds of digital payments and also creates their online identity. This new offering from PayU India provides an opportunity to broaden the horizons of our initiatives for SMBs which are in line with the Government of India’s Digital India drive.”
As per industry reports, less than 2 per cent of India’s 50 million SMBs have an online presence. With PayUnow, the digital payments major aims to empower the remaining 98 per cent SMBs who have not yet adopted the digital mode for their business operations. While 30 per cent of the SMBs are digitally engaged for personal use, 68 per cent of them have no online presence at all.
PayU plans to invest Rs 50 Cr in the product development and marketing of PayUnow over the next two years. As per its own estimates, the new platform will bring approximately 1 million merchants online by 2020.