The EFT payment option will help merchants drive demand in Tier 2 and Tier 3 cities where customers are more dependent on banks for payment transactions. The customer can now take advantage of this functionality for the NEFT / RTGS option listed on the merchant’s payment page and generate a one-time challan that will initiate the payment. Now, either the customer can go to the bank to make the payment, or add the challan’s bank details as a beneficiary in order to use the net banking / mobile banking application to make the payment.
EFT would benefit traders by making transactions transparent and giving them more flexibility by allowing them to customize challans. PayU will ensure that the merchant receives real-time updates on the success of transactions and will offer immediate refunds if there is an error while entering information. The aggregator also creates a global settlement report with reconciliation and refund for all payment methods.
“Much of the population is comfortable browsing online but is reluctant to make payments online, and many organizations do not allow their employees to initiate payments digitally. We are constantly working on creating innovative solutions that not only improve the experience for our merchants, but also help them grow their business, ”said Alim Khan, Senior Vice President of Compulsive Businesses, PayU India of the new offer.
Describing their plans, he added that “With this solution, we have enabled merchants to reach customers and businesses who need semi-online solutions for payments. We expect this to have wide application in education, government payments, and utilities. This is one more step towards building an economy where the population is less dependent on physical money. “
Rural India saw a 45% growth in internet use in 2019, but due to their reluctance to embrace digital payments and lack of digital finance knowledge, they are reluctant to engage with the offers traders. PayU, currently serving more than 350,000 merchants, now offers these customers access to a wide variety of services