16 Sep 2024

PayU announced cutting-edge products and industry-leading partnerships at GFF 2024 in India


At last month’s Global Fintech Festival 2024 (GFF) in Mumbai, Prosus-backed PayU, one of India’s leading digital financial services providers, announced the launch of some of its most advanced and innovative payment solutions along with a host of industry-leading partnerships, with the likes of Mastercard and Amazon Pay.

PayU’s also unveiled a refreshed brand identity, reflecting its unwavering commitment to innovation, trust, and customer centricity, these latest solutions and partnerships will help foster a dynamic payments environment for all ecosystem players.

Key product announcements included:

  • PayU Protect Plus: An advanced AI/ML-powered solution for Indian merchants, offering fraud detection and protection, efficient chargeback management, and more. Merchants can identify fraudulent users and restrict them before they can cause operational uncertainties and revenue loss. With PayU Protect Plus, merchants can expand to international markets without having to worry about the associated digital payment risks involved.
  • PayU Prepaid Edge PPI Suite: A comprehensive payments and engagement solution bundle designed to tackle merchant challenges like customer acquisition, retention, brand recall, and cost efficiency. Leveraging instruments such as e-Wallets, prepaid/gift cards & reward points, it integrates with the powerful PayU Hexa Prepaid Stack that offers advanced tools, including Offer Engine, Loyalty Suite, Subscriptions Suite, Data Insights, and Dashboard & Analytics.
  • Push Provisioning Solution: In partnership with Mastercard, Visa, and RuPay, this solution offers a secure platform for dynamic card token sharing between merchants and banks, transforming card payment management for businesses and customers.
  • FlashPay: An EVMCo-compliant plug and play solution simplifies the payment process by replacing OTP verification with biometric authentication—using Face ID or fingerprint recognition—ensuring fast, error-free transactions.
  • ReconX: A cutting-edge automated reconciliation tool designed to streamline financial operations for merchants, ReconX allows merchants to configure multi-source data ingestion via SFTP, email, API, or database, while enjoying support for multiple file formats and vendors, leading to greater financial accuracy and efficiency.
  • Maximizer: A powerful payment routing tool that automates streamlining of multiple financial data sources for merchants that allows merchants to achieve the highest transaction success rates while minimizing costs. With a DIY dashboard, merchants can enable 10+ leading Payment Aggregators and Direct Bank PGs, set routing preferences based on cost and success rates, and get started with just a few clicks.

Industry-leading strategic partnerships included:

  • Mastercard: PayU partnered with Mastercard to deploy a host of cutting-edge solutions such as Brighterion AI (an AI solution for fraud risk assessment at transaction and merchant level) and Payment Passkey Service (an enhanced biometric platform that validates consumers’ online purchase using mobile device-based biometrics, eliminating passwords and one-time codes).

Furthermore, PayU also collaborated with Mastercard to drive a pilot for its Subscription Multiplier and Cross-Border Issuer Authentication solutions, to streamline and secure international transactions, offering merchants, issuers, and consumers seamless payment experiences across global markets.

  • Subscription Multiplier: this is an RBI-compliant interoperable standing instruction (SI) mandate solution on the Issuer ACS platform that enables acquiring merchants to create the mandate at the issuer (bank) end within the existing Authentication flow as defined by EMVCo under 3DS 2.0 Protocols. It supports both domestic and international merchants and aggregators.
  • Cross-Border Issuer Authentication: allows issuers to instantly connect to their authentication platform to identify and authorize non-3DS international e-commerce payments, ensuring risk-free and secure transaction processing. This solution also enhances fraud detection and compliance with global regulatory standards, providing issuers with the tools to offer seamless and reliable services to their cardholders across any region.

  • Amazon Pay: To extend instant digital credit access to millions of Indian shoppers. Amazon Pay Later, a popular buy-now-pay-later (BNPL) service, will be integrated on PayU’s advanced checkout infrastructure, helping merchants drive better business revenues.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world.

Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.

Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more.

The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com