PayU India's PayUMoney acquires mobile payment product Eashmart
PayUMoney, an online payment solution by PayU India has announced the acquisition of Eashmart, a mobile based payment application. With this acquisition, PayUMoney is furthering towards its goal to replace cash payments with online payments.By enabling consumers to use credit/debit cards/net-banking to make payments for anything, the mobile app let users buy things without swiping the card in a swipe machine. One of the key features of this app is that it doesn’t require merchants to install or buy any hardware. It further eases the payment process by sensing the OTP (one-time password) from user’s mobile phone without having user to type password from the text messages.
Eashmart was founded by Amit Kumar and he along with his team has joined PayUMoney team where they will continue to help with the development of new app features. Nitin Gupta, Co-founder and CEO, PayU India said
At PayUMoney we are focused on accelerating growth and innovation in payment space. As fewer users carry cash and rely on card payments, the trend will increase and more physically present cash payments will start getting substituted by online payments. That’s why we are investing in best mobile based payment application to create the innovative mobile payment solution which makes online payment easy and ubiquitous.
With PayUMoney app, transactions can be paid online through the user’s mobile phone. All the user has to do is identify the shop/merchant, enter the amount and pay. In all cases real time confirmations is sent to user, delivery boy and the shop owner. There are more than 200 merchants live on this use case and see over 100 transactions every day. Bigbasket.com is piloting with this to offer an alternative to cash on delivery to its customers at time of grocery deliveries.
Along with this App, PayUMoney has also offered a SMS invoice feature to its merchants. It is a tool where the retailer simply needs to send an SMS invoice with a payment link inside. The user can click on the payment link and pay online. PayUMoney also offers a search URL to users using which they can search for the merchant by name/email/phone number and pay. The app can also scan QR codes and allows the user to save recent favourites. This is backed by telephone and email support and the merchant receive the payment next day in his bank account.
Here's how PayU India is structured: