PayUMoney facilitates transactions worth Rs 100 crore

The online payment solution has carved out a new market for Indian SMEs with easy payment collection solutions and hassle-free integration

Online payment solution PayUMoney today said it has completed transactions worth Rs 100 crore, which was made possible by over 1.3 lakh small and medium enterprises (SMEs) who use the platform.

Since its inception in April 2013, PayUMoney has carved out a new market for Indian SMEs with easy payment collection solutions and hassle-free integration, it said in a release.

More than 1.3 lakhs SMEs have signed up with PayUMoney, while 30,000 live merchants have processed transactions worth Rs 100 crore, it added.

With more than 213 million Internet users in the country, internet penetration is only set to increase exponentially. Besides, industry body IAMAI expects a large number of the Indian population warming up to digital commerce due to the ease and trust built by the ecommerce players, it said.

This is great news for PayUMoney as the online payment solutions has already proven itself by providing SMEs and individual business owners a new marketplace to sell their products, it added.

"Currently, 30,000 Indian sellers have processed transactions worth over Rs 1 billion through our platform. These are very promising numbers for a product which has opened a new market," PayU India co-founder and CEO Nitin Gupta said.

This number is expected to grow by over 40% within the next year. PayUMoney is well on its way to reach a million sellers, selling to over 20 million customers, he added.