NewsVoir
Mumbai (Maharashtra) [India], August 30: PayU, one of India's leading financial services providers, introduced its new solutions on Subscription Multiplier with cross border support and Cross-Border Issuer Authentication Solution - at the Global Fintech Festival 2024 (GFF). These innovative solutions aim to streamline and secure international transactions, offering merchants, issuers, and consumers seamless payment experiences across global markets. PayU will initially launch both these solutions with Mastercard and later extend these offerings to other major networks.
According to GlobalData report, India's card payments market is set to nearly triple to INR 60.2 trillion by 2027, driven by increasing consumer spending. Traditional banks and fintech companies alike face the challenge of providing innovative, secure payment infrastructures for seamless global transactions. PayU's newly launched solutions are designed to offer simplicity, convenience, security and benefit the entire payments ecosystem across all Issuing & Acquiring Associated entities.
The Cross-Border Issuer Authentication solution 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. By enabling real-time decision-making ability with complete risk protection, issuers can improve customer satisfaction and drive increased cross-border transaction volumes.
PayU's Subscription Multiplier is an ideal 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. This solution supports both domestic and international merchants and aggregators. With no additional third-party integration being involved, this flow works well within the existing payment rails of acquirers, network & issuers. This RBI-compliant solution ensures simplified and unified operations for merchants, as well as seamless experience for end-customers.
Manas Mishra, Chief Product Officer at PayU, stated, "At PayU, we are dedicated to removing barriers in global payments through continuous innovation and a strong focus on customer centricity. Our subscription multiplier and cross-border issuer authentication solutions are thoughtfully designed with the needs of the payments' ecosystem in mind, providing essential tools for success in the global marketplace. By prioritizing security and convenience, we ensure that our solutions not only drive industry advancements but also deliver exceptional value and experience to our customers."
Vikas Varma, Chief Operating Officer, South Asia, Mastercard said, "Mastercard is excited to collaborate with PayU to power these innovative solutions. Along with streamlining and securing international payments, these solutions will enhance consumer experience by providing them the ease and confidence to transact from anywhere at any time. This association also reiterates Mastercard's commitment to continued innovation in the payments ecosystem."
PayU, one of India's leading digital financial services providers with Prosus as an investor, operates businesses that are regulated by the Reserve Bank of India and offers advanced solutions to meet the digital payment requirements of the Indian market. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers through technology solutions. PayU provide payment gateway solutions to online businesses through its cutting-edge and award-winning technology and has empowered 5 lakhs+ businesses, including India's leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, pay-later, QR, UPI, Wallets, and more. It's a preferred partner in the affordability ecosystem, offering the maximum coverage of issuers and easy-to-implement integrations across card-based EMIs, pay-later options and new-age cardless EMIs. PayU offers e-commerce brands best-in-industry success rates while ensuring a seamless checkout experience.
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