PayU, the pioneering online payment solutions provider in India, has unveiled three groundbreaking mobile app Software Development Kits (SDKs).
These innovations aim to cater to the escalating need for effortless and efficient payment experiences on mobile devices, enhancing transaction success rates by up to 5-6%.
This move arrives amidst India’s rapidly growing digital payment landscape, driven by one of the world’s highest smartphone penetrations. With the escalating adoption of digital payments, the need for frictionless and secure payment solutions becomes paramount.
PayU’s innovative releases aim to revolutionise the payment landscape by simplifying the checkout process and elevating transaction success rates across various payment methods.
The newly introduced SDKs by PayU embody a commitment to technological excellence, designed to simplify payment procedures, reduce checkout steps, and significantly enhance transaction success rates across multiple payment methods. The three innovations include:
- Native Payment Experience on 3DS 2.0: PayU’s industry-first Native OTP experience for card transactions ensures seamless and certified solutions covering all issuers and cards, complying with global security standards.
- UPI BOLT: A collaborative solution between PayU and Axis Bank revolutionizes UPI payments, integrating a simplified UPI BOLT SDK into merchant systems to streamline accounts and balances, eliminating redirection and enhancing customer experience.
- One-Click Net Banking: Through collaboration with MinkasuPay, PayU introduces a biometric-based net banking solution, compressing a typically complex 30-step process into a single-click experience, enhancing transaction success rates across supported banks.
Manas Mishra, CPO – PayU said, “In a country where over 72% of transactions are projected to be digital by 2025, it’s crucial for businesses to adapt to the changing payment landscape. Our cutting-edge SDKs are designed to capture this immense potential by solutions for three of the most popular payment methods – Cards, UPI & Net Banking. With these innovations and strong ecosystem partners like NPCI & Axis Bank, we’re paving the way for businesses to seize the opportunity presented by India’s booming digital economy.”
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