PAYU INDIA ONLINE PAYMENT SERVICE

Ibibo Group company PayU India today launched an online payment solution -- PayUPaisa-- wherein any individual or seller can create their own business page on its website and start selling the products. In order to safeguard buyers' interests, the company has various checkpoints to make online buying safe. "The product (PayUPaisa) is free for sellers and provides tools like webstore, storefront and email invoicing to them, while it has a dispute resolution centre to safeguard buyers and keep their money safe even when they have paid for a product," PayU India CEO and co-founder Nitin Gupta told reporters here. Gupta added when a buyer purchases some product from its webstore, the money is not released to the seller instantly but is kept at nodal bank account, which is mandated by RBI, for three days and after the seller sends a proof of delivery, the money is released into its account. The sellers don't have pay any upfront payment for the service and they are charged 3.2 per cent and Rs 3 only for successful transactions. "We allow the sellers to make a webstore in few minutes. They just need to give their PAN number and bank account details and the verification process is over," Gupta said. As the company is providing free space to sellers, it has set up data centres in Mumbai and Gurgaon. "Our objective is to enable one million sellers and 20 million buyers on PayUPaise platform in the next three years," Gupta said.