PayU India has introduced new tools to help businesses address various payment challenges.
The online payments company’s CommercePro stack, announced Tuesday (Sept. 5), is designed to help merchants deal with issues like cart abandonment and scalability troubles.
“This comprehensive toolkit, fueled by Indian innovation and technology built out of India, addresses real world pain points with new avenues for success,” PayU Chief Product Officer Manas Mishra said in a news release.
“The CommercePro stack is a true testament to our commitment to simplifying digital payments, driving business efficiency, and offering real-world solutions to businesses across India.”
According to the release, the new offering contains features such as “Checkout Express,” which is designed to increase conversions by making payments easier.
It also provides data insights about consumers to promote customer acquisition, as well as artificial intelligence (AI)-powered “recommendations to enhance cross-selling, upselling, and personalized customer interactions.”
PYMNTS looked at the benefits of optimizing checkout in a conversation last month with Andrew Monroe, global head of gaming and media at Worldline.
“They should get enthralled by the goods or services they want to buy and then get it,” he said. “Everything in between is the merchant facilitating the checkout experience.”
And although creating seamless experiences often means doing away friction from the eCommerce process, Monroe said depending on the goods or services in play and the country where the customer is based, some friction might be required to earn consumers’ trust.
“Sometimes it’s good to have no friction or minimal friction to enable them to slide through that checkout experience as quickly as possible,” he said. “Other times friction is necessary, or else consumers will drop off because they lose trust with the process.”
Monroe added that businesses need to tailor digital payment options to meet customers’ evolving needs and preferences.
“The ability of the merchant to capture the consumer’s interest and then immediately provide a way to convert that interest into the purchase of a good or service, I think that’s what we’re going to see more and more of in the future,” he said.
PayU’s new product launch comes a little more than a month after the company’s parent Prosus said it was selling off most of its global business to Rapyd to focus on India.
“Innovation and progressive regulation are driving rapid change within the digital payments industry in India, and we see many new opportunities to further expand our business there,” said Bob van Dijk, Prosus’ CEO.
“As one of the fastest-growing major economies in the world, we strongly believe in digital India and are excited about the next phase of growth for PayU in India.”
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