PayUMoney took another strategic move towards cashless economy by acquiring Eashmart, a mobile-based payment application. With this acquisition, PayUMoney is furthering towards its goal to replace cash payments with online payments.
By enabling consumers to use credit/debit cards/net-banking to make payments for anything, the mobile app let users buy things without swiping the card in a swipe machine. One of the key features of this app is that it doesn’t require merchants to install or buy any hardware. It further eases the payment process by sensing the OTP (one-time password) from user’s mobile phone without having user to type password from the text messages.
Nitin Gupta, Co-founder & CEO, PayU India, said, “At PayUMoney, we are focussed on accelerating growth and innovation in payment space. As fewer users carry cash and rely on card payments, the trend will increase and more physically present cash payments will start getting substituted by online payments. That is why we are investing in best mobile-based payment application to create the innovative mobile payment solution which makes online payment easy and ubiquitous.”
“PayUMoney is synonymous with the best payment solutions and is the ideal partner for us, strengthening our ability to make cashless transactions anywhere and anytime,” said Amit Kumar, Founder, Eashmart.
With PayUMoney app, transactions can be easily paid online through the user’s mobile phone. All the user has to do is identify the shop/merchant, enter the amount and pay. In all cases real- time confirmations is sent to user, delivery boy and the shop owner. There are more than 200 merchants live on this use case and see over 100 transactions every day.
