Online payment solution brand by PayU India, PayUMoney has entered into
an alliance with Ratnakar Bank (RBL Bank) to launch a semi-closed co-branded
virtual wallet. The co-branded wallet will be issued by RBL Bank and
distributed and marketed by PayUMoney. The PayUMoney Wallet
issued by RBL Bank will be available exclusively to PayUMoney
consumers in India.
A customer can simply choose to pay through PayUMoney on an e-commerce
website and create a wallet account on the fly while paying on the website.
Once the account is created, the user can continue paying through usual payment
modes like Credit Card, Debit Card and Netbanking.
The user can also load this wallet up to a maximum of INR 10,000 and use
it on more than 62,000 merchants where PayUMoney is accepted as a payment
option. Every transaction which happens through PayUMoney is by default
protected by PayUMoney’s buyer protection policy which simply means that either
the buyer will get his promised goods or services or PayUMoney will refund the
money back into user’s wallet account in case of mismatch expectations.
Furthermore, users will get guaranteed PayUMoney reward points, every time they
use PayUMoney to pay online.
Commenting on this alliance, Shailaz Nag, COO of PayU Payments Pvt Ltd
said, “We are happy to partner with RBL Bank to provide wallet services to our
consumers. This semi-closed wallet will add to the ease and convenience of the
consumers while paying through PayUMoney.”
Ritesh Pai, Senior Vice President and Head – Direct Banking Channels at
RBL Bank said, “It is a proud moment for RBL Bank to partner with PayUMoney to
help digitize its payment service.We
have designed a Digital Wallet Platform in association with our prepaid program
partners TranServPvt Limited, especially keeping in mind the growing Indian
Ecommerce segment and are working with a number of players in the market. At
RBL Bank, we are confident the PayUMoney Wallet will provide Indian shoppers with convenience and ease of usage benefits as
well as unparalleled security while shopping. This wallet will also open up
several innovative payment avenues going forward.”