Payment gateway solutions company PayU India has renamed its flagship product PayUPaisa to PayUMoney.

Explaining the idea behind this change, the company said in an official statement that it has taken this step to position PayUMoney as a global brand and reach out to international audience.

However this rebranding activity will not affect any PayUMoney merchant or consumer. The statement further said that all the transactions and account details will continue to remain same as before.

Varun Jha, Marketing Head, PayU India, said, “In order to create a global brand appeal for our flagship product, it was wise decision to change PayUPaisa to another brand name. While deciding the new brand nomenclature two components were integral i.e., retaining the core brand name PayU and having a strong connotation with transactions or currency. The word ‘PayUMoney’ fitted the bill as it carries the PayU brand legacy and has a global appeal, since the word ‘Money’ is not restricted to any geography. This is the right time for us to engage in rebranding activities and invest in making PayUMoney globally ready.”

PayUMoney was launched last year with the objective of enabling sellers to sell online and to build buyer’s trust with online payments. It offers a gamut of free tools like a free payment gateway, free webstore, email invoicing and event ticketing platform etc to collect payments online. Some of the recently launched offerings by PayUMoney include Release on Delivery and payment settlement solution for marketplaces.