PayU Lets Indian Rail Commuters Pay With WhatsApp

Priya BhadaurjaNovember 4, 2022

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Are you looking for PayU Lets Indian Rail Commuters Pay With WhatsApp. Here is explanation PayU, a Dutch payment solutions company, has partnered with the Bangalore Metro Rail Corporation Limited (BMRCL) in India to offer payments through its innovative WhatsApp-based Chatbot technology.

According to a news release issued on Nov. 3, the collaboration would allow Namma Metro commuters to reserve metro tickets without having to wait in line by texting Bangalore Metro on WhatsApp or scanning a QR code.

PayU’s chief operating officer, Mohit Gopal, stated that the relationship is consistent with the company’s support of the Indian government’s “Digital India” initiative.

Pay With WhatsApp

“Given WhatsApp’s future potential as a vital channel for commerce and payments, Namma Metro’s latest Whatsapp Chatbot feature will be a game changer for our country’s transportation sector,” Gopal added.

“This new means of reserving a metro ticket will establish a bar for public transit service quality in the country, as well as being part of our larger aim to go green,” said A.S. Shankar, Bangalore Metros’ executive director for operations and maintenance.

As PYMNTS noted earlier this year, the agreement is part of a bigger trend among public transportation companies to offer contactless ticket payments to riders.

During the pandemic, this ticketing style soared, and now a large number of consumers choose it over magnetic-strip cards, cash or PIN, and chip-enabled cards.

Many transportation experts have responded appropriately, adopting new and creative payment technology to cut fares and persuade riders to return to public transportation.

“The obvious next step for transport authorities trying to keep ahead of the curve is to permit open-loop contactless payments,” according to PYMNTS. “This system allows commuters to use any payment — card, mobile wallet, or wearable — even if it is not part of their processes.”

However, 17% of transportation companies rely on bespoke systems, which can be slower and less efficient than modernized systems, and with software that is sometimes more difficult to upgrade due to its unique characteristics. The number of open-loop EMV cards used in ticketing is predicted to increase from 24.8 million to 136.9 million by 2025, indicating that customer behavior is constantly evolving.

PayPal customers are still active, but their spending is visibly slowing.

However, while PayPal, like other companies, is not immune to macroeconomic headwinds and inflation’s dampening impact on consumer spending, its job in supporting the omnichannel experience remains a priority, with expanded tap-to-pay features and instalment plans.

In an earnings report, CEO Dan Schulman stated that the firm processed about $5 billion in traffic during the quarter, up 157% year over year, including over 25 million consumers using its buy now pay later services approx 150 million times since debut. More than 280,000 shops offer the BNPL choice on their checkout pages.

Overall, payments volume on PayPal’s systems increased 14% in the third quarter to $337 billion, while transactions increased 15% to 5.6 billion. According to the company’s investment documents, engagement, or transactions per active account, increased by a record 13% to 50.1. As of the third quarter of 2019, PayPal core daily users accounts were around 40% greater than before the epidemic.

Supporting Apple’s Tap to Pay

In terms of the company’s omnichannel activities, Schulman stated that PayPal is collaborating with Apple to improve its products for PayPal and Venmo, as well as merchants and consumers that use Apple’s tap-to-pay on iPhones. Merchants in the United States will soon be capable of accepting contactless debit or credit cards, as well as mobile wallets such as Apple Pay, by using an iPhone as well as the PayPal or Venmo iOS app.

“We think that this, together with our other in-store initiatives, will keep speeding up our opportunity to effortlessly process payments in the physical world for our businesses,” said Schulman.

According to Schulman, the company is currently doing beta tests with multiple eCommerce platforms. Starting in the first half of next year, customers will be able to link their PayPal as well as Venmo credit and debit cards to their Apple Wallet and then use them online and in-store.

Separately, the CEO stated that the expansion of Venmo Pay on Amazon is well underway ahead of the holiday shopping season.

Focus on the Holiday Season

The Christmas season appears to be on investors’ and management’s minds – Schulman acknowledged a “difficult macroenvironment” in place, as well as “slowing eCommerce trends as well as an uncertain holiday shopping season.”

As a result, he issued a “prudent” revenue forecast for the current quarter, predicting 10% revenue growth, prompting investors to send them down the stock 8% after hrs. During the analyst question-and-answer session, management mentioned that low and middle-income customers are beginning to reduce their discretionary spending.

According to CFO Gabrielle Rabinovitch, “we observed US eCommerce expanding in the low single digits in Q3 with a slowing into the closing of the quarter.” This trend continued on our platform in October…we have not witnessed the early start to the US online holiday period that we experienced in 2021.”

“We expect inflationary pressures accompanying weak and worldwide growth to weigh on leisure eCommerce spending, which could remain to be constrained in 2023,” she said.

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PayU India Information

PayU is regulated by the Reserve Bank of India and provides solutions to Indian merchants’ digital payment needs. It offers businesses internet payment options via local payment methods. In 2017, PayU also launched LazyPay, an alternative lending platform that provides credit solutions.

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PayU is a payment service provider for internet merchants situated in the Netherlands.

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PayU is the payments and fintech division of Prosus, a global consumer internet company and one of the world’s top technology investors. Naspers owns the majority of Prosus, which has a big focus on Euronext Amsterdam (AEX:PRX) and a secondary list on the Johannesburg Stock Exchange (XJSE:PRX).

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