26 June, 2017 | PayU, the global online payment service provider, today announces the launch of its PayU Hub platform.
PayU Hub, which conforms to API design principles, aims to use technology to solve the cross-border commerce challenges currently facing merchants looking to grow and scale in high growth markets.
Through a single integration the PayU Hub provides merchants with access to 2.3 billion potential new customers in the major high growth markets across Asia, Central and Eastern Europe, Middle-East, India, Africa and Latin America.
The platform’s state-of-the-art ‘API first’ design and globally distributed architecture enables reliable and scalable access to PayU’s regional and local payment processors.
PayU CCO Matthias Setzer said, “The cross-border market is expected to grow from $401 billion in 2016 to $994 billion in 2020. Nearly two-thirds of cross-border business will come from high growth markets like Asia and Latin America.
These figures demonstrate the business opportunities available to ambitious merchants from around the globe.
“However, despite the attractiveness of these growing markets, merchants are being held back by cumbersome cross-border payment infrastructure and processes.
PayU Hub’s combination of our own unique local knowledge and new technology will help tackle these current barriers and ensure that our customers have access to the best financial services.
”PayU Hub’s hyper-local direct connections to acquirers and alternative payment methods allows merchants to see increased card approval rates and reach entire markets through alternative payment methods. This also ensures that local consumers in high growth markets can pay for their purchases using their preferred payment method.
The next stage of the PayU Hub, which is in its induction stage, will be the completion of pilot tests of by select PayU customers. The results of these tests and their impact on cross border payments and processes are expected in the next couple of months.
PayU uses its payments heritage and expertise to deliver financial services in emerging markets. Our local operations in Asia,Central and Eastern Europe, Latin America, the Middle East and Africa enable us to be experts in these countries and provide the best solutions for the local market. PayU is the leading online payment service provider in 16 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our 250+ payment methods and PCI certified platforms are designed to meet every consumer’s needs.
The markets in which PayU operates represent a potential consumer base of nearly 2.3 billion people and a huge growth potential for merchants. PayU has more than 1,800 payment specialists based in these local markets supporting PayU’s 300,000+ merchantsand the millions of consumers making online payments.