PayU Launched QR Enabled EFT Solution for Real Time Monitoring of Bank Transactions

Online payment solutions provider - PayU introduced the QR enabled EFT payment option that allows businesses and customers to track the status of high value EFT payment transactions (Rs 5 lakh and above) in real time.

It ensures that customers and businesses don't have to spend time and effort chasing customer care centres of banks or merchants to understand the status of their payment or refund.

PayU had introduced EFT payment option recently which allowed offline to online transactions - customers or businesses could use the NEFT/RTGS option listed on the merchant's checkout page to generate a one-time use challan to initiate a transaction and then complete the payment at a bank branch.

The new QR code feature solves the commonly faced problem of uncertainty around payments by informing customers about the status of payments - whether it is with acquiring/partner or not, whether it has been accepted etc. With this feature, PayU aims to provide a seamless transaction experience to its merchant base of over 3.5 lakh, as well as their customers, providing greater control over their payments.

"When it comes to time bound payments such as application fees or tender registration, it becomes particularly stressful to customers and businesses, as they don't receive real time updates about the status of their payments. This could become a major source of anxiety for customers especially where large sums and time bound payment is involved. The new feature gives the exact status of their transaction and provides them a sense of control over their payment, reducing anxiety. We hope this encourages more customers and businesses to transact online," commented Alim Khan, Senior Vice-President of Compulsive Businesses, PayU India, while talking about the new feature.

Where large amounts of money are concerned customers are cautious and stick to tried and tested methods of payments such as cash and cheques. Customers and businesses are often apprehensive about making high-value payments digitally, especially those from smaller towns and cities.

Most customers and businesses prefer going to bank branches for large value transactions, Rs 5 lakh and above, such as utility payments by factories, taxes, quasi judiciary payments, school and college fees, tax payments and investment transactions. With the EFT payment option, merchants now have a solution to cater to demand from tier two and tier three towns. The QR enabled option further enhances the solution by appealing to people who are reluctant to engage in digital transactions.