PayU, a leading Indian financial services provider, has unveiled groundbreaking solutions for global payments at the Global Fintech Festival 2024 (GFF). The new offerings, including the Subscription Multiplier and Cross-Border Issuer Authentication Solution, promise to enhance the efficiency and security of international transactions, addressing key challenges in the payments ecosystem.

Next-Gen Solutions for Seamless Global Transactions

The Subscription Multiplier solution introduces a new approach to standing instructions (SI) mandates. It enables acquiring merchants to create mandates at the issuer (bank) end within the existing Authentication flow, compliant with EMVCo’s 3DS 2.0 Protocols. This innovative approach simplifies operations by eliminating the need for third-party integrations and ensuring a seamless experience for both domestic and international merchants.

The Cross-Border Issuer Authentication Solution provides issuers with a robust tool for managing non-3DS international e-commerce payments. By connecting issuers instantly to their authentication platforms, this solution enhances fraud detection, compliance with global regulatory standards, and real-time decision-making, thereby improving the overall security and reliability of cross-border transactions.

Strategic Partnerships and Industry Impact

The initial launch of these solutions will be in collaboration with Mastercard, with plans to extend to other major networks. This strategic partnership highlights PayU’s commitment to driving innovation in the payments industry and underscores Mastercard’s dedication to enhancing global payment experiences.

Manas Mishra, Chief Product Officer at PayU, emphasized the company’s focus on removing barriers in global payments through innovation and customer-centric solutions. He stated, “Our subscription multiplier and cross-border issuer authentication solutions are designed with the needs of the payments ecosystem in mind, providing essential tools for success in the global marketplace.”

Vikas Varma, Chief Operating Officer, South Asia, Mastercard, expressed excitement about the collaboration, noting that these solutions will enhance consumer confidence and ease of transactions, reinforcing Mastercard’s commitment to continued innovation in the payments sector.

About PayU

PayU, a leading digital financial services provider in India, operates under the regulation of the Reserve Bank of India. With Prosus as an investor, PayU offers comprehensive digital payment solutions, serving over 500,000 businesses including major enterprises and e-commerce giants. Its services include a wide range of online payment methods and cutting-edge technologies designed to support businesses across various financial needs.

Conclusion

PayU’s latest innovations are set to transform the global payments landscape, addressing key challenges and providing enhanced security and convenience for international transactions. By partnering with Mastercard and focusing on customer-centric solutions, PayU is poised to drive significant advancements in the payments ecosystem, offering exceptional value and experience to businesses and consumers worldwide.