Naspers-owned PayUmoney to close its wallet service

Gurgaon-based PayU Bharat web Pvt Ltd, that offers a web payment answer for people and businesses below PayUMoney, is move down its billfold service at the tip of this month, an organization statement aforementioned.

The company is asking its users to transfer the billfold cash to their bank accounts. The firm’s billfold service can still operate below Citrus, the statement further.

“We are going to be terminating PayUmoney’s billfold, that is in partnership with RBL Bank.

As a part of the consolidation of our business, rather than in operation 2 wallets, we've got plans to focus our synergies on Citrus billfold and drive higher client effectuality towards it,” aforementioned Jitendra Gupta, manager, PayU India, within the press note.

The PayUmoney app during a notification aforementioned that users will continue victimization the payumoney.com web site to form bill payments.

It conjointly expressed that any withdrawals created through the billfold are going to be transferred to the users’ bank accounts, indicating that app can presently be inaccessible on the Google Play Store.

The app had over 1,000,000 downloads and competed with different mobile wallets like Paytm and Mobikwik. In 2014, it had renamed its flagship product PayUPaisa to PayUmoney.

The development was initial reportable by technology news web site Medianama.

In September 2016, PayU, in hand by South African web conglomerate Naspers, had bought Mumbai-based rival Citrus procure $130 million (Rs 865 crore).

Citrus contains a extremely flourishing payment entree business. The joint entity has over 30 million users.

Gupta supported Citrus Pay in 2011 beside Satyen Kothari. Amrish Rau, World Health Organization is currently the chief operating officer of the joint entity, joined Citrus in 2014 as manager.

PayUmoney has over 3.5 hundred thousand small- and medium-sized on-line businesses victimization their payment entree answer to gather their payments.

In 2016, PayUmoney had launched 2 classes for its merchandiser base. the primary one was for merchants with restricted capital World Health Organization try to line up their businesses and wish to adopt on-line payment solutions.

The second class was for little startups, World Health Organization have had Associate in Nursing initial spherical of funding and square measure watching integration a web payment system.

PayU Bharat was started in 2011 as a unit of Gurgaon-based ibibo cluster, that is controlled by Naspers cluster.

In Gregorian calendar month 2014, ibibo hived off PayU Bharat to Naspers for a stake within the international payments business of the Cape Town-based conglomerate.

The fin-tech company claims to hide nearly hr of India’s airline, 18th of the country’s e-commerce business and processes over Rs 40,000 large integer of digital payments in Bharat annually.

PayUBiz may be a payment service supplier and its people includes Jet Airways, Amazon, Airtel, Snapdeal, Jabong, Ola, and BookMyShow.

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