PayU India which owned Citrus Payment solution, whose license got cancelled, is shutting down its mobile wallet PayUMoney and will focus on its credit-based product LazyPay to push its consumer facing business. Having bought out Citrus Pay in 2016, PayU India ended with two e-wallet entities, after the acquisition.
Offering m-wallet Services Through Citrus
The company in an e-mail sent to users said “We would like to inform you that the PayUMoney wallet will be closing its services on January 31, 2018. But, customers can still shop with their saved cards on their favorite brands.”
Users of the PayUMoney wallet can transfer the amount to their bank accounts. PayU will continue to offer its m-wallet services through Citrus even though it may not aggressively push it from now on.
Views of Jitendra Gupta
“We will keep the wallet live as long as we see steady use cases but the focus is going to be on credit through LazyPay,” told Citrus Pay co-founder and PayU India MD Jitendra Gupta. PayU is also slated to bring German credit startup Kreditech to India next financial year, he said.
To Draw up Bigger Consumer Pay
PayU has been trying to sharpen items to tap the growing digital payments usage. LazyPay is a piece of the push to draw up a bigger consumer play. It gives a buyer a chance to pay later for merchandise and ventures obtained on the web. The organization has been concentrating on including new traders crosswise over different divisions where instant credit can be a plug-n-play course of action.
Pay Later’ option is being made available by even Flipkart, which recently invested in Ekart, as consumer credit is being seen an integral way of shoring up transactions.