Therapeutic Essay

It’s often said or believed; that Retail Therapy whether offline or online is actually ‘Therapeutic’, more so as it holds the fundamental purpose of cheering the buyer's mood. With evolving technology solutions and changing commerce paradigms, online commerce (including retail) in the past decade has shaped up as a mini-vacation for self-rejuvenation for the buyers. And this wins as a universal truth!

While online commerce boasts of being relaxing and easy, it’s more often than not being referred as pernicious. And this disparage comes with known factors such as lack of seamless integration between the e-commerce website and the gateway, mid-way loss of transactions, limited mode of payments and zero rewarding gratifications for transactions.

With this a pertinent question arises, how one solves the problem of spurring digital payment business which is expected to reach 1200 crore INR in 2015 (a 40% rise from the previous year). Considering this as a challenging yet revolutionary opportunity, PayU India, introduced an e-wallet service for online shoppers in India naming it as ‘PayUMoney’. This e-wallet service paves way for convenient, hassle-free, seamless, technically robust system for payment methods like credit card, debit card or net banking. In tonality, this service forms an intermediary support for carrying money from the buyers’ virtual

Interestingly, more so as this model marries concept with results such as highest conversion rate, multiple payment options, easy integration with e-commerce websites, one-click checkout payment option (by storing the consumer bank information), and a cash back of 10% as a reward on each transaction. The latter definitely spreads more cheer to the consumers as one avails an additional discount gratification (apart from the discounts offered by the merchant or bank) with cash credit being stored in the buyers’ virtual