13 December 2017
visit www.avoka.com

PayU Hub for cross-border commerce reaches induction stage

26 June 2017  |  2587 views  |  0 Source: PayU

PayU, the global online payment service provider, today announces the launch of its PayU Hub platform. PayU Hub, which conforms to API design principles, aims to use technology to solve the cross-border commerce challenges currently facing merchants looking to grow and scale in high growth markets.

Through a single integration the PayU Hub provides merchants with access to 2.3 billion potential new customers in the major high growth markets across Asia, Central and Eastern Europe, Middle-East, India, Africa and Latin America. The platform’s state-of-the-art ‘API first’ design and globally distributed architecture enables reliable and scalable access to PayU’s regional and local payment processors.

PayU CCO Matthias Setzer said, “The cross-border market is expected to grow from $401 billion in 2016 to $994 billion in 2020. Nearly two-thirds of cross-border business will come from high growth markets like Asia and Latin America. These figures demonstrate the business opportunities available to ambitious merchants from around the globe.

“However, despite the attractiveness of these growing markets, merchants are being held back by cumbersome cross-border payment infrastructure and processes. PayU Hub’s combination of our own unique local knowledge and new technology will help tackle these current barriers and ensure that our customers have access to the best financial services.”

PayU Hub’s hyper-local direct connections to acquirers and alternative payment methods allows merchants to see increased card approval rates and reach entire markets through alternative payment methods. This also ensures that local consumers in high growth markets can pay for their purchases using their preferred payment method.

The next stage of the PayU Hub, which is in its induction stage, will be the completion of pilot tests of by select PayU customers. The results of these tests and their impact on cross border payments and processes are expected in the next couple of months.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.atos.netvisit www.aciworldwide.com

Who is commenting?

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11906 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8973 views comments | 15 tweets | 21 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
7294 views comments | 17 tweets | 35 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7176 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6997 views comments | 20 tweets | 11 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job