PayUMoney to power Ratnakar Bank with virtual wallet for consumers

PayUMoney has entered into an alliance with Ratnakar Bank (RBL Bank) to launch a semi-closed co-branded virtual wallet. The co-branded wallet will be issued by RBL Bank and distributed and marketed by PayUMoney. The wallet titled “PayUMoney Wallet issued by RBL Bank” will be available exclusively to PayUMoney consumers in India.

Shailaz Nag, COO, PayU Payments Pvt. Ltd, said, "We are happy to partner with RBL Bank to provide wallet services to our consumers. This semi-closed wallet will add to the ease and convenience of the consumers while paying through PayUMoney."

A customer can simply choose to pay through PayUMoney on an e-commerce website and create a wallet account on the fly while paying on the website. Once the account is created, the user can continue paying through usual payment modes like Credit Card, Debit Card and Netbanking. The user can also load this wallet up to a maximum of INR10,000 and use it on more than 62,000 merchants where PayUMoney is accepted as a payment option. Every transaction which happens through PayUMoney is by default protected by PayUMoney’s buyer protection policy which simply means that either the buyer will get his promised goods or services or PayUMoney will refund the money back into user’s wallet account in case of mismatch expectations. Furthermore, users will get uaranteed PayUMoney reward points, every time they use PayUMoney to pay online.