Digital payments gateway PayU India, which is backed by South Africa’s Nasper, is shutting down its mobile wallet– PayU Money– and will focus on its credit-based product LazyPay to push its consumer facing business, reported Times of India.
PayU will be closing down all the services of PayU Money wallet on 31st January 2018.
PayU will continue to offer its wallet services through Citrus even though it may not aggressively push it from now on.
Since early 2017, PayU has been focusing its energies in building its consumer vertical and launched its flagship product ‘LazyPay’. LazyPay is PayU India’s flagship offering that allows consumers to pay later for goods purchased.
LazyPay is currently live on merchants such as PVR, Box8, Zomato, Jazz Cinemas, Netmeds and Innerchef, D Vois, AbhiBus, Fasoos, FreshMenu and many more.
Notably, after buying out Citrus Pay in 2016, PayU ended up having two mobile wallet entities so for the very reason along with few other the company is shutting down its mobile wallet service.
Additionally, in a statement given to ToI, PayU India MD Jitendra Gupta also confirmed that PayU is also slated to bring German credit startup Kreditech to India next financial year.
Last month, Indian cab hailing startup Ola has roped in PayU India co-founder Nitin Gupta to head its financial services business — Ola Money.
PayU is now betting on different other segments to dominate the fintech space in India by tapping small businesses (both exports and imports), data and credit. Moreover, the company has also made three startup investments in companies —Kreditech, Paysense and ZestMoney — for consumer and SME lending.