PayU and Mastercard Partner for Enhanced Cross-Border Payments
Netherlands-based PayU, a leading payment service provider for online merchants, has joined forces with Mastercard to launch new cross-border issuer authentication solutions. This initiative aims to elevate global payments by providing merchants, issuers, and consumers with an improved payment experience across various markets.
Introduction of New Solutions
At the Global Fintech Festival 2024, PayU unveiled its new cross-border issuer authentication solution. This service is designed to enable issuers to instantly connect to an authentication platform, facilitating the identification and authorization of non-3D secure international e-commerce payments. By enhancing fraud detection and ensuring compliance with global regulatory standards, the solution aims to boost the security and efficiency of international transactions. It also simplifies cross-border payments for merchants, reducing the complexities and risks involved.
Broader Strategic Initiatives
PayU’s collaboration with Mastercard is part of a larger strategy to enhance its digital payment platform through strategic partnerships. Recently, PayU introduced a push provisioning platform in collaboration with major card networks, including Visa and Mastercard. This platform aims to streamline card tokenization between banks and merchants, increasing the security and convenience of online card transactions and reinforcing PayU’s position in the global payments landscape.
Integration of Amazon Pay Later
Building on recent advancements, PayU has successfully integrated Amazon Pay Later into its checkout infrastructure. Consequently, this integration empowers online merchants to provide their customers with instant, flexible credit options. Moreover, as PayU expands its global footprint, the company is simultaneously exploring opportunities for a public listing in India.
Mastercard’s New Payment Passkey Service
Recently, Mastercard introduced its new Payment Passkey Service, which will first launch in India. The service will collaborate with major payment players, including Juspay, Razorpay, and PayU, to secure online shopping experiences.
Partnership with Ecommpay
Elsewhere, Ecommpay has teamed up with Mastercard to integrate the Click to Pay solution across the UK and Europe. This partnership aims to enhance the payment experience for merchants and consumers by reducing fraud and improving transaction approval rates. Click to Pay eliminates the need for passwords and manual card entry by utilizing user recognition, network tokenization, and global interoperable standards. This solution is designed to improve the guest checkout process by allowing customers to complete purchases without redirects or manual card detail entries.