Mogo customers will now be able to access the recurring payment option instantly through PayU's platform. Thus far, 800 Mogo users have activated their debit cards on the PayU platform and enrolled them, as per the press release.
The partnership came in response to the needs of Mogo Romania customers for access to an efficient process through a greater diversity of payment methods. PayU is a global provider of payment services for companies in over 50 countries, controlled by South Africa-based Prosus technology group.
Mogo was established in 2017 and since has provided financing to over 12,000 customers. The company registered a net loss of 3.61 million lei (USD 783,830/EUR 728,925) in 2022 on a turnover of 2.51 million lei, according to data from the finance ministry.
In June 2023, PayU has launched, in collaboration with Visa and Yes Bank, the Business Payment Solution Provider (BPSP) programme.
The programme offers flexible commercial offerings, which reduce costs for merchants and helps improve cash flow by utilising credit lines provided by their commercial card issuer bank, according to the company.
Also, it allows businesses to pay their vendors digitally, by supporting them to accept commercial card payments and automates supplier and buyer reconciliation. ‘BPSP supports the digitisation of small and medium businesses in particular, enabling them to accept digital payments easily and facilitates easy credit access,’ PayU said in a statement.
In February of the same year, PayU has rolled out 3D Secure 2.0 SDK, offering a full native checkout and customer experience for card transactions.
With this solution, merchants can provide optimised customer experience while complying with major card network upgrades, including Visa and Mastercard, while gaining better security and fraud protection. PayU's lightweight 3DS 2.0 SDK provides lowered latency and a 40% reduction in checkout time. This EMVCo certified offering has been developed by PayU in collaboration with Wibmo, a PayU owned full stack global paytech company.
Most card networks, including Visa and Mastercard, are geared to phase out older authentication systems and will be moving to 3DS 2.0 in India by October 2023. With a simple integration, PayU merchants and acquirers can be compliant with the 3DS 2.0 mandate. This lightweight solution allows merchants to control user experience, offers the highest coverage across banks and card networks, and unlocks frictionless, biometric capabilities.
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