PayU currently collaborates with 18 banks in Poland, 7 in the Czech Republic, 6 in Romania, 2 in Hungary, and 1 in Croatia to facilitate said ability. The cooperation is based primarily on connections of the pay-by-link type* and on the acceptance of cards. Thanks to a collaboration with the Krajowa Izba Rozliczeniowa (KIR – Polish Clearing Chamber), Polski Standard Płatności (owner and operator of the BLIK system), and the Visa and MasterCard payment scheme, we help promote more payment methods already popular in the market, such as electronic wallets Click to Pay Visa or MasterPass, or mobile payments e.g. Google Pay, Apple Pay, and BLIK.
Fast transfers (pay-by-link)
Pay-by-link or direct, Instant Payments were developed to transfer funds to the seller without latency while maintaining the highest security standards. Speed, convenience, and safety are the three pillars that customers are looking for in online transactions. This method is tailored to the needs of the modern shopper and ecommerce. While paying, it is enough for the user to click on a specially generated link that transfers them to their e-banking system, where the transaction needs to be approved. The seller immediately receives information about the transfer. When using direct pay-by-link transfers, both parties enjoy a process that saves time and eliminates the risk of errors that may occur if transfer data is entered manually.
PayU supports the BLIK mobile payments system, which is tailored for eCommerce and supports payments taking place in Point-of-Sale stores and service points and ATM cash withdrawals.
A transaction in the BLIK mobile payments system is performed between the customer who has an active mobile application (issued by the bank), and the merchant (a store, a service point etc.), serviced by the paying agent. The one-time codes are the core identification mechanism under the BLIK mobile payments system. The whole payment process takes mere seconds to perform. In addition, it is even possible to opt out of generating a one-time code each time by expressing consent in the banking application during the payment process for BLIK OneClick payments. Then, the following payment only requires choosing the BLIK option and confirming the payment in the banking application.
PSD2 Payment Initiation Service
Another service PayU has implemented, which facilitates Instant Payments, is a solution based on Open Banking and payment initiation service. PayU has integrated 8 APIs in Poland and 4 in the Czech Republic thus far, and more are planned in the pipeline.
Global Payment Solutions
PayU supports instant payments and hundreds of other global, local, and alternative payment methods – enabling merchants to sell in any market through one global payment solution.
Curious to learn more? Reach out to get in touch with a member of our team.
*PayU 2020 stats, Global Payment Report 2020, World Bank 2020