Merchants utilising PayU, the online payment gateway, will now be able to offer their customers a greater payment experience as PayU integrates Google Pay (GPay) into its offering.
The new Google Pay integration comes at just the right time as mobile payments are on the rise in Latin America. In fact, the payment method is set to grow by 22 per cent annually, with digital wallets also set to grow by 30 per cent at the same time. Therefore, the adoption of solutions like Google Pay is a must for organisations to stay competitive and meet market demands.
According to a recent report by Statista, the mobile wallet transaction market in the region is projected to reach $372.41billion by 2025. The market has boomed since its $59.74billion valuation in 2020, as a result of the increasing penetration of smartphones and the rise of e-commerce.
“The integration of GPay responds to the needs of consumers and merchants for innovative tools that simplify the payment process,” said Jaime Parra, head of product LatAm at PayU.
Perks of GPay in Colombia
Google Pay simplifies the payment experience by securely storing card information on its servers and using tokens for each transaction. This system allows a payment token to be sent to the user’s device, which is then converted into card information before communicating with the bank. Consequently, users can make transactions in just a few clicks. Due to this simplicity, GPay help enhances the consumer experience and boosts conversion rates.
Meanwhile, online stores benefit from a seamless experience, as Google Pay ensures secure transactions. Specifically, Google Pay and PayU’s encryption and tokenisation technology protect financial information by preventing the transmission of sensitive data, reducing the risk of fraud.
Another perk of GPay can be seen in its compatibility. GPay supports a wide variety of devices, accommodating Latin America’s diverse technological landscape and expanding merchants’ reach.
E-commerce in Colombia has experienced exponential growth, reaching an estimated value of COP 62.1 trillion in 2023, according to the Colombian Chamber of E-commerce. Transactions through PayU have grown 157 per cent over the past four years, with a projected growth trend of 60 per cent between 2022 and 2027.
With the integration of Google Pay, PayU offers Colombian consumers a modern, secure, and efficient payment experience that enables quick transactions without complications, protects financial information, and provides greater convenience across any device. PayU continues to lead innovation in digital payments, making life easier for both merchants and end-users, while driving e-commerce growth in the country.
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