Payment services provider PayU has closed 2015 with an impressive growth of 40% to 80% in each of the emerging markets in which it operates, despite of facing challenging local conditions.
An emerging middle class, the rise of mobile technology and evolving e-commerce environments in developing markets have all contributed to the company’s success and serve as accelerators for innovation.
PayU has a presence in 16 high growth markets across the world. Globally, more than 160 000 merchants use the company’s platform to process their payments and more than 10-million buyers have registered to its online and mobile services which allow 250 payment methods across the globe.
In 2015, the company registered a double digit growth (ranging from 40% to 80%) in each of its markets with Colombia, India, Russia and Turkey showing the highest growth.
According to Larry Illg, CEO of the PayU Group, both external and internal factors contributed to propel the company’s outstanding results in these key regions as well as in the rest of the world.
“We are seeing that growth markets from around the world come online in a major way thanks to continuous advancements in technology”, highlights Illg. “The apparition of middle-classes and the increasingly important role of mobile devices in emerging regions both contribute to the current shift in worldwide commerce and lay the ideal conditions for the implementation of our tailored solutions.”
By being physically present in each of the country it operates in, PayU is able to better understand the needs of consumers and adapt its services in order to deliver more accurate and up-to-date solutions. This “Global Player, Local Expert” strategy undoubtedly pays off within fast-growing markets where constant innovation and adaptability are needed to meet consumer’s ever-evolving needs and habits.
“The current state of global economy certainly impacts growth markets but it has minimal influence on long term business-builders like PayU,” says Illg. ”Our strategy and ambition for 2016 is to sustain our growth by improving the e-commerce education of all parties, enhancing the online shopping experience for both merchants and consumers and, last but certainly no least, battling against fraud with innovative technology.’’