What is PayU?
PayU is a popular online real-time bank transfer payment option amongst Polish and Czech consumers who want to pay directly from their bank account. Customers simply select PayU as their preferred payment method when checking out.
PayU delivers to more than 300 Polish banking systems, some of which include Alior Bank, BOŚ Bank, Getin Bank, ING, Millennium Bank, Noble Bank, and Plus Bank, while in the Czech Republic – Czechia for short – this payment solution is supported by mBank, Moneta Money bank, Česká, Raiffeisen bank, Komerční bank, Spořitelna, and Fio Bank. Not only does PayU's cooperation with major Polish and Czech banks make it a trusted brand, but the platform also performs regular UX audits to ensure safety and conversion optimisation for customers and merchants alike.
How does PayU work?
The intuitive environment of PayU promises a smooth and safe payment processing. At checkout in an eCommerce website, the consumer chooses PayU as their payment method of choice. They’re redirected to a PayU hosted payment page where they must select their payment flow – in this case, bank transfer – and click on their bank from the list.
From there, customers access their familiar online banking page and log into their bank account. They’re expected to review their pre-submitted payment data and authorise the payment which, depending on the bank policy, they'll have to type in a SMS code or apply a relevant SCA method. Once completed, the customer receives a payment confirmation on the merchant’s website, while the payment status is also relayed to the merchant.
What areas and verticals does PayU serve?
The operational areas of PayU are Poland and Czechia. As a go-to local payment solution for numerous eCommerce brands and consumers, PayU has deep insight into the perceptions of online shoppers across multiple verticals such as retail, general eCommerce, gaming, and travel.
How big is PayU’s market penetration?
Thanks to the ubiquity of the Internet and digital devices, electronic payments are moving the needle across Polish and Czech eCommerce. Despite the unprecedented global disruption by Covid-19, online payments made by PayU seem to be fully embraced in both countries.
Data shows that the Czech Republic is a key driver of eCommerce growth across Europe. In fact, the market size of Czech eCommerce was €9,986 million in 2021, according to GlobalData, projected to climb to €16,433 million by 2025. Another report from GlobalData reveals that in 2020, Czech consumers favoured bank transfers (35.5%) over debit cards (16.5%) and credit cards (16.2%) as their top way of paying. The same report suggests that the high preference in bank transfers will be a staple in the future, as the market size of Czech mobile commerce is expected to reach €7,115 by 2025.
The Polish market will also continue to flourish. A report from Statista reveals that one in two Polish shoppers (48%) chose PayU for their online payments in 2021, which testifies to its high popularity. GlobalData highlights that bank transfers were the most popular payment tools amongst Polish consumers in 2020 and 2021, accounting for 37.5% and 36.9% of payments, respectively. The high market share of mCommerce is also a key indicator of its rapid growth, as 51% of native mobile users made purchases via mobile devices in 2021. At the same time, findings from GlobalData anticipate that the profits of Poland's mCommerce will rise to €15,642 million in 2025.
Benefits of using PayU
With PayU processing 10 million payments a day, the benefits of using this payment solution are tangible and uncontested. Here are a few:
- Highly secure – PayU validates the payment data through its robust fraud detection system
- Customer convenience
- Multi-currency processing capabilities
- Ease of pay for the consumers via their known banking environment
- Access to multiple customer base
- No risk for chargebacks
Accepting payments in Poland and Czechia with emerchantpay
The high sales volumes in Poland and Czechia with the adoption of PayU provide a fruitful payments landscape for merchants who want to extend the reach of their digital marketplace to these countries.
Having a dedicated payments service provider like emerchantpay by your side can help you navigate regional payment preferences and evolving processing capabilities. With our global acquiring network and extensive understanding of the Polish and Czech markets, we can support merchants across various industries to enter these exciting regions and maximise their profit.
Want to find out how to integrate PayU into your payment system and streamline your customer's payment journey? Get in touch with our team of payment specialists today.