As digital payments rapidly accelerate across India and other global markets, e-commerce companies are adapting their platforms to align with how customers prefer to pay online. In keeping with this worldwide shift towards digital transaction models, retail giant Ubuy has tapped into localised payment services systems that are omnipresent in their respective regions.
The checkout procedure might be a significant challenge while shopping online. Ubuy solves this by simplifying the checkout process. The platform’s integration of secure payment gateways helps to explain their low cart abandonment rate when compared to the industry average.
Ubuy has partnered with PayU in India to give users with a better payment experience. With PayU, the organisation hopes to take payments at checkout via popular UPI apps. As the Indian government encourages the use of digital and UPI payment methods, the company set out to create an easy payment system that would satisfy customers.
Similarly, for its customer base in Kuwait and Saudi Arabia, the brand has partnered up with Tamara to bring in the feature of Buy Now, Pay Later. The concept has totally changed the way one shops.
Ubuy implements the approach of making shopping seamless for its clientele. Brands like Ubuy have used technology and creativity to make online buying a more efficient experience.
Ubuy’s strategic embrace of localised payment systems comes at an opportune time as both the Indian UPI and global BNPL markets accelerate rapidly. In India, Ubuy is well-placed to capitalise on the booming UPI ecosystem which clocked over 74 billion transactions in 2022. With a 47% market share, Ubuy can leverage UPI’s wide adoption to capture more of India’s underpenetrated e-commerce segment.
Similarly, recent guidelines for BNPL firms by regulators in Saudi Arabia point to the massive potential in Gulf countries where the industry is poised for exponential growth. Saudi Arabia’s BNPL market alone is projected by Mordor Intelligence to expand from $580 million currently to $1.83 billion by 2028. By having its fingers on the pulse of payment innovation tailored for individual markets, Ubuy has positioned itself at the forefront to ride the industry’s momentum across borders.
This strategy should allow the company to integrate even more customers from India to the Middle East into its unified shopping platform.