PayU, a facilitator of payment services, is the most recent firm to downsize its staff. According to sources, 150 individuals from a wide range of teams comprised roughly 6% of PayU’s lay-offs.
PayU had such a productive year, and during the first quarter of the financial year 2022–2023, its revenues increased 38% to $183 million.
“As we stay focused on our vision of creating a full-stack digital financial services ecosystem in India, it’s important to ensure PayU has the right structure and resources in place and is nimble enough to respond to a fast-evolving fintech market and seize the opportunities it presents.
Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India. As a result of which, regretfully, we will part ways with some of our colleagues,” a PayU spokesperson told IANS.
The reductions at the Naspers-owned enterprise are scattered across divisions and primarily affect PayU’s India branch and Wimbo, a brand it bought in 2019 that focuses on payment security and digital payment solutions. The payments and fintech branch of the South African giant Naspers, Prosus, is termed PayU.
PayU claimed that the firm seemed to have no plans to substantially reduce its staff and that “any attritions would be part of our usual course of business.”
One of the top payment gateways in India, PayU has helped over 4.5 lakh businesses, including well-known corporations, global e-commerce companies, and small and medium-sized enterprises. It makes it possible for companies to accept contactless payments from more than 150 digital methods of payment.
Any layoffs at PayU “are always in accordance with the contractual terms and conditions,” the company claimed. PayU India wants to develop a full-stack digital financial services system to leverage technology to address all (tapped and untapped) consumer financial requirements, which include those of individuals, banks, and businesses.
PayU is a Dutch company that provides e-commerce retailers with online payment solutions. Hoofddorp acts as the company’s headquarters. It was formed in 2002. Combining payment systems with mobile and web applications, it makes possible for online businesses to receive and conduct transactions.
PayU’s global payment system provides a comprehensive range of transaction efficiency and security mechanisms through a standardized Interface, enabling businesses to process transactions in any market.