Ratnakar Bank and PayUMoney, the online payment unit of PayU India, have forged an alliance to introduce a semi-closed co-branded virtual wallet. The wallet, ‘PayUMoney Wallet issued by RBL Bank’, will be issued by RBL Bank and distributed and marketed by PayUMoney. It will be available only to PayUMoney consumers in India. Users can load this wallet to a maximum of Rs 10,000 and use it at more than 62,000 merchants where PayUMoney is accepted as a payment option. Once the account is created, the user can continue paying through usual payment modes like credit card, debit card and net-banking. Every transaction which happens through PayUMoney is by default protected by PayUMoney’s buyer protection policy which simply means that either the buyer will get his promised goods or services or PayUMoney will refund the money back into user’s wallet account in case of mismatch in expectations. Further, users will get PayUMoney reward points every time they use PayUMoney to pay online.
