PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
Under this deal, PayU will be rolling out ReD Shield® to help its e-commerce customers across India in the battle against online fraud.
Mumbai and London, 16 October 2012 – ReD, a leading global provider of fraud prevention and payment services, has announced the launch of its ReD Shield® online fraud prevention service for PayU India, a prominent online and mobile payments provider.
PayU has a presence in more than a dozen countries globally including India, South Africa, Poland and Romania. PayU India was launched in 2011 and has since enjoyed significant growth, now supporting over 1100 merchants across the country. Under this deal, PayU will be rolling out ReD Shield® to help its e-commerce customers across India in the battle against online fraud.
The integration of ReD Shield® into PayU’s payment environment means that new merchants can now be up and running, with online payments protected, in as little as five days. Larger merchants and those with complex or distinct requirements can also take advantage of ReD’s team of expert analysts to create more highly tailored deployments of the solution.
ReD Shield® uses an unlimited number of variables and an unrivalled global database of ‘hot’ cards to detect and prevent online fraud for many of the biggest companies in the world across the retail, banking, travel, gaming, telecom and broader ecommerce sectors. For every transaction, it acts in a split-second to assemble and analyse information and determine whether or not a payment is genuine.
The availability of ReD Shield® is a significant opportunity for merchants in India, many of whom currently struggle with the secure processing of international payments. Implementing ReD’s solution will allow merchants to take advantage of international sales channels, a move which could have significant influence on revenue growth.
Nitin Gupta, Country Head for PayU India, commented, “The risk of processing cross border transactions in India is currently quite high. By partnering with ReD we intend to change that by bringing world-class processing and risk management capabilities to India at an affordable price. This will give our merchants the confidence to open up their trading channels and benefit from the opportunities presented by international commerce”.
Kami Boyer, Director of International Partnerships and Alliances at ReD, commented, “We will provide PayU and its merchants with a simple method of combining excellent payment transaction services with ‘real-time, all-the-time’ fraud prevention, through a single connection. By doing this we can support PayU’s aims and open up new sales opportunities for merchants in India whilst helping to mitigate their exposure to fraud. We are delighted to have been selected by PayU and look forward to supporting the company as it expands into new continents.”
ReD is a world leader in fraud prevention and payment services. Independent of any card scheme, ReD is present at every stage of the payments value chain, supporting merchants and PSPs, issuers and acquirers, processors and switch networks in the fight against fraud.
As a participating organization of the Board of the PCI DSS Security Standards Council, ReD plays a central role in setting standards for the payments industry.
ReD employs some the world’s leading risk and fraud analysts and gathers data from more than 190 countries. The company serves customers across six continents, from retail, banking, telecommunications, travel, gaming, petroleum and broader e-commerce sectors. ReD has offices in Australia, China, India,Singapore, South Africa, United Kingdom and the United States.