Online payments solution company PayU on Wednesday announced the acceptance of ‘Credit Lines on UPI’ feature on its platform, in collaboration with the National Payments Corporation of India (NPCI). The integration enables PayU’s merchants to accept digital payments via credit line.
“With over 380 million UPI users gaining easier access to credit line, the next big wave in digital payments is expected from credit. The enablement of pre-sanctioned credit lines by banks through UPI will empower businesses and consumers alike, fostering India’s financial inclusion agenda,” the company said in a statement.
“Our partnership with NPCI to accept pre-sanctioned Credit Line on UPI underscores our commitment to delivering innovative solutions to our merchants and financial flexibility to our consumers. We will continue to work cohesively with ecosystem enablers to further democratize credit access in India and focus on building customized products for our stakeholders”, says Swaroop Kulkarni, Vice President, Products, PayU.
To further embed innovation in this integration and empower merchants, whether small or big, with valuable digital payments insights, PayU will be sharing information about the relevant identifiers related to the type of credit the consumer has undertaken, such as pay-later, personal loans, etc, according to the company.
Merchants can leverage this information to form growth strategies and create relevant, customized products for better customer experience.
PayU currently offers over 100 local digital payment methods, data insight solutions, and affordability solutions across offline and online channels to help over 5 lakh merchants in India. In 2017, the company had entered the consumer credit segment with the development of LazyPay, an alternate lending platform which offers credit solutions at point-of-sale.
In August last year, PayU had reached an agreement with Rapyd, a fintech-as-a-service provider, to sell its Global Payments Organisation (GPO) for a total cash consideration of $610 million to enable PayU to focus on the large payments and fintech opportunity in India.