PayU India has received RBI approval to operate its own NBFC providing a boost to Naspers-backed fintech major in increasing its consumer credit business across the country.
PayU India has received RBI approval to operate its own NBFC providing a boost to Naspers-backed fintech major in increasing its consumer credit business across the country. “Credit is the next growth driver for the fintech industry in the country. We realized the potential in consumer credit space and have already introduced innovative credit products in order to tap the market. We have already served more than 500,000 consumers during last 12 months. Our own NBFC license is a very important milestone in our Credit journey,” Jitendra Gupta, MD, PayU India said.
“It will help us launch new product variants faster and address new segment of consumers for providing Credit on Tap though we continue to work with our partners such as Reliance Money”, Jitendra Gupta also said.
PayU has already crossed Rs 100 crore ($16 million) mark for credit issuance on the existing platforms and is targeting to clock next INR 100 crores volume in next 3 months itself, the fintech company said in a statement.
PayU India is a provider of payment gateway services and the issuer of the digital Citrus wallet. In the last few months, it has shifted focus away from the wallet business after the Reserve Bank of India (RBI) made it compulsory for issuers of prepaid payment instruments (PPIs), including digital wallets, to ensure all their users comply with know your customer (KYC) requirements.
In September 2016, the company had acquired Citrus Pay for $130 million.