In a significant move aimed at enhancing digital payment solutions, PayU has collaborated with the National Payments Corporation of India (NPCI) to introduce the innovative ‘Credit Lines on UPI’ feature on its platform. This partnership marks a pivotal step towards revolutionizing the way merchants accept UPI payments, offering added convenience and flexibility to both businesses and consumers.
Facilitating Pre-sanctioned Credit Lines
With this new feature, PayU merchants can seamlessly accept UPI payments from customers utilising pre-sanctioned credit lines. This means that customers can now make transactions through UPI using their pre-approved credit, enhancing their purchasing power and overall shopping experience.
Empowering Businesses and Consumers
The integration of pre-sanctioned credit lines via UPI is poised to catalyze the next wave in digital payments, with over 380 million UPI users gaining easier access to credit. This move aligns with India’s financial inclusion agenda, empowering businesses and consumers alike by providing them with greater financial flexibility.
Insights and Customised Products
PayU is committed to providing valuable insights to merchants regarding the type of credit consumers have undertaken, such as pay-later options or personal loans. This data will enable merchants to tailor their products and services to meet the specific needs of their customers effectively.
Continued Collaboration and Expansion
Swaroop Kulkarni, Vice President of Products at PayU, affirmed the company’s dedication to collaborating with ecosystem enablers to democratize credit access in India continually. PayU remains focused on building customized products and solutions to benefit all stakeholders in the digital payment ecosystem.
In addition to its collaboration with NPCI, PayU has refiled its application for the payment aggregator license with the Reserve Bank of India. This move underscores PayU’s commitment to regulatory compliance and its aspirations to expand its services further.
Wide-reaching Impact
With a presence in both online and offline sectors, PayU’s payment solutions currently serve over 5 lakh merchants across India. The company’s entry into the consumer credit segment in 2017 with LazyPay demonstrates its commitment to innovation and meeting the evolving needs of consumers.
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