In 2020, PayU India will strengthen partnerships with banks to drive digital payments:- www.deekpay.com

In 2020, PayU India CEO Anirban Mukherjee said the company plans to focus on omni-channel payment services and ramp up consumer lending.

PayU India, a market leader in e-commerce payments, plans to expand its omni-channel business significantly this year, Mukherjee said in an interview with BusinessLine.In addition, the fintech company plans to build into a large digital credit platform and establish digital financial services this year.

He said, "This year, the three main segments of payments, credit platforms and digital financial services will be our focus. the theme for 2020 will be to strengthen our collaboration with banks in these three areas. While we operate independently, banks have deep relationships with merchants and consumers and we want to work with them."

Omni-Channel Payments

Mukherjee said PayU India will focus on driving omni-channel payments while continuing its e-commerce payments business.

He says: "Consumers will start paying in one channel and then move on to other channels - they start on their mobile phones, then head to the shop, order online and then go back to the shop elsewhere looking for deals. So most of our merchants have an online and offline presence. We're working on a pretty big omnichannel programme right now."

Mukherjee claimed that PayU India has become the preferred payment partner for the top 200 merchants in the country. He said, "We have done a lot of work and continue to innovate from a platform and product perspective to improve the merchant and consumer experience."

PayU India also plans to significantly expand its in-store payments business. In addition, the company will be working more with Wibmo, an acquired identity verification service provider.

consumer loan

PayU India will significantly increase its consumer lending business this year, Mukherjee said.

He said, "After the merger of PayU Finance with PaySense and LazyPay, we will be a very large digital credit platform offering all products - 'buy now, pay later', POS instalments as well as personal loans, all digitally."

Going forward, PayU also plans to partner with banks to issue loans.

He said, "Currently we are lending on our own books. We will be working with banks to lend together in the coming days. Credit is a grossly unmet need in our country. We will start with consumers and eventually start small and medium business lending as well."

LazyPay, a buy-and-pay product with hundreds of thousands of transactions per day, and PaySense, a recently acquired lending platform, will become an integrated business, Mukherjee said. "We have complementary capabilities and we will bring our lending business under PayU Finance. the PaySense platform and PayU Finance's original business will be merged under PayU Finance."

Fintech ecosystem

PayU India also plans to create a fintech ecosystem.

Mukherjee said, "We have invested in Fisdom and will be making a series of other investments. We will make a strong push into the fintech ecosystem, which is providing digital financial services to consumers and small businesses."

Fisdom is working with banks to offer digital wealth products such as mutual funds, gold loans and insurance. They offer various services to bank customers mainly through physical branches and digital apps.

Click here to read the full interview.

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