Mon, 23 May 2022

New Delhi [India], January 19 (ANI/PRNewswire): PayU, India's leading online payments solutions provider, has introduced a full-stack, versatile product suite to provide simplified access to credit for PayU's 3.5 lakh merchants.

PayU has launched three products - Marketplace Early settlement, Priority Settlement, and Merchant Lending.

These solutions provide access to working capital, enhance cash flow managementincrease liquidity, boosting SMB growth. PayU's solutions provide customized offerings with credit amounts starting from a nominal Rs 25,000 for SMBs to several crores, and repayment cycles ranging from 1 week to 1 year.

The World Bank estimates that Indian SMBs face a $380bn credit gap, making it difficult for them to meet short-term expenses and manage everyday operations. PayU's solutions are designed to resolve their credit-related pain points, offering fast and simplified access to credit in less than 30 minutes, directly from the PayU dashboard, based on a merchant's transaction history.

Commenting on the launch, Hemang Dattani, Head, Growth Businesses at PayU, said, "SMBs are growth drivers for the country, accounting for a third of India's GDP. However, access to credit continues to be a major infrastructural hurdle for them. Drawing on our payments expertisedeep understanding of Indian SMBs, we offer diverse credit products for merchants of differing sizes, categoriesbusiness life cycles, supporting digital financial inclusion. This segment will be an important focus area for us in 2022."Abhishek Jain, Director at RasoiShop, an omnichannel kitchenware retailer, said, "With PayU's Priority Settlement solution, we could access funds within an hour, solving our operational problems of paying advance to logistics partners, suppliers and giving our business increased liquidity. Solutions like these are the need of the hour for exponentially growing businesses like ours in the current dynamic and constantly evolving business ecosystem in India. With minimum hasslepaperwork, our team was able to apply forcheck settlement status in real-time from our dashboard. The process was fast, seamless and the right fit for our business."PayU's Priority Settlement feature provides maximum flexibility, allowing merchants to choose between receiving funds in scheduled settlement cycles every 15 minutes, hourly or in three daily batches. It allows merchants to access funds in less than 30 minutes from the time a transaction is made. It helps businesses such as travel and cab aggregators, financial services, and inventory-led merchants to provide funds and payments to vendors and customers on the same day, without delay.

PayU, in partnership with other lenders, will also bring different credit solutions to meet the varied needs of SMB merchants. These include flexibility on tenor and repayment schedules, best-in-class loan life cycle experience, and revenue-based credit assessment.

PayU, India's leading online payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market. PayU India aims to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (merchants, banks and consumers) throughtechnology.

PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology. In India, PayU serves more than 350,000 merchants with 100 local payment methods and is the preferred payments partner for nearly 60% of the e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses.

PayU also developed LazyPay in 2017, an alternate lending platform to offer credit solutions such as Small Ticket Credit (Buy Now Pay Later), App-based loans (Instant personal loans) and Point of Sale Credit (Merchant EMI). LazyPay Buy Now Pay Later is currently live on 100 merchants such as Byju's, Swiggy, Flipkart, Makemytrip, Dunzo, Vodafone, Zomato, Bookmyshow, Oyo, Tata Sky and many more.

Contact: Ambika Gondane, Phone number: (91) 9711764188, Email address: ambika.gondane@payu.inThis story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)

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