{"id":8029,"date":"2020-02-10T17:40:03","date_gmt":"2020-02-10T12:10:03","guid":{"rendered":"https:\/\/blog.payumoney.com\/?p=8029"},"modified":"2020-02-10T20:44:32","modified_gmt":"2020-02-10T15:14:32","slug":"payu-india-to-engage-more-with-banks","status":"publish","type":"post","link":"https:\/\/payu.in\/blog\/payu-india-to-engage-more-with-banks\/","title":{"rendered":"In 2020, PayU India To Engage More With Banks For Digital Payments Push"},"content":{"rendered":"\n<p style=\"text-align:left\"><em>To focus on omni-channel payment services, ramp up consumer lending, says CEO Anirban Mukherjee.<\/em><\/p>\n\n\n\n<p style=\"text-align:left\">PayU India, the market leader in the e-commerce payments space, is looking to make a big push into omni-channel this year, according to the company\u2019s CEO Anirban Mukherjee. Besides, the fintech company plans to emerge as a large digital credit platform and build digital financial services this year, Mukherjee told BusinessLine.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>\u201cAll the three segments \u2014 payments, credit platform and digital financial services \u2013 will be the focus areas this year. The big theme of 2020 will be to engage more with banks on all the three fronts. We do things on our own, but banks have deep relationships with merchants and consumers, and we want to work with them,\u201d he said.<\/strong><\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Omni-channel Payments<\/strong><\/h2>\n\n\n\n<p>While continuing to operate in e-commerce payment, PayU India will focus on giving a big push into omni-channel, said Mukherjee. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>\u201cConsumers start payments on one channel and then move \u2014 they start on their mobile, then they go the store, they order online and return to the store, look at offers elsewhere. So most of our merchants have a presence online and offline. We are now building a fairly large initiative on omni-channel,\u201d he said.<\/strong><\/p><\/blockquote>\n\n\n\n<p>Claiming that PayU India is the preferred payments\npartner for the top 200 merchants in the country, Mukherjee said: \u201cWe have done\na lot and continue to innovate from the platform and product perspective, to\nimprove the experience for merchants and consumers.\u201d<\/p>\n\n\n\n<p>PayU India also plans to make a big push into\nin-store payments. Further, one will see the company working more with Wibmo,\nan authentication services provider it has acquired, he added.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Consumer\nlending<\/strong><\/h2>\n\n\n\n<p style=\"text-align:left\">PayU India will look to ramp up \u201cvery significantly\u201d on consumer lending this year, said Mukherjee. \u201cThis will happen once PayU Finance comes together \u2013 with PaySense and LazyPay. We will be a very large digital credit platform within this year, offering all products \u2014buy now pay later, EMI at the point of sale, and personal loans \u2014 all digitally-led,\u201d he said.<\/p>\n\n\n\n<p style=\"text-align:left\">Going forward, PayU also plans to work with banks, partnering them and originating loans together. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>\u201cToday we lend on our own books. We will partner with banks to co-lend in the coming days. Credit is a massively under-served problem in our country. We will start with the consumer and eventually do SMB (small and medium businesses) lending as well,\u201d he said.<\/strong><\/p><\/blockquote>\n\n\n\n<p style=\"text-align:left\">While LazyPay \u2014 which does a lakh transactions per day \u2014 is the \u2018buy now pay later\u2019 product, PaySense is a recently acquired lending platform. Mukherjee said PayU Finance will become one business. &#8220;We have complementary capabilities, we will take our own lending business and put it under the PayU Finance umbrella. The PaySense platform and what already existed within PayU Finance will be combined under PayU Finance,\u201d he said.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Fintech\necosystem<\/strong><\/h2>\n\n\n\n<p style=\"text-align:left\">PayU India is also looking to build fintech ecosystem. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>\u201cWe have made an investment in Fisdom. We will make a bunch of other investments. There will be a big push into fintech ecosystem \u2014 essentially digital financial services for consumers and small and medium businesses,\u201d Mukherjee said.<\/strong><\/p><\/blockquote>\n\n\n\n<p>Fisdom is working with banks, offering digital\nwealth products such as mutual funds, gold loans and insurance. They mostly\noffer services to bank customers both through physical branches and a digital\napp, he added.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.thehindubusinessline.com\/money-and-banking\/in-2020-payu-india-to-engage-more-with-banks-for-digital-payments-push\/article30781031.ece#\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Click here  (opens in a new tab)\">Click here <\/a>to read the complete interview on the Hindu Businessline.<\/p>\n\n\n\n<p style=\"text-align:left\">With more than 3.5 lakh merchants, PayU is India\u2019s leading&nbsp;<a href=\"https:\/\/payu.in\/?utm_source=google&amp;utm_medium=organic&amp;utm_campaign=internal&amp;utm_content=CEO%20Talks\">all-in-one payment solution<\/a>. Now to enjoy the best payment gateway experience and grow your business effortlessly, <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><a href=\"https:\/\/www.payu.in\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/blog.payumoney.com\/wp-content\/uploads\/2020\/02\/signup-v2.png\" alt=\"\" class=\"wp-image-8030\" width=\"263\" height=\"72\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>To focus on omni-channel payment services, ramp up consumer lending, says CEO Anirban Mukherjee. PayU India, the market leader in the e-commerce payments space, is looking to make a big&#8230;<\/p>\n","protected":false},"author":31,"featured_media":8039,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[584,392],"tags":[811,813,634,815,814,812,718],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>In 2020, PayU India To Engage More With Banks For Digital Payments Push<\/title>\n<meta name=\"description\" content=\"PayU India, the market leader in the e-commerce payments space, is looking to make a big push into omni-channel this year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/payu.in\/blog\/payu-india-to-engage-more-with-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In 2020, PayU India To Engage More With Banks For Digital Payments Push\" \/>\n<meta property=\"og:description\" content=\"PayU India, the market leader in the e-commerce payments space, is looking to make a big push into omni-channel this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/payu.in\/blog\/payu-india-to-engage-more-with-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"PayU Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PayUind\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/megha.talwar.73\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-10T12:10:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-10T15:14:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2020\/02\/Anirban-quote-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Megha Laroia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@meghatalwar88\" \/>\n<meta name=\"twitter:site\" content=\"@payuind\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Megha Laroia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/payu.in\/blog\/payu-india-to-engage-more-with-banks\/\",\"url\":\"https:\/\/payu.in\/blog\/payu-india-to-engage-more-with-banks\/\",\"name\":\"In 2020, PayU India To Engage More With Banks For Digital Payments Push\",\"isPartOf\":{\"@id\":\"https:\/\/payu.in\/blog\/#website\"},\"datePublished\":\"2020-02-10T12:10:03+00:00\",\"dateModified\":\"2020-02-10T15:14:32+00:00\",\"author\":{\"@id\":\"https:\/\/payu.in\/blog\/#\/schema\/person\/b0207ff4f977bf3d4f784c2bd8efaf84\"},\"description\":\"PayU India, the market leader in the e-commerce payments space, is looking to make a big push into omni-channel this year.\",\"breadcrumb\":{\"@id\":\"https:\/\/payu.in\/blog\/payu-india-to-engage-more-with-banks\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/payu.in\/blog\/payu-india-to-engage-more-with-banks\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/payu.in\/blog\/payu-india-to-engage-more-with-banks\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/payu.in\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Marketing &amp; 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