Online payment solutions provider PayU in collaboration with NPCI, announced the acceptance of ‘Credit Lines on UPI’ feature on its platform. By seamlessly integrating this functionality in its application, PayU is now enabling its merchants to accept digital payments via Credit Line, creating avenues of financial security and growth for them.
With over 380 million UPI users gaining easier access to Credit Line, the next big wave in digital payments is expected from credit. The enablement of pre-sanctioned Credit Lines by banks through UPI will empower businesses and consumers alike, fostering India’s financial inclusion agenda. PayU’s seamless integration of this financial offering represents a significant leap forward in its commitment to support growing businesses and redefine the digital payments ecosystem.
“We are thrilled to be at the forefront of this transformative initiative. Our partnership with NPCI to accept pre-sanctioned Credit Line on UPI underscores our commitment to delivering innovative solutions to our merchants and financial flexibility to our consumers. We will continue to work cohesively with ecosystem enablers to further democratize credit access in India and focus on building customized products for our stakeholders,” said Swaroop Kulkarni, Vice President, Products, PayU.
To further embed innovation in this integration and empower merchants, whether small or big, with valuable digital payments insights, PayU will be sharing information about the relevant identifiers related to the type of credit the consumer has undertaken, such as pay-later, personal loans, etc. Merchants can leverage this information to form strategic growth strategies and create relevant, customized products for better customer experience.
