PayU Collaborates with NPCI to Provide Merchants with Credit Line on UPI
- ByStartupStory | February 14, 2024
Payments service provider PayU has forged a partnership with the National Payments Corporation of India (NPCI) to facilitate PayU merchants in accepting digital payments through credit lines. In a statement, the company expressed its anticipation of a significant surge in digital payments from credit, with over 380 million UPI users gaining access to credit lines. According to PayU, “The enablement of pre-sanctioned credit lines by banks through UPI will empower businesses and consumers alike, fostering India’s financial inclusion agenda.”
Swaroop Kulkarni, Vice President, Products at PayU, conveyed the company’s enthusiasm about leading this transformative initiative. Kulkarni stated, “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.”
PayU aims to provide valuable insights to merchants regarding consumers’ credit types, such as pay-later or personal loans, enabling merchants to tailor growth strategies and enhance customer experiences. This move aligns with PayU’s commitment to offering innovative solutions and enhancing financial flexibility for consumers.
Similar to Buy Now Pay Later services, the credit line on UPI is a pre-approved credit line or loan provided by the bank. Customers can avail of this credit line if they lack sufficient balance in their linked accounts or wallets.
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