In a little over a decade, PayU, has become one of the most trusted online payments solution providers in India. It has significantly improved the ease of doing business for e-commerce merchants providing greater convenience to consumers, especially during the pandemic. The company also empowers small and medium businesses (SMBs), allowing them to accept online payments and support their digitisation journey.
It is the payments and fintech business of Prosus, a global consumer internet group and one of the largest technology investors globally. PayU serves more than 400,000 merchants and is a payments partner for e-commerce businesses. In the BT-KPMG Best Banks Survey 2020-21, PayU has emerged as the Best Fintech in the Payments category.
In one of the largest acquisitions in India’s digital payments space, PayU has proposed an acquisitio of BillDesk in an all-cash transaction of $4.7 billion in September 2021. The deal is currently awaiting regulatory approvals.
PayU also received the RBI’s approval to operate as an NBFC (PayU Finance) in 2018. In 2020, PayU India acquired PaySense at a valuation of $185 million and merged it with LazyPay to build a full-stack digital lending platform in India. PayU Finance is set on a path to evolve into a fully functional consumer business by expanding its product line to offer a wide range of financial services, in addition to credit, for consumers.
During the previous festive season, PayU recorded more than 7 million transactions in a day. It is associated with close to 100-plus NBFCs (such as LIC and Cred) and 70-plus banks, including ICICI Bank, HDFC Bank and Axis Bank.
PayU’s vision is to increase the digital financial inclusion of end consumers and businesses. “We passionately believe in the Digital India Mission. PayU has faith in the India growth story and sees great potential for digital financial services,” says Anirban Mukherjee, CEO, PayU India.
PayU is currently experimenting with the merchant lending opportunity. The aim is to build a diversified platform with a wide range of services in response to the current needs of the merchant. “Our ambition is to create a full-stack digital financial services platform to serve all financial needs of both merchants and customers with data science and technology innovations at the forefront,” says Mukherjee.
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