Craft Silicon, PayU partner to advance digital loan repayment solutions for lending institutions

Craft Silicon, financial software solution provider has entered into a strategic association with PayU, online payment solutions provider in a bid to innovate and accelerate digital loan repayment solutions for Small Finance Banks, Micro-Lending institutions and NBFCs.

As a part of this association, NBFCs, MFIs and Small Finance Institutions can now offer their customers easy loan repayment solutions on their own mobile applications or through consumer apps of their choice.

Via Bharat Bill Payment System (BBPS) and payment gateway integration with PayU, Craft Silicon has enabled loan repayment in a safe and convenient manner for retail consumers, even during social distancing restrictions. The partnership focuses on redefining secured digital payment platform and explores the hybrid possibilities of supporting both cash and cash less loan repayments. Salient benefits include:

Also Read: PayU introduces real-time monitoring solution for bank transactions

  • Capitalizing on Bharat Bill Payment System (BBPS): Access to multiple Apps like GPay, PhonePe, BajajPay, PayNearby, Amazon Pay, Airtel Payment Bank, CSC, Paytm, and various mobile banking apps that support BBPS.
  • Enabling Rural India: Promotes cash-less economy in village areas.
  • One Integration: Simple fetch and payment end point to integrate into the lending ecosystem. Pre-integrated with Craft Silicon’s Loan management solution.
  • Reduced Cost:  Per-transaction affordable pricing model.
  • One Settlement: Consolidated settlement across multiple apps and Payment Gateway.

Siva Kumar, CEO, Craft Silicon Asia, “Craft Silicon’s association with PayU maximizes our customers’ collection reach and revenue assurance amid Covid-19 pandemic. This engagement will also help in reduction of cash handling and the operational cost attached with the same.”.

Maneesh Goel, CFO, PayU India, said “We are pleased to associate with Craft Silicon and operate as the payment gateway of choice for their vast network of partners. One reason the small and micro credit institution sector is currently under stress is that these institutions typically lend to rural and semi-urban customers and debt collection is manual. Through this partnership, we can ensure more affordable and safer repayment options, in turn ensuring healthier cash flows for these institutions.”

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