Online payment brand PayU has received the Reserve Bank of India’s approval to operate as Non-Banking Financial Company (NBFC).
This will enable the Naper’s fintech company to promote inclusive growth in the country by meeting the financial needs of various segments of the society.
“Credit is the next growth driver for the fintech industry in the country. We realized the potential in consumer credit space and have already introduced innovative credit products in order to tap the market. We have already served more than 500,000 consumers during last 12 months. Our own NBFC license is a very important milestone in our Credit journey. It will help us launch new product variants faster and address new segment of consumers for providing Credit on Tap though we continue to work with our partners such as Reliance Money,” said Jitendra Gupta, Managing Director, PayU India.
For the last 18 months, the digital payments brands had been offering micro-credit via LazyPay Buy Now Pay Later to its consumers. In the wake of the growing popularity, LazyPay upgraded its service to become a one-stop credit platform and recently launched app based Personal loans Easy Monthly Instalments and point of sale credit through merchant EMI in partnership with another NBFC.
PayU Credit has already surpassed Rs 100 crore ($ 16 million) mark for credit issuance on the existing platforms. It is aiming to reach next Rs 100 crores volume in the next three months.
