Following this collaboration, customers will be able to convert their online payments worth between INR 2,400 to INR 2 lakhs into easy and secure EMIs during the checkout process.
Merchants that are partners with PayU’s 4.5 lakn+ service have the possibility to improve the ability to convert purchases into easy cardless EMIs for any customer of KreditBee, while benefiting from a period of 3 months to 18 months loan tenure. The offer will be available for use only while shopping from brands associated with PayU.
KreditBee will also offer its services to both new and already existing customers, including multiple types of personal loans, online or offline checkout finance, as well as digital gold. Furthermore, clients can benefit from its in-house RBI-registered NBFC, which includes the numerous companies and financial institutions that the company partners with.
The collaboration represents a step toward PayU’s aim to design an improved affordability platform for online businesses in India, by offering maximum coverage of lending partners and access to credit right at checkout.
PayU represents an online payment solutions provider, regulated under the Reserve Bank of India. It provides its customers with multiple services and products that aim to meet their needs, preferences, and demands while respecting the compliance regulations imposed by law. PayU focuses on providing payment gateway solutions to online businesses through its technology. The company offers support to businesses, such as leading enterprises, SMBs, and ecommerce giants.
At the beginning of February 2023, PayU launched 3D Secure 2.0 SDK, a product that aimed to offer full native checkout and customer experience services for card transactions.
Merchants were enabled to provide customer experience while complying with major card network upgrades, such as Mastercard and Visa, and gaining better security and fraud protection. PayU’s lightweight 3DS 2.0 SDK offers lowered latency and a 40% reduction in checkout time. It was designed by PayU in collaboration with Wibmo, a PayU-owned full-stack global paytech company, gaining its EMVCo certification as well.
Earlier in the same month the IT Ministry of India blocked the apps of Kissht, as well as PayU’s LazyPay in a crackdown aimed to curb the misuse of customer data. The LazyPay website was blocked by several internet service providers in the country. According to the press release published at the time, a message on the Prosus-owned website mentioned that the action was taken in compliance with the IT Ministry’s order. Although it was unclear what exact rules LazyPay violated, it was said that the application disbursed more than USD 260 million to clients in India.
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