PayU, Visa, Yes Bank launch new payment solution for merchants

The programme Business Payment Solution Provider (BPSP) offers flexible commercial offerings, which reduce costs for merchants and helps improve cash flow by utilising credit lines provided by their commercial card issuer bank, according to the company.

Also, it allows businesses to pay their vendors digitally, by supporting them to accept commercial card payments and automates supplier and buyer reconciliation. ‘BPSP supports the digitisation of small and medium businesses in particular, enabling them to accept digital payments easily and facilitates easy credit access,’ PayU said in a statement.

Facilitating merchants to go digital

The India-based company’s officials explained that BPSP will digitise the entire value chain for businesses, especially small SMBs, who often lack resources to digitise payments or access credit without considerable expenditure and effort. They are committed to introducing and supporting payment solutions that enable ease of digital payments in the country and help them bring more and more merchants online.

PayU said it has supported over 500,000 businesses, including enterprises, ecommerce companies, and SMEs. The company enables businesses to collect digital payments across over 150 online payment methods such as cards, net banking, EMIs, Buy Now, Pay Later, QR, UPI, wallets, etc.

Giving access to credit

Also commenting on this development, Visa’s representatives explained that the new solution enables non-card-accepting suppliers to receive card payments, giving them a host of advantages and access to formal credit, while the payer merchant gets the myriad benefits of using Visa commercial cards. They believe this can bring a host of small businesses into digital payments and aid the growth of the business landscape.

Importantly, retail payments operator National Payments Corporation of India (NPCI) in March 2023 had partnered with various payment aggregators including PayU apart from BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, and Pine Labs to enable merchant transactions through RuPay credit cards on UPI. Earlier, UPI customers were able to make transactions only through their bank accounts, overdraft accounts, and prepaid accounts.