Chennai, NFAPost: Financial technology solution provider Craft Silicon has announced a strategic association with online payment solutions provider PayU to innovate and accelerate digital loan repayment solutions for Small Finance Banks, Micro-Lending institutions and NBFCs.
As a result 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. Through 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. Benefits include:
- 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.
Craft Silicon Asia CEO Siva Kumar, “Craft Silicon’s association with PayU maximises 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.”
Craft Silicon supports over 300 financial institutions by delivering value in over 30 countries. Craft Silicon provides robust solutions that include Core Banking, Loan Management, Channel Banking etc. Managing over $5.6 billion of Loan Portfolio, 57 million customers and 1 billion transactions per year in Asia region.
PayU India CFO Maneesh Goel 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.”
PayU is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market. PayU provides payment gateway solutions to online businesses through its cutting-edge technology. In India, PayU serves more than 3,50,000 merchants with over 70 local payment methods, and is the preferred payments partner for nearly 60% of the ecommerce merchants, including all leading ecommerce companies and a majority of airline businesses.