Craft Silicon, monetary software program answer supplier has entered right into a strategic affiliation with PayU, on-line fee options supplier in a bid to innovate and speed up digital loan compensation options for Small Finance Banks, Micro-Lending establishments and NBFCs.
As part of this affiliation, NBFCs, MFIs and Small Finance Establishments can now provide their clients straightforward loan compensation options on their very own cellular functions or by means of client apps of their selection.
By way of Bharat Invoice Cost System (BBPS) and fee gateway integration with PayU, Craft Silicon has enabled loan compensation in a secure and handy method for retail customers, even throughout social distancing restrictions. The partnership focuses on redefining secured digital fee platform and explores the hybrid potentialities of supporting each cash and cash much less loan repayments. Salient advantages embrace:
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- Capitalizing on Bharat Invoice Cost System (BBPS): Entry to a number of Apps like GPay, PhonePe, BajajPay, PayNearby, Amazon Pay, Airtel Cost Bank, CSC, Paytm, and varied cellular banking apps that assist BBPS.
- Enabling Rural India: Promotes cash-less financial system in village areas.
- One Integration: Easy fetch and fee finish level to combine into the lending ecosystem. Pre-integrated with Craft Silicon’s loan administration answer.
- Diminished Price: Per-transaction inexpensive pricing model.
- One Settlement: Consolidated settlement throughout a number of apps and Cost 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, mentioned “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.”