Internationally popular financial software solution provider Craft Silicon recently announced its strategic association with PayU, India’s leading online payment solutions provider. Both the fin-tech companies aim to innovate and accelerate digital loan repayment solutions for Small Finance Banks, Micro-Lending institutions and NBFCs through this tie-up. 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 will enable the companies to focuses on redefining secured digital payment platform and explores the hybrid possibilities of supporting both cash and cash fewer loan repayments. Salient 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 a cash-less economy in village areas.
- One Integration: Simple fetch and payment endpoint 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.
As mentioned by Siva Kumar, CEO at 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 the reduction of cash handling and the operational cost attached to the same.”
Maneesh Goel, CFO at PayU India, stated: “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 microcredit 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.”