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“The enablement of pre-sanctioned Credit Lines by banks through UPI will empower businesses and consumers alike, fostering India’s financial inclusion agenda,” the company said in a media release.
As part of integration, PayU will share information about the relevant identifiers related to the type of credit the consumer has undertaken, such as pay-later, personal loans, etc.
This information will enable the merchants to form strategic growth strategies and further create relevant, customised products for better customer experience.
The company anticipates over 380 million UPI users to gain easier access to Credit Line as it expects the next leap in digital payments is from credit.
PayU boasts to offer more than 100 local digital payment methods, value-added data insight solutions, and affordability solutions across offline and online channels to nearly five lakh merchants, and has been a payments partner for nearly 60% of e-commerce merchants.
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