The latest developments in the Digital Payments industry have paved the way for a newly inked partnership. Private sector lender, IndusInd Bank has tied up with the digital payment solutions provider, PayU India.
With a motive of revolutionizing the digital payments and digital banking sectors in the country, IndusInd & PayU India has joined hands. The payments industry in India has shown a substantial growth over the last couple of years. Many new online payment providers have surfaced & many banks have stepped forward to start their own processing services. This hybrid mix of startups and banks has provided the customers with ample options for a digital experience. PayU India considers itself one of biggest payments players in the eCommerce category. The clients on PayU India’s roster includes Snapdeal, Bookmyshow, Jabong, Freecharge, Zomato and Groupon India. The Naspers Group owned company also released a statement last year, claiming to have the highest merchant acquisition rate in the country. On the other hand, IndusInd Bank with 905 branches and 1621 ATMs in India, has a significant presence across the country. The strategic partnership will help provide joint solutions for payment and banking processes. PayU India has been highly successful in leveraging technology to deliver new innovations in the payments sector. One tap payments, international card acceptance, SMS invoicing and multi-currency gateway are some of the features synonymous with PayU. IndusInd Bank also believes in delivering something new to the banking population. IndusInd was amongst the first ones in India to implement denomination choosing in their ATMs. IndusInd Bank and PayU India have signed a MoU covering this joint strategic vision and announcements about the new products and services under this partnership in will be made in next 4-6 months’ time.
IndusInd released a statement, announcing the partnership, it reads, “The partnership is aimed at bridging the gap between conventional banking world and the new age online payment systems.” Shailaz Nag, COO and Co-founder, PayU India said, “The Online Payment and Banking sectors are going through a transition phase across the world. In India, where the demography makes it even more challenging, the transition is at many layers. Indian consumers have accepted online payment systems and seamless modes of online payment like mobile wallet, with open arms.” He further added, “However the trust they have on the Indian Banking system in the past few decades, still remains unmatched. With this partnership, we are bringing the cutting edge online payments technology and a bouquet of conventional banking services together for one of its kind in the history of Digital Banking.” Sumant Kathpalia, Head – Consumer Banking, IndusInd Bank said, “With digital banking and payments gradually becoming the heart of customer relationships, we are investing to build strategic alliances in the digital world to deliver online banking and payment experiences that are simple, non-intrusive, rich in contextual content, and are truly cross-channel, covering social and commerce platforms.” The tie-up will take the Bank’s ‘Onthego’ digital banking proposition to the next level through PayU India’s cutting edge technologies such as One Tap, express checkout browser etc. and is expected to attract new customers across the country.