Why credit is important for India’s growth

PayU Credit provides consumers with easy access to affordable short-term loans up to Rs 5 lakh through personal loans, point of sale EMIs, and express loans.

Tuesday October 12, 2021 , 3 min Read

Good Morning,

Prashanth Ranganathan, CEO of digital lending company PayU Finance India, believes credit will “play an important part in India’s journey towards becoming a $5 trillion economy”.

"PayU is well-positioned to support India’s evolving credit landscape, given our combined DNA of how to use data, technology, and serve customers digitally — when and where they are to be served," he says in a conversation with YourStory.

PayU Credit provides consumers with easy access to affordable short-term loans up to Rs 5 lakh through personal loans, point of sale EMIs, and express loans. PayU India entered the alternate lending business in 2017 with LazyPay, its Buy Now Pay Later (BNPL) offering to provide consumers with convenient checkout options.

Prashanth says that the company is witnessing an increased adoption of BNPL through unified payments interface (UPI) in Tier III and Tier IV cities.

"We aim to double BNPL transactions by the end of 2021, using robust AI/ML technologies with enhanced data models that will approve more users," he adds.

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