NEW DELHI, March 22, 2024 /PRNewswire/ -- PayU, one of India's leading digital financial services providers, is proud to announce the launch of a first-of-its-kind Downpayment EMI solution that enables customers to make a partial payment upfront while remaining can be converted into easy EMIs, making high-ticket purchases more affordable & accessible.
PayU merchant partners can now offer their customers the flexibility to decide the downpayment amount with Credit Card EMI, and even combine UPI with Credit Card EMIs for greater affordability and convenience. This no-code solution offers No Cost EMI with pre-decided downpayment options and control over subvention, helping merchants increase revenues and empower customers to save on EMI interests while fulfilling their aspirations.
Speaking at the launch, Manas Mishra, Chief Product Officer - PayU, said, "At PayU, we have always gone above & beyond to identify gaps in the online payment experience, and solve them with a customer-first mindset. With our first-of-its-kind Downpayment EMI solution, we have replicated the flexibility & convenience of downpayment options available in offline EMIs to disrupt the online payments space. This will not only empower consumers by making it easier for them to access the products they want, when they want, without compromising on their financial well-being, but also equip merchants with a powerful tool to drive sales with higher customer loyalty."
As per Deloitte India's 'Future of Retail' 2023 report, the country's online retail penetration is projected to grow at an extraordinary rate, outpacing offline retail by 2.5X in the next decade. As India ascends to become the world's third-largest consumer market, the online retail sector is expected to surge to
325B by 2030. As the Indian digital lending ecosystem grows at a rapid pace, key technological advancements such as the down-payment EMI solution are set to unlock new efficiencies and introduce millions of Indians to organized credit in years to come.
About PayU
PayU, one of India's leading digital financial services providers with Prosus as an investor, operates businesses that are regulated by the Reserve Bank of India and offers advanced solutions to meet the digital payment requirements of the Indian market. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers through technology solutions.
PayU provide payment gateway solutions to online businesses through its cutting-edge and award-winning technology and has empowered 5 lakhs+ businesses, including India's leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, pay-later, QR, UPI, Wallets, and more. It's a preferred partner in the affordability ecosystem, offering the maximum coverage of issuers and easy-to-implement integrations across card-based EMIs, pay-later options and new-age cardless EMIs. PayU offers e-commerce brands best-in-industry success rates while ensuring a seamless checkout experience.
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