PayU, a digital payment service provider, launched a new program to collaborate with Yes Bank as well as Visa. The collaboration was announced on Thursday to support digital payments of businesses and the digitalization of SMBs.
The business payment solution provider or BPSP program offers a flexible commercial offering to reduce costs for entrepreneurs and merchants. In addition, it also helps to improve the cash flow offered by their commercial card issuing Bank by using credit lines.
It also supports businesses to set commercial card payments and pay vendors digitally. It also supports the automation of buyer and supplier reconciliation.
The program, a business payment solution provider, also supports medium and small businesses, enabling them to accept digital payments flexibly and easily for easy credit access.
The program, a business payment solution provider, is also planning to digitalize the value chain for businesses entirely, including small SMBs. This is because they frequently lack the tools necessary to digitalize payments and evaluate credits with minimal effort and expense. Chief Operating Officer of PayU Payments, Mohit Gopal, also stated that the platform is committed to introducing and supporting numerous payment solutions for small SMBs and others for the ease of digital payments to bring more merchants online.
PayU has already supported more than 5,00,000 businesses, including SMEs, E-Commerce companies, and enterprises. The platform gives businesses a chance to collect digital payments with more than 150 online payment solutions such as wallets, UPI, QR, buy now pay later, EMI, net banking, card, and many more.
This solution allows suppliers that are non-card accepting to accept card payments. It offers them various advantages and benefits to accepting formal credit for using Visa commercial cards.
The retail payment operator National payment corporation of India or NPCI has partnered with various payment platforms such as Paytm, Google Pay, cash-free payment, BharatPe, and PayU in March this year. This enables and facilitates merchant transaction credit cards on UPI. Previously UPI customers could only make transactions through prepaid accounts and bank accounts.
Read More,
RBI To Provide Rules For Credit Loss-Based Provisioning in The Next Financial Year
