Money & Banking

Craft Silicon, PayU announce strategic tie-up to advance digital loan repayment

Prashasti Awasthi Mumbai | Updated on July 30, 2020

The partnership focusses on redefining a secured digital payment platform.

Craft Silicon, a global financial software solution provider, announces a strategic association with PayU, India’s online payment solutions provider.

The strategic partnership aims at innovating and accelerating digital loan repayment solutions for small finance banks, micro-lending institutions and NBFCs.

The joint official release mentioned that NBFCs, MFIs, and small finance institutions can now offer their customers easy loan repayment solutions on their own mobile applications or through consumer apps of their choice.

Craft Silicon has enabled loan repayment in a safe and convenient manner for retail consumers. This has been achieved through Bharat Bill Payment System (BBPS) and payment gateway integration with PayU, as per the official release.

Digital payment

The companies mentioned that the partnership focusses on redefining a secured digital payment platform. It also explores the hybrid possibilities of supporting both cash and cashless loan repayments.

The companies noted that the association offers a consolidated settlement across multiple apps and payment gateway.

As highlighted by Siva Kumar, CEO, Craft Silicon Asia, “Craft Silicon’s association with PayU maximises our customers’ collection reach and revenue assurance amid the Covid-19 pandemic. This engagement will also help in the reduction of cash handling and the operational cost attached to the same.”

Maneesh Goel, CFO, PayU India, said in the official release: “We are pleased to associate with Craft Silicon and operate as the payment gateway of choice for their vast network of partners."

He added: “One reason the small and microcredit institution sector is currently under stress is that these institutions typically lend to rural and semi-urban customers and debt collection is manual. Through this partnership, we can ensure more affordable and safer repayment options, in turn ensuring healthier cash flows for these institutions.”

Published on July 30, 2020

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