Craft Silicon, world’s prominent financial software solution provider has announced a strategic association with PayU, India’s leading online payment solutions provider – to innovate and accelerate digital loan repayment solutions for Small Finance Banks, Micro-Lending institutions and NBFCs. As a result of this association, 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.
Through Bharat Bill Payment System (BBPS) and payment gateway integration with PayU, Craft Silicon has enabled loan repayment in a safe and convenient manner for retail consumers, even during social distancing restrictions. The partnership focuses on redefining secured digital payment platform and explores the hybrid possibilities of supporting both cash and cash less loan repayments. Salient benefits include:
- Capitalizing on Bharat Bill Payment System (BBPS): Access to multiple Apps like GPay, PhonePe, BajajPay, PayNearby, Amazon Pay, Airtel Payment Bank, CSC, Paytm, and various mobile banking apps that support BBPS.
- Enabling Rural India: Promotes cash-less economy in village areas.
- One Integration: Simple fetch and payment end point to integrate into the lending ecosystem. Pre-integrated with Craft Silicon’s Loan management solution.
- Reduced Cost: Per-transaction affordable pricing model.
- One Settlement: Consolidated settlement across multiple apps and Payment Gateway.