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News on Medial
PayU eyes B2B pay, credit play under new top brass
Economic Times
·
1y ago
Medial
PayU, backed by Naspers, is planning to expand into business-to-business (B2B) payments and supply chain financing in India. The company aims to offer vendor payments and solve reconciliation problems for anchor merchants, while also considering small-ticket supply chain financing. PayU is focusing on deploying QR codes and providing omnichannel solutions to clients. With a new CEO and a sharp focus on India, PayU aims to re-establish its position in the domestic payments landscape and grow its revenue from operations other than payments, such as credit.
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Visa’s Shailesh Paul set to take over as CEO of PayU-owned Wibmo
Economic Times
·
3m ago
Medial
Wibmo, a PayU-owned online payments security platform, is appointing Shailesh Paul, formerly of Visa, as its new CEO. This move follows the departure of former CEO Suresh Rajagopalan in March. Under Rajagopalan, Wibmo aimed to develop a complete payment gateway, focusing on B2B payments for growth. PayU acquired Wibmo in 2019 to expand beyond consumer payments. Founded in 1999, Wibmo previously secured early-stage funding from Accel.
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PayU Partners Amazon Pay Later To Offer Instant Digital Credit To Indian Shoppers
Inc42
·
11m ago
Medial
PayU has teamed up with Amazon Pay Later to bring digital credit options to its checkout platform in India. The partnership aims to provide merchants with the ability to offer flexible credit options to their customers, potentially boosting their business performance. PayU India experienced an 11% year-on-year revenue growth in FY24 and has recently received authorization from the RBI to operate as a payment aggregator.
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PayU Taps NPCI To Offer Credit Line On UPI For Merchants
Inc42
·
1y ago
Medial
PayU has partnered with the National Payments Corporation of India (NPCI) to allow merchants to accept digital payments through credit lines on UPI. This feature will provide financial flexibility to customers and enable merchants to accept digital payments through credit lines. PayU will soon share information about the type of credit a consumer has undertaken, such as pay-later and personal loans, to help merchants create customized products and strategies for better customer experience. The Reserve Bank of India has also allowed commercial banks to offer credit lines through UPI transactions.
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PayU Unveils Push Provisioning Platform To Enable Seamless Card Tokenisation Between Banks & Merchants
Inc42
·
11m ago
Medial
PayU India has made several announcements, including integrating Amazon Pay Later and Blinkit into its app, ahead of its upcoming IPO. The company allows customers to tokenize their credit and debit cards for multiple merchants directly through their bank's portal. In FY24, PayU India recorded a revenue of $444 million, marking an 11% year-on-year increase.
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PayU finance reshuffles top deck, Deepak Mendiratta elevated to CEO
Inc42
·
1y ago
Medial
PayU Finance, the NBFC credit arm of Prosus-owned PayU, has undergone a leadership reshuffle with Deepak Mendiratta being promoted as the new CEO. The company has also appointed Manish Kulkarni, former chief of DBS Bank, as its CFO. This move follows the departure of key leaders from PayU Finance, as the company focuses on strengthening its presence in India and potentially preparing for a stock market listing. PayU India is planning to file for IPO by February 2024 and aims to list by the end of 2024. In H1 FY24, PayU saw a 21% YoY increase in revenue to $497 million.
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Amazon Pay Eyes Roll Out Of Credit On UPI In Partnership With NPCI
Inc42
·
1y ago
Medial
Amazon Pay India is collaborating with the National Payments Corporation of India (NPCI) to introduce credit services to customers through the Unified Payments Interface (UPI). The company's whole-time director, Vikas Bansal, said that offering credit on UPI is one of their objectives to enhance customer experience. This move follows the approval granted by the Reserve Bank of India (RBI) for Amazon's fintech arm to operate as a payments aggregator. By providing credit on UPI, Amazon Pay aims to increase its revenue and expand its digital payments offerings.
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BharatPe Rejigs Top Brass; Sandeep Indurkar To Head Payments
Inc42
·
1y ago
Medial
Fintech company BharatPe has made significant changes in its top management, with Sandeep Indurkar being promoted as the CEO of the payment vertical and Rijish Raghavan taking charge of the device business. The reshuffle follows a series of top-level exits including CEO Suhail Sameer and CPO Ankur Jain. The three new appointments will report to interim CEO and CFO Nalin Negi. BharatPe offers various consumer-facing services and has raised $820 million in funding so far. The company has been embroiled in legal disputes and controversies over the past two years.
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PayU to onboard new merchants as it gets PA license from RBI
Entrackr
·
1y ago
Medial
PayU has received in-principle approval from The Reserve Bank of India (RBI) to operate as a payment aggregator. The nod will also allow the fintech firm to onboard new merchants on its platform. Back in January 2023, the apex banking body (RBI) had asked PayU to reapply for the license and consequently, the Prosus-controlled firm had to halt onboarding new customers. As per reports, the fintech firm’s complex corporate structure was one reason behind the rejection. RBI appears to have become hyper-active in the last few years as it has been hammering several segments such as PA-PG, peer-to-peer lending, buy now pay later (BNPL), abuse of credit cards and structure of non-banking financial corporations (NBFCs). PayU is the latest firm to get RBI’s nod along with a clutch of fintech firms including Razorpay, Cashfree, Open, EnKash, Juspay, Infibeam et al. As per an ET report, Cred also received payment aggregator license but the official confirmation is awaited from both sides (RBI and Cred). PayU is one of the fintech firms along with MobiKwik, Pine Labs, and Navi among others, which have been eyeing initial public offerings. In India, PayU has a base of over 5,00,000 merchants across three business sectors – payments, credit, and PayTech. It also claims to generate over $60 billion in annualised volumes (read as total transaction volume or TPVs). PayU’s Indian entity reported more than 30% growth in its revenue to $400 million (Rs 3,300 crore) for the financial year ended in March 2023. Even in the current fiscal, the firm maintained the show with $211 million (Rs 1,700 crore) in revenue from Indian operations.
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PayU’s consolidated revenue stood at $497 Mn in H1 FY24: Prosus
Inc42
·
1y ago
Medial
PayU, a fintech major, witnessed a 21% year-on-year increase in revenue to $497 Mn in the first half of FY24. The company's trading loss decreased by 72.5% to $22 Mn during the same period. The growth was attributed to increased profitability in the global payments organizations and savings from new initiatives in PayU India. The Indian credit business also saw substantial growth with a 66% increase in the loan book and a 31% rise in revenue. PayU is exploring options for a public listing of its Indian entities.
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PayU consolidated revenue reaches $1.1B in FY24; India leads growth
YourStory
·
1y ago
Medial
PayU, owned by Prosus, reported a 22% YoY increase in consolidated revenue to $1.1 billion in FY24. The growth was driven by operations in India and Turkey, as well as India credit services. PayU's core PSP revenue from India contributed 46% to its revenue, amounting to $444 million, despite a merchant onboarding pause. However, the trading profit margin for its Indian payments business slipped to -3% in FY24 due to changes in the merchant and payment method mix. PayU's India credit segment, which offers buy-now-pay-later and personal loans, expanded its revenue by 29% to $107 million in FY24.
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