Providing customers with real-time credit options at checkout and digital financial services are the new frontiers for Prosus-owned payments and fintech firm PayU in India. The company, which acquired customer credit platform PaySense earlier this year, is also exploring acquisitions and investments to grow those verticals.
“We are looking at anything that accelerates our journey -- whether it is insurance, neobanking or small and medium business (SMB)-focused lending,” Anirban Mukherjee, CEO of PayU India and head of india investments at Prosus Fintech, said in a recent interview with TechCircle.
Apart from the three major acquisitions in India -- Paysense, payment gateway and security solutions provider Wibmo and Citrus Pay -- PayU India is also a strategic investor in customer credit provider Zestmoney, omni-channel retail digitisation platform Dot and wealth management app Fisdom.
Mukherjee said that PayU aims to be one of the top companies in the credit space in the country, a position it currently enjoys as a payment aggregator. Going forward, the company, which counts India as its largest market, will launch products such as real-time credit at point-of-sale and wealth management products.
“Today, payments contribute to more than 90% of our revenue. Credit is growing very fast though. Over the next few years, I expect payments to be 60-65% of the revenues, while credit can be the other chunk. Merchant revenues will continue to dominate but consumer revenue will also grow,” Mukherjee, who joined the company in February last year, said.
Mukherjee was previously the co-CEO of Reliance Payments Solutions and former vice president at American bank Capital One Financial Corporation.