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PayU’s new product gives small business access to credit

January 20, 2022

PayU’s new product gives small business access to credit

Payment service provider PayU has introduced a product suite to provide simplified access to credit to its 3.5 lakh shippers, the organization said on Wednesday.

PayU has launch three products marketplace early settlement, priority settlement, and merchant lending, it said in a press explanation. It said these product help provide access to working capital, enhance cash flow management and increased liquidity to boost the growth of small and medium businesses.

The new suite provides customized offerings, with credit amounts going from ₹25,000 for SMBs to a several crores, and repayment cycles going from week to a year.

Hemang Dattani, head of growth business at PayU, said SMBs were growth drivers for the nation, accounting a third of India’s GDP. In any case, access to credit continues to be a major hurdle for them.

The World Bank estimates that Indian SMBs face a $380 billion credit gap, which makes it difficult for them to meet short term expenses and manage everyday operations.

“We offer diverse credit products for merchants of differing sizes, categories and business life cycles, supporting digital financial inclusion. This segment will be an important focus area for us in 2022,” Dattani said.

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Tags:

Digitaldigital appDigital Marketingorganizationspayment serviceSmall Business

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