Payments company PayU has partnered with Kreditech to launch a lending service in India that offers cardless EMIs up to Rs 1 lakh for purchases made online. The service called Pay U Monedo, is reportedly live on a few e-commerce websites as part of a beta rollout. According to a report on the Economic Times, the service is currently available on onlymobiles.com and velvetcase.com. ET reports that PayU has invested $120 million in Kreditech last year. PayU said Monedo will combine the company's 3,00,000-strong merchant distribution network with Kreditech’s machine learning-based real-time underwriting and its lending-as-a-service platform. The company said this will allow credit requests to be processed in less than two minutes. A key factor in Monedo will be the kind of interest rates will it charge customers as quick and unsecured loans tend to come with steep interest rates. PayU claims to cover 90% of the e-commerce sector in India and processes over Rs 90,000 crore of digital payments in the country annually. E-commerce embraces EMI No-cost EMIs were introduced by Flipkart and Amazon last year, this allowed buyers to purchase items online and pay for them in installments without incurring any additional costs such as interest or processing fee that is levied when buying via credit cards. Both companies have tied up with Bajaj Finserve which offers an EMI card for making these purchases. Bajaj Finserv, the market leader in the EMI card segment, claims to have more than 10 million members. Capital First is another major lender in the…
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This should facilitate quicker settlement of funds for merchants and also boost user confidence in digital payments, RBI Governor said.
While Chandrasekhar said the advisory doesn't include startups, the advisory itself does not make any such classification based on platform sizes.
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