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On September 2, 2024, PayU announced a major expansion in its consumer payment services through the integration of LazyPay's BNPL solution.
This strategic move is part of the bigger effort of PayU to enhance its fintech offerings and capture a greater share of the Indian digital payment market.
What began as an online breakout merchant payment system ended up becoming a full-service fintech firm. PayU expanded through its acquisition of Paysense and developed LazyPay. Furthering the technology of the company was the acquisition of a tech stack for financial firms through Wibmo in 2019.
CEO of PayU, Anirban Mukherjee said, “With LazyPay, our vision is to build a strong consumer brand. We are moving from a pure B2B model to B2B2C, where we can serve the enterprise merchants, the financial institution, and the consumer better."
The most important part of that strategy would be to integrate big sub-brands of PayU, namely LazyPay and Wibmo, under the main brand umbrella. As of now, both these sub-brands are independent, but Mukherjee indicated that over time, they will get integrated into one identity of PayU. This will ensure smooth functioning and further cement the position of PayU in the market.
The firm, apart from its indigenous projects, is looking at cross-border payments. CEO of the brand further said it considers this space as an opportunity. "We also believe cross-border payments are a big opportunity. As a licensed Online Payment Gateway Solution Provider (OPGSP), and holding a Payment Aggregator Cross Border PA-CB license from the Reserve Bank of India, we are well-positioned to operate in this space," said Mukherjee.
PayU has also invested in early cross-border startup BriskPe-based payments. This would fall in line with the strategic focuses of PayU by expanding and strengthening its financial solutions across diversified geographical locations.
This essentially speaks to how PayU looks at adapting to the ever-changing nature of digital payments and meeting agility needs that are ever-demanding in integrated financial solutions.
