PayU is a global, online payments provider that says it enables billions of people and millions of merchants to buy and sell online each year, and claims to process approximately 1.2 million payments every single day. Now, Amrish Rau, CEO of PayU’s India arm, says the company is once again turning its attention to India’s growing fintech sector as it looks to revolutionise Indian finance.
Last year, Rau, along with PayU India’s Managing Director, Jitendra Gupta, made headline news in the Fintech world when they invested a combined $250,000 into Open, India’s first SME only bank, which made launched in August 2017.
Open – which claims to be ‘Asia’s first SME neo-banking start-up’ – has gone from strength to strength and has since recruited further investors in Chiranth Patil, Co-founder of BetaPlus Capital Partners, Vaibhav Domkudkar, Co-founder of BetterCapital India Syndicate, Archana Priyadarshini, a partner at Unicorn India Ventures and TaxiForSure Co-founder, Aprameya Radhakrishna.
It’s not really a surprise to see Open continuing to do well. India has a growing community of SME’s and freelancers, as well as a consumer group that is becoming increasingly mobile-orientated, so the platform’s app-based approach to banking is one that perfectly compliments the current climate.
Speaking to Fortune India, Rau expressed his belief that digital payments, in general, will only continue to increase all over the world as societies continue to move away from cash-based transactions and further embrace digital. This is a shift that Rau says is irreversible, but it could also pave the way for more fintech startups like Open to flourish in countries like India.
For Rau, it all comes down to accessibility. He says that currently India is starved for credit, and that the spending power of Indian consumers could grow substantially if more companies are able to provide a great credit experience.
It is this credit side growth that PayU now want to prioritise and continue, starting with India.
“I think for something like PayU, the Indian fintech scenario is extremely exciting,” Rau adds. “We today are in a position, where we want to make commit further to the Indian market and want to create an ecosystem around fintech. And we will continue to make significant investment into the Indian fintech ecosystem in India. We would like to keep investing in the emerging fintech companies in India.”