IndusInd-PayU partnership gives new-age banking a fillip

NEW DELHI: In a bid to redefine the digital experience for Indian consumers, IndusInd Bank has partnered with online payment solution leader PayU. The bank will bring the full suite of consumer banking products online and powering the same through payment innovations and online eco-systems enabled by PayU. This partnership is aimed at bridging the gap between conventional banking world and the new age online payment systems.

Commenting about the association Shailaz Nag, COO and Co-founder, PayU India said, “The Online Payment and Banking sectors are going through a transition phase across the world. In India, where the demography makes it even more challenging, the transition is at many layers. Indian consumers have accepted online payment systems and seamless modes of online payment like Mobile wallet, with open arms. However the trust they have on the Indian Banking system in the past few decades, still remains unmatched. With this partnership, we are bringing the cutting edge online payments technology and a bouquet of conventional banking services together for one of its kind in the history of Digital Banking.”

“While the country is already witnessing a digital era, this one-of-its-kind step, has all the potential to become another milestone of digital India movement and could firmly establish the financial sector in the next orbit.” added the PayU India co-Founder.

Commenting on this partnership, Romesh Sobti, MD & CEO, IndusInd Bank, “With digital banking and payments gradually becoming the heart of customer relationships, we are investing to build strategic alliances in the digital world to deliver online banking and payment experiences that are simple, non-intrusive, rich in contextual content, and are truly cross-channel, covering social and commerce platforms. Through this tie-up, the bank’s experience as a leader in shaping financial products through innovative offerings will be leveraged to tap and redefine the rapidly growing digital financial space for both retail and business customers.”

This collaborative effort of a ‘Digital Bank’ looks quite promising with the plethora of opportunities it brings in. It enables creation of co-branded digital consumer banking products that will revolutionize the way digital banking and payments have shaped up till date. This integration will take the Bank’s ‘OntheGo’ digital banking proposition to the next level  through PayU’s cutting edge technologies such as One Tap, express checkout browser etc. and is expected to attract new customers across demographies.

The two partners have signed an MoU covering this joint strategic vision, and announcements about the new products and services under this partnership in will be made in next 4-6 months’ time.