Reliance-Owned Fynd Partners PayU To Offer Payment Solutions To Its Merchants

Reliance-owned retail technology platform Fynd has partnered with fintech major PayU to expand its payment solutions for merchants, which include EMI options, credit and debit cards, UPI, wallets and net banking.

On the back of this collaboration, Fynd will integrate PayU’s payment gateway into its platform, allowing its network of over 2,300 merchants to seamlessly and securely accept payments via more than 150 online options, according to a statement.

The integration will also provide Fynd’s merchants and their customers access to PayU’s international payment suite. 

Further, PayU will extend its offers engine platform to Fynd’s merchants, enabling them to create and deliver customised offers to their customers. This move is expected to boost transactional volumes and drive customer acquisition and retention, the statement added.

Nikhil Mehta, senior VP – partnerships and payments strategy at PayU, said, “Our strategic collaboration with Fynd is a step forward in delivering payment solutions tailored to the needs of merchants and customers alike.”

Ragini Varma, CBO–India at Fynd, said, “Our partnership with PayU’s advanced payments ecosystem will help us make checkouts smoother with more payment options and international payments. This is an important step in improving the merchant experience even further on the Fynd Commerce Platform.”

The partnership comes at a time when PayU India is preparing for a potential $500 Mn initial public offering (IPO) in 2024. The company has been strengthening its position in the Indian market, having received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator in April 2024.

Earlier this year, PayU also saw some reshuffles at the top deck, with the company promoting its chief risk officer Deepak Mendiratta as new chief executive officer and also roping in former chief of DBS Bank Manish Kulkarni as its chief financial officer. 

PayU India’s revenue grew 11% year-on-year (YoY) to $444 Mn in the financial year 2023-24 (FY24). However, this was lower than the 31% revenue growth in FY23 and over 40% jump in FY22.