 with Visa & YES BANK){kind=link}
- BPSP program offers flexible commercial charge and reduces expenses for B2B payments
- Helps businesses improve cash flow through credit lines from card issuer bank
- Supports with Vendor Payments, Corporate Travel Bookings etc.
PayU, India’s leading online payments solution provider has launched Business Payment Solution Provider (BPSP) for Visa Commercial Card customers in collaboration with Visa & YES BANK as the acquiring bank.
BPSP offers several benefits including flexible commercial offerings, which reduce costs for merchants. It also helps them improve their cash flow by utilizing credit lines provided by their commercial card issuer bank.
This solution allows businesses to pay their vendors digitally, by supporting them to accept commercial card payments.
BPSP offers efficient & secure payment methods, automates supplier and buyer reconciliation and creates a beneficial value proposition for each stakeholder of the payment ecosystem. BPSP supports the digitization of small and medium businesses in particular, enabling them to accept digital payments easily and facilitates easy credit access.
While the BPSP solution is applicable for all eligible merchant transactions, it is especially helpful for Corporate Travel Agents. As a pilot, one of the largest airline services will use this program and will gain favorable flexible commercials while facilitating corporate bookings for corporate clients through its CTA program.
This is a novel CTA program offering flexible commercial by a payment aggregator as a BPSP entity. PayU has also launched the Vendor payments platform, a solution within BPSP that helps merchants digitize payments to vendors (e.g., automated reconciliation, monitoring etc.) lowering the cost of invoice processing, which improves efficiency and enables them to handle payments outside of banking hours. Moreover, it helps control fraud and leakages, driving significant business value and growth.
Commenting on the announcement, Mohit Gopal, Chief Operating Officer, PayU payments said, “PayU is strengthening its existing relationship with its strategic partners Visa & YES BANK to launch this novel BPSP program. BPSP bridges the gap between card-enabled businesses and non-card accepting suppliers.
We are committed to introducing and supporting payment solutions that enable ease of digital payments in the country and help us bring more and more merchants online.”
Ramakrishnan Gopalan, Head – Products, India and South Asia, Visa said, “Numerous sectors rely on a long tail of small suppliers and businesses who are either not digitized or have limited acceptance of digital payments. We are delighted to launch the BPSP solution from Visa in collaboration with PayU & YES BANK for merchants across sectors like airlines and travel, insurance and FMCG. This solution enables non-card accepting suppliers to accept card payments, giving them a host of advantages and access to formal credit, while the payer merchant gets the myriad benefits of using Visa commercial cards.
We believe this can bring a host of small businesses into digital payments and aid the growth of the business landscape.”
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Mr. Ajay Rajan, Country Head, Transaction Banking and Digital Transformation, YES BANK said, “YES BANK’s market leadership in the digital payments space is attributed to its ability to provide customized and integrated payment solutions to its customers.
In line with this approach, we are delighted to co-create alongside our strategic partners PayU and Visa, a novel Business Payments Solution Provider (BPSP) initiative for small and medium enterprises. This proposition will help SMEs facilitate their vendor payments, while additionally boosting their cash-flow with added benefits of secured credit lines having differentiated MDR pricing, up to 50 days interest free credit period amongst other benefits. We believe this solution with embedded financial inclusion features will significantly contribute towards the country’s vision of creating a digitally empowered economy for its SMEs.”
About PayU:
PayU, India’s leading online payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market.
PayU has empowered 5 lakh+ businesses, including leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, BNPL, QR, UPI, Wallets, and more.
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