Indian financial services company Bajaj Finance is entering the payments solutions business in India by preparing to launch ‘Bajaj Pay’ payment solution for consumers.
The financer is in the process of launching the payment service in the fourth quarter of 2021 financial year.
In its investor presentation, Bajaj Finance said: “The company is in the process of launching ‘Bajaj Pay for consumers’ in Q4.”
The ‘Bajaj Pay’ payment service will provide customers with an integrated payment solution.
This includes the Unified Payments Interface (UPI), Prepaid Payment Instruments (PPI), EMI card and credit card.
The company’s push into the Indian payments space will cover 103,000 of its merchant clients and develop five exclusive apps for consumers.
In collaboration with group companies, Bajaj will offer an EMI Store, Insurance Marketplace, Investment Marketplace, BF Health, and a brokIng app.
Moreover, Bajaj Finance will also team up with an ecosystem of 25 apps that offers similar products and services to its customers.
In a regulatory filing, Bajaj Finance added: “This will broaden payment solution offering for our 103,000 merchants and enable disproportionate growth in our market share from these merchants in the medium term.”
“These apps will provide adjacency to BFL’s core offerings thereby increasing stickiness.”
Additionally, for the next quarter, the company is developing “significantly transforming” four “productivity apps” – the Sales One app, Merchant app, Collections app and Partner app.
The lender said: “These apps will significantly improve the productivity and efficiencies of our employees, channel partners and merchant ecosystem by May 2021.
“Once deployed, this will require much lower headcount addition as a proportion of growth.”
Bajaj Finance will compete with existing retail payment platforms like Google Pay, PhonePe, Paytm, as well as State Bank of India’s (SBI’s) YONO app.