In a significant stride towards enhancing accessibility and affordability in high-ticket online purchases, PayU, one of India’s premier digital financial services providers, has introduced a pioneering Downpayment EMI solution. This innovative offering allows customers to make a partial upfront payment while converting the remaining amount into convenient EMIs.

Merchants partnering with PayU can now provide their customers with the flexibility to determine the downpayment amount, leveraging Credit Card EMIs and combining UPI with Credit Card EMIs for added affordability and convenience. This groundbreaking solution, devoid of any complex coding, offers No-cost EMI options with pre-defined downpayment choices and enables merchants to exercise control over subvention. Consequently, it empowers merchants to augment revenues while enabling customers to save on EMI interests, thereby realizing their aspirations without financial strain.

Speaking at the launch, Manas Mishra, Chief Product Officer – of PayU, said, “At PayU, we have always gone above & beyond to identify gaps in the online payment experience and solve them with a customer-first mindset. With our first-of-its-kind Downpayment EMI solution, we have replicated the flexibility & convenience of downpayment options available in offline EMIs to disrupt the online payments space. This will not only empower consumers by making it easier for them to access the products they want, when they want, without compromising on their financial well-being but also equip merchants with a powerful tool to drive sales with higher customer loyalty.”

According to Deloitte India’s ‘Future of Retail’ 2023 report, the online retail penetration in India is poised for exponential growth, expected to outpace offline retail by 2.5 times over the next decade. With India on track to become the world’s third-largest consumer market, the online retail sector is forecasted to surge to $325 billion by 2030. As the Indian digital lending ecosystem evolves rapidly, pivotal technological advancements like the Downpayment EMI solution are poised to unlock new efficiencies and introduce millions of Indians to organized credit in the years ahead.