Home / Companies / News /  Bajaj Finance to enter payment solutions market with 'Bajaj Pay'

In a move to focus on payment solutions business in the future, Bajaj Finance on Wednesday announced that it is in the process of launching 'Bajaj Pay' for consumers in the fourth quarter of FY21.

"The Company is in the process of launching 'Bajaj Pay for consumers' in Q4," the lender said in its investor presentation.

'Bajaj Pay' will offer an integrated payment solution comprising of UPI, PPI, EMI card and credit card to Its customers, it further added.

Making a foray into payment solutions market in India, Bajaj Finance also said that it is building 'Bajaj Pay for merchants'. "This will broaden payment solution offering for our -103 K merchants and enable disproportionate growth In our market share from these merchants In the medium term," the lender said in a regulatory filing.

Separately, it also said that it is building 5 proprietary marketplaces, 'EMI Store, 'Insurance Marketplace; 'Investment Marketplace, 'BF Health' and brokIng app with the help of group companies.

It also added that it plans to partner with 25, adjunct app ecosystem which have relevant product/services for its customers. "These apps will provide adjacency to BFL's core offerings thereby increasing stickiness," the lender stated.

On its business transformation plans for the next qurter, Bajaj FInance also announced that is also developing or "significantly transforming" four 'Productivity apps', namely the Sales One app, Merchant app, Collections app and Partner app.

"These apps will significantly improve the productivity and efficiencies of our employees, channel partners and merchant ecosystem by May'21. Once deployed, this will require much lower headcount addition as a proportion of growth," it said.

Bajaj Finance on Wednesday reported 30% decrease in standalone net profit at 1,049 crore for the quarter ending 31 December, 2020. It was 1,488 crore in the year-ago period. The consolidated net profit fell 29% to 1,146 crore as against 1,614 crore in year-ago period.

Total income fell 5% to 6,658 crore from 7,024 crore in December 2019.

Shares of Bajaj Finance closed 0.42% higher before the results were announced compared with a 0.85% gain in the benchmark Nifty 50 Index.

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