PayU, the India-based payment solutions provider, has successfully migrated its credit service, ‘LazyPay’, to core banking service provider Thought Machine’s cloud-native core banking platform, ‘Vault Core’, and is now live.
The new partnership with Thought Machine has enabled LazyPay to build new lending and credit products, deliver a secure, and efficient user experience, and set a new standard for credit financing in India.
LazyPay migrated all of its existing customers to Vault Core within just one year. In addition, Vault Core has streamlined PayU’s real-time financial statement generation and simplified multi-account management, providing a unified view of products. Vault Core’s real-time Ledger has also improved PayU’s reporting and regulatory requirements.
Deepak Mendiratta, CEO of PayU Finance, commented on the news: “Our collaboration with Thought Machine signifies our commitment to offering the best-in-class financial services to our customers.
“Vault Core’s scalability and flexibility align perfectly with our growth ambitions, and we are excited to offer a wide array of services to our customers. We are committed to expanding our footprint in the Indian market, and this partnership will also position us well for the future of credit.”
Opportunities in the Indian market
Nick Wilde, managing director, Asia Pacific at Thought Machine, also added: “We are delighted to partner with PayU to bring our cloud-native technology to the Indian market. With a successful migration now complete, we look forward to working together to deliver efficient, secure and innovative credit and lending solutions in India.”
The Indian market offers significant opportunities for PayU’s credit products as alternative lending services expand. PayU’s India credit revenue grew by 31 per cent, totalling $43million, and loan book size grew by 66 per cent to $338million by the end of September 2023. A total of $362million in credit was issued during the first half of 2024.
With Vault Core, PayU can create differentiated and personalised financial products at scale. Following the successful initial migration project, PayU plans to continue migrating more products and using Vault Core to build, test and deploy new lending and credit products.