Bajaj Finance, in a regulatory filing, confirmed that its targeted time for Bajaj Pay launch is Q4 of FY21. The move will allow the company to make forays into the fast-growing payment solutions market in India.
Bajaj Finance would also be launching another app – ‘Bajaj Pay for Merchants’, which will cater to the requirements of a customer base of over 100,000 merchants.
Bajaj Finance is going to launch ‘Bajaj Pay’, an integrated payment platform comprising of UPI, PPI, EMI card and credit card options as it plans to enter the payment solutions market in the fourth quarter of FY21, the company said on January 20.
The company, in a regulatory filing, confirmed that its targeted time for Bajaj Pay launch is Q4 of FY21. The move will allow Bajaj Finance to make forays into the fast-growing payment solutions market in India.
Bajaj Finance would also be launching another app – ‘Bajaj Pay for Merchants’, which will cater to the requirements of a customer base of over 100,000 merchants.
“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,” it said in an investor presentation.
Bajaj Finance is also developing five proprietary marketplaces, ‘EMI Store, ‘Insurance Marketplace’, ‘Investment Marketplace, ‘BF Health’, and brokIng app with the help of group companies.
“These 5 apps will provide customers with an option to review, compare and buy host of financial products and services across electronics, insurance, investments and health,” it said.
Bajaj Finance also noted that the company faced a 29 percent decrease in year-on-year profit for the quarter ending December 31, 2020. The net profit was reported as Rs Rs 1,145.98 crore, down from Rs 1,614.11 crore a year ago.
