IndusInd Bank, PayU India tie-up for digital banking services

Announcements about new products and services under this partnership will be made in next 4-6 months

IndusInd Bank today said it has partnered with PayU India for bringing its full suite of consumer banking products online.

This association is a bid to create a paradigm shift in the way banking and payments is done in India, the bank said in a statement.

"The online payment and banking sectors are going through a transition phase across the world. Indian consumers have accepted online payment systems and seamless modes of online payment like mobile wallet, with open arms", said Shailaz Nag COO and Co-founder of PayU India.

Commenting on the development Sumant Kathpalia, Head - Consumer Banking IndusInd Bank said, "With digital banking and payments gradually becoming the heart of customer relationships.

 

"We are investing to build strategic alliances in the digital world to deliver online banking and payment experiences that are simple, non-intrusive, rich in contextual content, and are truly cross-channel, covering social and commerce platforms".

IndusInd Bank said this collaborative effort of a 'Digital Bank' looks quite promising with the plethora of opportunities it brings in.

It enables creation of co-branded digital consumer banking products that will revolutionise the way digital banking and payments have shaped up till date.

"This integration will take the Bank's 'OntheGo' digital banking proposition to the next level through PayU India's cutting edge technologies such as One Tap, express checkout browser etc. And is expected to attract new customers across demographies", it added.

IndusInd Bank and PayU India have signed a MoU covering this joint strategic vision and announcements about the new products and services under this partnership will be made in next 4-6 months' time.