“What we are doing is building an ecosystem, which in our context means payments, credit and digital-led financial services. It’s made up of a bunch of providers who are partners in different forms, coming together to meet the needs of consumers and merchants on these three needs. It’s not us doing it alone. We work closely with banks, other financial institutions, fintechs, and other partners to co-create an ecosystem. We are just orchestrating it,” said Laurent le Moal when asked about PayU’s future plans.

“To create a platform, what we build has to be open from the get-go. That’s easier said than done. But that’s the way we think about our credit platform. Take any big wallet in India and we are happy to be their platform for credit. To build an ecosystem, we also need to think around the consumer. Consumers have different payment providers for different things—wallets, banks, apps for investing in mutual funds, and so on. You show a different view of yourself to each of these providers. We want to get a 360-degree view of the consumer by working with different providers, giving them access to our platform, which has a lot of consumers, merchants and their data, and vice versa. We also get access to their data, which gives us a particular view of the consumer to complete the picture. The more I know about who you are and what you aspire to do, the more I will be in a position to improve my products and build new products that suit your needs. If we have the data in place, we will be able to provide customized products to the consumer and accelerate innovation. It is also going to drive financial inclusion. Data can underwrite the risk of providing credit and financial services to people that banks won’t serve because they have no way to manage the risk. One way to go about this is to make small investments in different providers to establish a partnership. This is what we are starting to do now to accelerate the formation of the ecosystem,” he added.Read Laurent le Moal’s full interview with Mint here.With more than 4.5 lakh merchants, PayU is India’s leading all-in-one payment solution. Now to enjoy the best payment gateway experience and grow your business effortlessly,

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