Bajaj Finance Limited (BFL), India’s largest and most diverse NBFC, has teamed with Worldline, a global leader in payment services, to develop point-of-sale (POS) payments acquiring solutions for its merchant network.
Bajaj Finance Limited has chosen Worldline, a business with extensive experience in the payment ecosystem in India and around the world, as its technology and service partner to create and operate their merchant acquiring program, which will be available at merchant locations across India.
By providing point-of-sale terminals and enabling acceptance of a wide range of payment instruments such as EMI cards, credit cards, UPI, and wallets on those terminals, Bajaj Finance Limited hopes to strengthen its relationship with both its existing and new network of merchant partners.
The partnership will also deliver value-added services such as billing integrations, EMI offers, transaction processing, data analytics, and fraud control services, in addition to transactional services.
Bajaj Finance’s 58 million customers will be able to redeem their Bajaj Network EMI Card, Bajaj Pay Wallet, Bajaj Pay UPI, and Bajaj Coins at point-of-sale outlets thanks to the merchant value proposition.
“As part of our broader goal to grow the digital offerings, we forayed into the digital payments market last year to offer an integrated payment solution to clients and merchant partners,” Rajeev Jain, Managing Director, Bajaj Finance Limited, said of the alliance.
Bajaj Finance has a long history of providing seamless and flexible credit solutions to consumers and merchants, and this partnership will only help us expand our product suite beyond credit products to include commerce and payments technology across our large and growing network of merchant stores across the country.
“Bajaj Finance has always been at the forefront of digital technology, and we are confident that by leveraging Worldline’s cutting-edge technology, we will be able to deliver a disruptive and game-changing in-store payment acceptance experience for our ever-growing merchant partner ecosystem,” he continued.
“Worldline India is happy to work with Bajaj Finance Limited to provide easier, faster, and secure digital acceptance solutions,” stated Deepak Chandnani, Executive Chairman, Worldline India, SA & ME. BFL will benefit from our expertise in designing and managing the whole merchant lifecycle journey by providing a rich experience to their valued customers.
Our devoted personnel will ensure that Bajaj Finance’s requirements are met in a timely manner, contributing to the growth of both companies. We have successfully handled large-scale collaborations in India and other areas, and we look forward to working with Bajaj Finance Limited on a long-term mutually beneficial cooperation.”
Bajaj Finance Limited is a company based in Mumbai, India. Bajaj Finance Limited, the lending part of Bajaj Finserv Limited, is one of the most diversified non-banking financial companies in India, with 58 million customers.
Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Wallet, Co-branded Credit Cards, Two-wheeler and Three-wheeler Loans, Commercial lending/SME Loans, Loan against Securities, and Rural Finance, which includes Gold Loans and Vehicle Refinancing Loans, as well as Fixed Deposits, are among the company’s product offerings. For long-term borrowing,
Bajaj Finance Limited has the highest domestic credit rating of AAA/Stable, A1+ for short-term borrowing, and FAAA/Stable & MAAA (Stable) for its FD program.
S&P Global Ratings has assigned it a long-term issuer credit rating of BB+/Positive and a short-term rating of B. Visit www.bajajfinserv.in for additional information.
Worldline’s Background Worldline (Euronext: WLN) is a global payments industry leader and the preferred technology partner of merchants, banks, and acquirers.
Worldline, which has 20,000 workers in more than 50 countries, provides its clients with long-term, dependable, and innovative solutions that help them thrive.
Worldline provides in-store and online commercial acquisition, as well as highly secure financial transaction processing and a variety of digital services.
Worldline’s pro forma revenue in 2021 is expected to be close to 4 billion euros. Worldline India Pvt. Ltd., a wholly owned subsidiary of Worldline, is a partner to more than 40 banks and 5000 brand clients, including ecommerce behemoths, leading insurance companies, and D2C players from a variety of industries.
In India, Worldline manages the entire payment value chain and end-to-end processes for over 1.5 million merchants in 5000 cities across India, South Asia, and the Middle East.
Merchant Acquiring, VAS, Card Issuance, National Electronic Toll Collection, Risk Mitigation, Reconciliation, and Loyalty solutions are among the services provided by Worldline in India, as are online solutions such as NextGen Payment Gateway, Subscription Payments, Payment Orchestration Platform, Online Cross Border Solution, Tokenisation, and others.
Worldline India, which employs over 2,000 people, is continually investing in its employees and the latest technologies in order to improve efficiencies, drive innovation, and increase digital payment usage across the country.