PayU, Kreditech to offer cardless EMI option of Rs 1 lakh for online purchases

BENGALURU: Global payments company PayU, in partnership with German fintech company Kreditech, has launched a lending product in India that offers cardless EMIs up to Rs 1 lakh for online purchases.

The product, PayU Monedo, is already live on a few ecommerce sites in the beta phase, Alexander Graubner-Müller, chief executive of Kreditech, told ET. PayU had invested $120 million in Kreditech last year.

PayU Monedo will combine PayU’s 3,00,000 merchant distribution network with Kreditech’s machine learning-based real-time underwriting and its lending-as-a-service platform. The product is currently live on onlymobiles.com and velvetcase.com.


PayU claims to cover 90% of the ecommerce sector in India and processes over Rs 90,000 crore of digital payments in the country annually.

While Flipkart and Amazon are already offering affordability options, Kreditech’s Graubner-Müller said the key differentiator for PayU Monedo will be its real-time underwriting.

“We have developed a proprietary credit scoring technology which uses artificial intelligence and machine learning to assess an applicant’s creditworthiness in seconds and with higher precision, ” he said.