Bajaj Finance Ltd has developed a wallet application called Bajaj Pay and is on course to come out with an integrated payment solution for merchants.
The non-banking finance company (NBFC) is also developing five proprietary marketplaces to provide various options to customers to buy financial products and services.
These initiatives are part of its business transformation to focus on building an omnichannel model to deliver significant business velocity, reduce operating costs and improve customer experience, the NBFC said in its annual report for 2020-21.
In May this year, BFL had received the Reserve Bank of India’s approval for the digital wallet business. The company added that after receiving the nod, it has developed a wallet application called Bajaj Pay which will offer an integrated payment solution comprising UPI, EMI cards and credit cards to its customers.
The payment solution for its 98,300 merchants — also named Bajaj Pay — is expected to expand its market share.
Bajaj Finance disclosed that it is also planning to join hands with more than 25 adjunct app ecosystems which have related products or service offerings.
At present, Bajaj Finance focuses on six broad categories — consumer lending, SME lending, commercial lending, rural lending, deposits and partnerships and services.
In his communication to shareholders, chairman Sanjiv Bajaj said as the first wave started to abate, the company accelerated its business by focusing on customers less susceptible to the economic consequences of the pandemic. He added that BFL utilised this crisis to rapidly grow the transformational journey it started in the third quarter of 2019-20.