Bajaj Pay: Bajaj Finance ready to compete with Paytm and Google Pay, users will get another payment option
The trend of digital payment is increasing rapidly. In order to compete with Paytm and Google Pay, the majors of this segment, Bajaj Finance has announced the launch of Bajaj Pay. Bajaj Finance informed the stock exchange that by the end of the current financial year i.e. by March 2021, it will launch the digital payment app Bajaj Pay. Through this app, users will get payment facility through UPI, PPI, EMI card and credit card. The company has said that in addition to the users, it will also develop an app for businessmen.
Apart from this, Bajaj Finance is going to bring 5 proprietary marketplace EMI stores, insurance marketplaces, investment marketplaces, BF Health and broking apps for its group companies. The company has also talked about partnering with 25 other app ecosystems to provide all the services and products the customers need. With this, customers will also be connected to the company’s core business.
Apart from Bajaj Pay, preparation for four more apps
In addition to the digital payment app Bajaj Pay, Bajaj Finance is developing 4 productivity apps to transform its business. The company claims that through the Sales One app, merchant app, collections app and partner app, the work efficiency of the employees will be increased. Apart from this, by May 2021, the efficiency of channel partners and the merchant ecosystem will also be increased through these applications.
30% drop in net profit in Q3
Bajaj Finance’s standalone net profit fell by 30 percent to 1,049 crore in the third quarter of October-December 2020 for the current fiscal year 2020-21. The figure was Rs 1,488 crore in the same quarter of the previous fiscal year 2019-20. Consolidated net profit also fell by 29% and consolidated profit stood at Rs 1,146 crore in October-December 2020 as compared to Rs 1,614 crore in October-December 2019. The company saw a 5 percent fall in income and Rs 6,658 crore in the third quarter of the current financial year.
