City Union Bank Launches Cutting-Edge Payment Solutions for MSMEs at Global Fintech Fest 2024

Mumbai, Sep 25 (KNN) City Union Bank (CUB) has unveiled a suite of innovative digital payment products aimed at enhancing the financial ecosystem for Micro, Small, and Medium Enterprises (MSMEs) and retail customers.

CUB's newly introduced solutions include a diverse range of digital offerings designed to cater to the evolving demands of India’s rapidly growing fintech sector.

Among the products launched are Delegate payments, UPI Lite auto top-up, National Common Mobility Card, Credit line on UPI, Rupay credit card on UPI, and Loan against securities (Mutual Fund).

Additionally, two innovative services aimed at the MSME and retail sectors—Open Network Digital Commerce (ONDC) for MSMEs and ONDC for Retail—promise to boost the way businesses manage their financial operations and reach customers.

In a statement, the lender highlighted the significant role of ONDC in addressing the diverse needs of MSMEs, offering services like digital store creation, digital ledger management, inventory tracking, e-invoicing, and access to collateral-free business loans.

Additionally, the platform will facilitate payments and collections, expense management, and support for IT and GST returns filing.

This comprehensive suite of products has been developed in collaboration with several fintech partners, aiming to foster the growth of digital payments across India.

The innovations are expected to streamline payment processes, enhance transaction security, and improve customer experience for both businesses and consumers.

CUB's advancements align with India's broader digital push, making it easier for MSMEs to manage day-to-day operations while providing retail customers with faster, safer payment options.

The Global Fintech Fest, held from August 28-30, 2024, was jointly organized by the Payments Council of India, the National Payments Corporation of India (NPCI), and the Fintech Convergence Council.

It brought together industry leaders to showcase the latest developments in digital payments, with CUB’s contribution marking a significant step forward in India’s fintech evolution.

(KNN Bureau)