ENA Sectors 2024-09-25 16:34:14 <p><span style="font-size:14px"><strong>Mumbai, Sep 25 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">CUB's newly introduced solutions include a diverse range of digital offerings designed to cater to the evolving demands of Indias rapidly growing fintech sector.</span></p> <p><span style="font-size:14px">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).</span></p> <p><span style="font-size:14px">Additionally, two innovative services aimed at the MSME and retail sectors&mdash;Open Network Digital Commerce (ONDC) for MSMEs and ONDC for Retail&mdash;promise to boost the way businesses manage their financial operations and reach customers.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Additionally, the platform will facilitate payments and collections, expense management, and support for IT and GST returns filing.</span></p> <p><span style="font-size:14px">This comprehensive suite of products has been developed in collaboration with several fintech partners, aiming to foster the growth of digital payments across India.</span></p> <p><span style="font-size:14px">The innovations are expected to streamline payment processes, enhance transaction security, and improve customer experience for both businesses and consumers.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">It brought together industry leaders to showcase the latest developments in digital payments, with CUBs contribution marking a significant step forward in Indias fintech evolution.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39398 https://knnindia.co.in/news/newsdetails/sectors/city-union-bank-launches-cutting-edge-payment-solutions-for-msmes-at-global-fintech-fest-2024 2024-09-25 16:34:14 knnindia.co.in