Aditya Birla Capital Digital Ltd (ABCDL), a wholly-owned subsidiary of Aditya Birla Capital Ltd, has launched an omnichannel, multi-mode collections platform called Payment Lounge, which is powered by payment solutions startup PhiCommerce.

Payment Lounge is aimed at enabling merchants to provide a unified, secure, and faster transaction experience to their customers for making digital payments. 

The platform is underpinned by PhiCommerce’s omnichannel payment platform PayPhi, which is a one-stop solution serving businesses’ diverse payment needs across both online and offline channels. 

In a joint statement on Wednesday (September 13), Aditya Birla Capital and PhiCommerce said that the platform can be integrated with merchants’ applications, enabling a hassle-free checkout process across in-store, online, and doorstep delivery channels.  

From UPI, debit and credit cards, direct to bank to buy-now-pay-later, wallet, and link-based payment options, Payment Lounge supports multiple payment modes on the platform.

“With our strong focus on driving digitalisation and innovation in product offerings, we have launched Payment Lounge to help merchants streamline their payment processes, deliver enhanced convenience to their customers, and maximise collection efficiency of their businesses,” said Pankaj Gadgil, head of digital platforms and analytics at Aditya Birla Capital.

Aditya Birla Capital is the holding company of the financial services business of the Aditya Birla Group. It provides insurance, investment, financing services, among others. Aditya Birla Capital incorporated ABCDL to develop an omnichannel direct-to-customer (D2C) platform to not only serve existing customers but also acquire new customers and act as a one-stop-shop for delivering Protecting, Investing, Financing, and Advisory services (PIFA) to them. 

As per the statement, the features and benefits of its Payment Lounge include smart routing, smart collect, one recon and one integration, and omnichannel and multi-modal platform.

Speaking on the development, Tushar Shankar, cofounder and head of global sales at PhiCommerce, said that businesses worldwide are now embracing omnichannel go-to-market strategies.

“PayPhi, based on a modern service-based technology architecture, not only brings in huge cost efficiencies but also enables businesses to launch a variety of cutting-edge innovations,” Shankar said. 

PhiCommerce was founded in 2015 by Jose Thattil, Shankar, Anil Sharma, Rajesh Londhe, and Ramkumar Subbaraj with an aim to democratise digital payments and make them seamlessly accessible across the country. The startup offers a unified omnichannel payment platform catering to both B2B and B2C payment requirements of businesses.

On the back of innovations and increasing adoption of digital technology in the payment space, India’s digital payment industry is projected to become a $10 Tn opportunity by 2026, as per a report by Boston Consulting Group and PhonePe.