Vivifi India Finance, a Hyderabad-based non-bank lender, has launched FlexPay, a cost possibility that gives credit utilizing the Unified Funds Interface (UPI). FlexPay will allow prospects to make use of a line of credit score when they don’t have funds out there of their financial institution accounts or digital wallets.
The product facilitates offline purchases by scanning any UPI QR code or a UPI ID to salaried and self-employed people.
“FlexPay is a shot within the arm for our imaginative and prescient of increasing credit score entry to non-prime and low-income debtors who presently depend on family and friends or unlicensed cash lenders when confronted with a money crunch. We firmly consider that our UPI infrastructure which permits ‘scan now, pay later’, will develop into the longer term for every type of credit score,” stated Anil Pinapala, CEO of Vivifi.
The corporate stated its product has been dwell for nearly two months and has enabled 30,000 present prospects to pay for transactions price practically Rs 3 crore.
“Over 12 million kirana shops don’t course of bank card funds however supply credit score by themselves to retain prospects. With this launch, these micro-entrepreneurs shouldn’t have to handle credit score danger for themselves however give attention to their core enterprise, as their prospects now have entry to a significant credit score possibility,” Pinapala stated.