- Adds a revolutionary feature "Scan Now & Pay Later", considered as a truly digital credit card, targeted at 30crore Indian non credit card holders
- Offers a unique contactless credit card-like experience, first-time in the country, to under-served and prime customers
Disclosing this in a press note issued in Hyderabad today, Anil Pinapala, Founder and CEO of Vivifi. explained credit option on UPI, a platform that facilitates instant fund transfer between two bank accounts on a mobile platform, is something so unique the country has not witnessed before.
It will enable millions of Indians to 'Scan Now & Pay Later', using a line of credit when they do not have money available in their bank accounts or virtual wallets, adds Anil Pinapala
It will allow customers purchase offline by scanning any UPI QR code or a UPI ID. It is the most popular transaction widely accepted across India. It will facilitate credit to all salaried and self-employed so that they can purchase any product or service even when they are out of money, Anil informs.
Pandemic struck salaried class needs a fintech product, that addresses their changing needs. The 30,000 existing customers who used it regards it as a Truly Digital Credit Card. What is so salient about it is that it allows 30 crore Indians who don't have credit card facility nor can have one to get instant digital credit to buy anything across 1.2crore merchandises, small retail outlets, Kirana shops announces Anil Pinapala.
"We have test marketed the product and the uniqueness of the feature for about 2 months with 30,000 existing customers. They availed option to pay for nearly 3 crore in transactions.
The feedback has been overwhelming. Customers are able to use it as credit for their UPI payments. Starting from the formal launch today, we target to extend this product to the next one lakh customers as the first step in our objective of meeting the credit needs of 5 million under-served Indians(1% of the market potential) and disburse Rs 10,000crore over the next 3 years", said Anil.
He further shared that Vivifi introduced in the year 2017, the India's first emergency personal line of credit and achieved a unique distinction of INR 220crore plus loan disbursal impacting a record 60,000 customers.
Says Anil, the "FlexPay is a shot in the arm for our vision of expanding credit access to non-prime and low income borrowers who currently rely on friends and family or unlicensed money lenders when faced with a cash crunch. FlexPay will transcend the barriers of location, literacy, livelihood and lending History to ensure deserving customers can receive and use their credit digitally".
With our UPI infrastructure to enable scan now, pay later transactions, we firmly believe that this will be the future for all types of credit, he added.
Aligning with our Prime Minister's vision for a Digital India and Aatmanirbhar Bharat, Vivifi leveraged the most sophisticated payment infrastructure in the world and has come with the novel and never before credit option on UPI platform.
With this launch, Vivifi is challenging FinTech companies which seem to have been offering small Kirana stores tools to manage credit risk or burden them with selling non-core financial products to their customer.
Sharing his insights, Anil commented, "Over 1.2 crore local provisional / Kirana stores across the country do not process credit card payments but offer credit by themselves to retain customers. With this launch, these micro-entrepreneurs do not have to manage credit risk for themselves but focus on their core business, as their customers now have access to a meaningful credit option".
Vivifi has unique distinction of 5 lakh monthly digital visitors and more than 1 lakh credit applications. It firmly believes that FlexPay will provide a true digital credit card like experience in a country which has just 56 Million credit card holders currently.
FlexPay is geared to provide 30crore plus under-served customers as well as prime customers a ubiquitous, contactless credit card-like experience for the first-time in India. It will be accepted by every merchant, from small Kirana stores to the large retailers. Built on UPI 2.0, FlexPay will also enable peer-to-peer transactions.
About Vivifi
Vivifi is an RBI-certified non-banking finance company (NBFC) enabling easier and more direct access to credit for the underserved communities in India. It offers sachet sized loans to customers who have the ability and intent to repay. Based on the loan repayments of these customers, the company then increases their credit limit to help them improve their credit score and eventually get access to larger loans. Founded in 2017 by Anil Pinapala (Founder & CEO) and Srinath Kompella (Co-Founder & COO), the Hyderabad-based company aims to achieve financial inclusion by making credit available for all deserving Indians without any bias, transcending the limits of location, literacy, monthly income and credit history.
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