It will transcend the barriers of location, literacy, livelihood and lending history to ensure deserving customers can receive and use their credit digitally.
HYDERABAD, Oct 14 (BNC Network) Hyderabad-based NBFC Vivifi India Finance Private Limited has launched a unique product ‘FlexPay’ - India’s first payment option offering credit on UPI.
The 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, said Anil Pinapala, Founder and CEO of Vivifi.
Flexpay 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, Pinapala said
“We have test marketed the product and the uniqueness of the feature for about two months with 30,000 existing customers. They availed option to pay for nearly three crore in transactions and the feedback has been overwhelming.
Vivifi introduced in the year 2017, the India's first emergency personal line of credit and achieved the unique distinction disbursing of INR 220crore plus loans impacting a record 60,000 customers.
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. It will transcend the barriers of location, literacy, livelihood and lending History to ensure deserving customers can receive and use their credit digitally, Pinapala said.
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.