Key Points :
- Flexpay will facilitate the customers with the option of ‘scan now & pay later’.
- The company stated,”Aligned with our Prime Minister’s vision for a Digital India and Aatmanirbhar Bharat, Vivifi leveraged the most sophisticated payment infrastructure in the world and launched a credit line on the UPI platform.
- The payment option helps to aim the Kirana stores across the country that do not process “credit card payments but offer credit by themselves to retain customers.
Vivifi India Finance, a Hyderabad based non-bank lender, has recently announced Flexpay, a payment option which permits credit on the Unified Payments Interface (UPI). Flexpay will facilitate the customers with the option of ‘scan now & pay later’, using a line of credit when they do not have funds available in their bank accounts or virtual wallets.It is accepted by every merchant, from small Kirana stores to large retailers.NBFC said,’The payment option will facilitate offline purchases by scanning any UPI QR code or a UPI ID.
Anil Pinapala, founder and chief executive officer of Vivifi said, “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.”
The company stated,”Aligned with our Prime Minister’s vision for a Digital India and Aatmanirbhar Bharat, Vivifi leveraged the most sophisticated payment infrastructure in the world and launched a credit line on the UPI platform.” FlexPay is set to provide 400 million plus under-served customers as well as prime customers a ubiquitary contactless credit card-like experience for the first time in India, as per the company’s statement.
FlexPay will provide a true digital credit card like experience in a country which currently has just 56 million credit cardholders.The CEO mentioned,”We are now extending this product to the next 100,000 customers as the first step in our objective of meeting the credit needs of 5 million under-served Indians over the next 3 years.”
The payment option helps to aim the Kirana stores across the country that do not process “credit card payments but offer credit by themselves to retain customers.
Pinapala added “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.
“The company stated that Flexpay has been live for almost 2 months and 30,000 customers have already used credit to pay for transactions worth nearly ₹3 crore. Moreover, it also facilitates peer-to-peer transactions.
