Vivifi India Finance Private Limited, A Hyderabad based NBFC Company has launched the FlexPay Feature in Indian Market. India’s first payment option that offers credit on UPI. Flexpay work in ‘Scan Now & Pay Later’, Features using a line of credit when they do not have funds available in their bank accounts or virtual wallets.
This is the first time India. In India this was the first time to facilitate offline purchases by scanning any UPI QR code or a UPI ID. A transaction model that has adopted across India. FlexPay facilitate credit to all salaried and self-employed Indians. They can help to purchase any product or service even when they are out of money.
Founder and CEO of Vivifi, Anil Pinapala Said that the. “FlexPay arm try to vision of expanding credit access to non-prime and low-income borrowers. FlexPay transcend the barriers of location, literacy, livelihood. Also lending history to ensure deserving customers can receive and use their credit digitally. They firmly believe that your UPI infrastructure. W enables ‘scan now, pay later’. FlexPay become the future for all types of credit. ”
Prime Minister’s vision for a Digital India and Atma Nirbhar Bharat. Vivifi leveraged the most sophisticated payment infrastructure in the world. Vivifi launched a credit line on the UPI platform.
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While speaking on the app’s success, Anil said. “We have live for very nearly 2 months now and have empowered FlexPay alternative. FlexSalary for 30,000 of our current clients. Who already used credit to pay for transactions worth nearly INR 3 crore. The criticism has overwhelmingly certain as the clients can utilize credit for their UPI installments. A first of its sort arrangement in Quite a while. We are currently stretching out this item to the following 100,000 clients. As the first step in our objective of meeting the credit needs of 5 million under-served Indians over the next 3 years”.
With this dispatch, Vivifi is testing the current pattern among different FinTechs. That appear to offer little Kirana stores the instruments to oversee credit hazard. But burden them with selling non-core financial products to their customer.
Sharing his experiences, Anil remarked, “More than 12 million nearby temporary/Kirana stores the nation over don’t handle charge card installments yet offer credit without anyone else to hold clients. With this dispatch, These miniature business people don’t need to oversee credit hazard for themselves yet center around their center business. As their clients presently approach a significant credit alternative.”
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Vivifi is already making headway in this effort. FlexSalary, its underlying computerized credit offering which it dispatched 3 years prior. This is presently accepting more than 5 lakh month to month computerized guests and more than 1 lakh credit applications. Vivifi accepts that FlexPay give a genuine advanced Visa like involvement with a nation. Which currently has just 56 Million credit cardholders.
FlexPay is geared to provide 400 million plus under-served customers as well as prime customers a ubiquitous. Contactless charge card like insight without precedent for India. It will acknowledged by each dealer. From small Kirana stores to large retailers. Built on UPI 2.0. FlexPay will also enable peer-to-peer transactions.
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Vivifi is a RBI-ensured non-banking money organization (NBFC) empowering simpler. Vivifi more straightforward admittance to credit for the underserved networks in India. It offers sachet measured credits to clients who have the capacity and goal to reimburse. 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.
This Established in 2017 by Anil Pinapala (FOUNDER and CEO) and SrinathKompella (Co-FOUNDER and COO). The Hyderabad based organization plans to accomplish monetary incorporation by making credit accessible for all meriting Indians with no predisposition. Transcending the limits of location, literacy, monthly income and credit history.
Source – Google
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