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19 Feb

Call us Excited …Just launched India’s 1st ‘Scan and Pay later’ credit wallet

Customers can now shop on credit using the exclusive “Kissht QR Code” which will be accepted in select offline stores and modern retail chains across the country.

We are delighted to announce the exclusive launch of super exclusive product developed at intersection of strong demand ( from industry ) & cutting edge technology – India’s 1st “Scan & Pay Later” credit wallet, a first of its kind in the Indian Fintech ecosystem. Customers can now shop on credit using the exclusive “Kissht QR Code” which will be usable in select offline stores and modern retail chains across the country. This launch has widened the markets for OEMs (original equipment manufacturers) and modern retail chains.

With a loan closure that can be achieved in under 60 seconds, customers can select, scan and walk out with the desired product with just one OTP authentication from their Kissht credit wallet. Scan & Pay Later credit wallet will be available in 32 cities across India, at 3000 partnered merchant stores. The product is being launched with all existing merchant partners and brands such as Dell, Prestige, Intex, Caratlane and others. The product was in its pilot phase for a duration of three months during which there was a visible increase of 30-35% in footfalls in tier I and tier II cities.

OEM’s and retailers can include Kissht QR code along with their advertisements in newspapers. Customers who desire to buy the products can scan these codes to instantly check their line of credit, and upload the required documents through the app for credit approval. Once approved, the customers can walk in to a nearby merchant store with the pre-approved loaded wallet and buy the product of their choice instantly, and re-pay the money to Kissht in easy instalments later.

From the merchant’s point of view, the final approval of the loan can be brought down to 1 minute. This will enable higher acceptance in the market over the other players in fin-tech space where quick approval is thumb rule.

During pilot phase, We have witnessed 30% increase in footfalls in offline stores and retail chains where customers’ intention to buy has always been there but instant, convenient and affordable credit options were missing.

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07 Feb

2018 Will Be The Year For Consumer Credit

Digitization of currency: To begin with – while demonetization happened last year, the second order impact on the consumer economy manifested itself in 2017. Use of digital currency became more widespread and consumer lending business, use of cash saw widespread decrease. In our own company, where we never used cash collection, even the request for cash payment reduced from over 30% to less than 5%. With user friendly UPI payments becoming more mainstream with apps such as Bhim and Tez, the flight to digital economy for small ticket transactions has well and truly arrived.

Jio and explosion of 4G and digital footprint and smartphone revolution: As a company that relies on mobility solutions, high bandwidth and digital footprint as a core part of business model, the proliferation of high quality budget smartphones by Chinese manufacturers such as Xiaomi and the enabling network infrastructure by Jio (and Jio induced for others) have created a quantum leap in addressable market for companies such as hours. Suddenly – our ability to serve tier-4 and tier-5 centers is not only possible but also profitable.

Convergence of payments and lending: Multiple partnerships between payments and lending companies have exemplified what can be collaborative model going forward where payment companies rich in transaction data can monetize the same for lending and improve their business economics. For many lending institutions, such a partnership helps lower acquisition costs and improve risk scoring algorithms. The trend will further strengthen in 2018 where companies with transaction data will work closely with lending startups to enable loans through alternate lending models (e-commerce companies, payment companies, travel companies etc). On its part, lending startups are incorporating payment features into their model with products such as pay later products.

“New to credit” lending becoming more mainstream: Thanks to the proliferation of consumer lending fintech startups, the new to credit segment is becoming more mainstream. What was once a niche segment is now becoming a more profitable segment thanks to use of alternate lending techniques that leverages data from digital footprint to social footprint to web footprint to make decisioning. The growth in terms of volumes and in terms of credit quality is forcing larger lenders to cater to this segment through partnerships. Such partnerships on the back of risk-reward sharing is reducing cost of capital for startups while giving mainstream lenders to target the excluded segment in a big way.

Initiation of credit-led financial inclusion to rural segment with government support: Multiple governments in India are working towards credit inclusion in India by building on alternate lending methodology leveraging data sets they possess. Andhra government have taken the initiative in the state whereby government is making / has already made a serious push towards data digitization (farm produce, land holding, past production data, weather etc) and using the same to enable loans to rural / farming community across two districts in the state (to be launched soon).

Further strengthening of policy and regulatory support: Government and policy holder continue to develop policies aiding in financial inclusion including revised eKYC policy, cKYC registry, eNACH implementation across banks, seeding of aadhaar and mainstreaming of India-stack, rationalization of pricing for digital payments – all of which have aided in reducing cost of service to benefit one and all.

A lot of things such as India Stack, 4G reach and adoption, quality budget smart phones and Digital India came together in 2017. 2018 will be the year when Consumer Credit will see a healthy explosion with alternate lending becoming more mature and mainstream.

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