Hyderabad-based Vivifi India Finance Private Limited, an NBFC, that has a differentiation of introducing India’s first emergency personal line of credit product FlexSalary several years back, presently comes out with an interesting and unique product ‘FlexPay’. FlexPay is India’s first payment choice providing credit on Unified Payments Interface (UPI). It is officially launched into the Indian market and includes a progressive and revolutionary component “Scan Now and Pay Later”, a truly digital credit card to reach over 30 crores Indian who don’t have credit cards.
Anil Pinapala, Founder and CEO of Vivifi revealed in a press note issued in Hyderabad that the credit option on UPI, is a platform that encourages instant fund transfer between two financial institutions on a mobile platform, is something distinctive the nation has not witnessed previously. Anil Pinapala further added that FlexPay enables a large number of Indians to use ‘Scan Now and Pay Later’ facility, utilizing a line of credit when they don’t have cash accessible in their bank accounts or virtual wallets. It will permit clients to buy offline by scanning any UPI QR code or a UPI ID. It is the most well-known transaction broadly acknowledged across India. It will encourage credit to all salaried and independently employed so they can buy any product or service even if they are out of cash.
Lining up with the Prime Minister’s vision for a Digital India and Aatmanirbhar Bharat, Vivifi utilized the most sophisticated payment framework in the world and has come up with the novel and never before credit choice on the UPI platform. With this launch, Vivifi is testing FinTech companies which appear to have been offering small Kirana stores apparatuses to oversee credit risk or burden them with selling non-core monetary products to their clients. Anil remarked that over 1.2 crores local temporary or Kirana stores across the nation do not deal with credit card payments however offer credit by themselves to hold clients. With this launch, these micro-business entrepreneurs do not need to manage credit risk for themselves but focus around the core business, as the clients presently approach an important credit alternative.
Vivifi has one of the distinctive quality of 5 lakh a month to month digitally advanced visitors and more than 1 lakh credit applications. The company solidly accepts that FlexPay will give a genuine digital credit card like experience in a nation which has only 56 Million cardholders presently.
FlexPay is geared to give 30 crores plus to under-served clients as well as prime clients an omnipresent, contactless credit card like experience for the first time in India. It will be acknowledged by every merchant, from small Kirana stores to the enormous retailers. Based on UPI 2.0, FlexPay will likewise empower peer-to-peer transactions.