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Business EconomyPosted at: Oct 15 2020 3:25PM


Vivifi India launches 'Flexpay' aims at pandemic struck salaried class, self employed

Hyderabad, Oct 15 (UNI) Hyderabad based Vivifi India Finance Private limited, a NBFC, on Thursday announced that it has launched a unique product ‘ FlexPay,’ India’s first payment option offering credit on UPI (Unified Payments interface) aiming at pandemic struck India’s salaried class and self employed.
The company, which has a distinction of introducing India’s first emergency personal line of credit product FlexSalary a couple of years ago, now comes out with a unique product ‘FlexPay’ by adding a revolutionary feature “Scan Now and Pay Later”, a truly digital credit card aiming to reach out to over 30 crore Indians, who don’t have credit cards.
In a release, Vivifi CEO and Founder Anil Pinapala explained 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.
It will enable millions of Indians to ‘Scan Now and Pay Later’, using a line of credit when they do not have money available in their bank accounts or virtual wallets, he said.
It will allow customers to purchase offline by scanning any UPI QR code or a UPI ID, he said it is the most popular transaction widely accepted across the country.
It will facilitate credit to all salaried and self-employed so that they can purchase any product or service even when they are out of money, Mr Anil informed.
Pandemic struck salaried class needs a fintech product that addresses their changing need, he said the 30,000 existing customers, who used it, said it as a Truly Digital Credit Card.
What is so salient about it is that it allows 30 crore Indians who don’t have credit card facility nor can have one to get instant digital credit to buy anything across 1.2 crore merchandises, small retail outlets and Kirana shops, Mr Anil added.
Before launching this product, we tested the uniqueness of the feature for about 2 months with 30,000 existing customers. They availed the option to pay for nearly 3 crore in transactions, he said.
We target to extend this product to the next one lakh customers as the first step in our objective of meeting the credit needs of 5 million under-served Indians(1% of the market potential) and disburse Rs 10,000 crore over the next 3 years”, the Vivifi CEO added.
Aligning with the Prime Minister’s vision for a Digital India and Atmanirbhar 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, he claimed.
With this launch, Vivifi is challenging FinTech companies which seem to have been offering small Kirana stores tools to manage credit risk or burden them with selling non-core financial products to their customers.
Sharing his insights, MR Anil commented, over 1.2 crore local provisional / Kirana stores across the country do not process credit card payments but offer credit by themselves to retain customers.
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, he added.
UNI KNR CS 1524
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Tags: #Vivifi India launches 'Flexpay' aims at pandemic struck salaried class# self employed
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