11 July 2018, India:
Digital financial services platform MobiKwik has launched instant loan services on its app in partnership with an Indian NBFC Bajaj Finserv.
“There is high demand for small credit products, which can cater to the immediate requirement for payment of clearing bills, paying offline merchants for daily transactions such as food, groceries, as well as making other payments. MobiKwik strives to address this problem with the launch of this product, which offers a seamless experience and enables instant disbursal of credit in a matter of 10 seconds, by following three simple steps on its app,” the company said in a statement.
The loan amount credited can be utilized by the app users for a variety of payments, including bill payments, cab bills, as well as payments to offline and online merchants.
“Instant credits for small ticket amounts is a huge untapped opportunity. With the smartphone user base expected to grow by about 16% this year and the online transacting user base growing by over 30% YoY, we believe that Insta Credit will enable us to reach out to a new set of customers who did not have access to credit till date. We have already pre-approved Rs. 3500 crores of loans for millions of customers across the country,” said Ms. Upasana Taku, Co-Founder and Director, MobiKwik.
Upasana Taku added, “Credit is a billion-dollar opportunity and we are working on rolling out similar products to cater to the low ticket instant credit requirements, across a wide range of individual and business users.”
MobiKwik and Bajaj Finserv entered into a strategic partnership last year and had set a target to digitize credit for an amount of Rs. 1 lakh crores in next 12 months.
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