In order to give consumers a quick, easy, and comfortable method to receive their paychecks in live time, Refyne, a platform that offers salary on demand, has announced the debut of its amenities on WhatsApp. Users may begin by sending Refyne a WhatsApp Text message. Refyne is now the first financial wellness firm in India to provide salary-on-demand via WhatsApp.
Employers may distribute their employees’ wages in real-time throughout pay cycles using Refyne. Refyne’s accessibility on WhatsApp opens up salary-on-demand to a far larger audience, including those who are less tech-savvy but are familiar with the text message app. Simply say “Hi” in the Refyne chatbox, and your information will be there immediately. The solution is based on the WhatsApp Business Platform, an enterprise tool that enables corporations to easily, securely, and dependable interact with both current and prospective clients on WhatsApp.
Users are taken through a few fast and simple stages to carry out the required KYC formalities using an appealing chat flow, and after satisfactory implementation, they may start transacting right away. The platform complies fully with RBI rules, and Refyne’s privacy policy ensures that employee data is kept private.
“In India, 1 in 3 people live paycheck to paycheck and a significant portion has zero or very limited access to credit. As a result many are underserved or unserved for reasons ranging from financial literacy to credit data to geographic constraints. We believe the combination of sensible financial products and technology can be a great enabler in driving financial inclusion. Given WhatsApp’s penetration in India, we feel it is a step in the right direction for making Salary On-Demand accessible to a large number of Indians,” mentioned Chitresh Sharma, CEO & CO-Founder, Refyne after the launch of his user-friendly chat bot.
All transfers adhere to two-factor authentication and are protected. Over 200 firms presently use the startup’s network, which also has over 1.5 million employees. Refyne’s software, which is available on Apple iOS and Google Playstore, now supports 11 Indian languages. Among its clients are Epigamia, Kaya, Sterling, Car Dekho, STL, Barista, Rebel Foods, Acko, Practo, CCD, and Kaya.
More than 80% of Indians exhaust their pay before the end of the month. There is still strain to satisfy everyday financial necessities as a result of the present pricing and instability. Several people take out big loans in order to avoid having access to official loans or credit, which forces them into a debt spiral and financial hardship. Companies in India are becoming more and more aware of their responsibility for promoting employee financial wellbeing and the effect it has on the bottom line.