Hyderabad based Vivifi launches FlexPay to offer credit on UPI
Anil Pinapala, Founder and CEO of Vivifi, said Flexpay will allow customers purchase offline by scanning any UPI QR code or a UPI ID. It will facilitate credit to all salaried and self-employed so that they can purchase the products or services even when they are out of money.
Hyderabad: Hyderabad based Vivifi India Finance Private Limited, which had earlier launched an emergency personal line of credit product FlexSalary, has today launched FlexPay, a payment option offering credit on Unified Payments Interface(UPI).
Anil Pinapala, Founder and CEO of Vivifi, said Flexpay will allow customers purchase offline by scanning any UPI QR code or a UPI ID. It will facilitate credit to all salaried and self-employed so that they can purchase the products or services even when they are out of money.
The new product will aid those who do not have a credit card facility to get instant digital credit to buy across merchandises, small retail outlets, kirana shops, said Pinapala.
“We have test marketed the product for about two months with 30,000 existing customers. Customers are able to use it as credit for their UPI payments. We target to extend this product to the one lakh more customers shortly. We set a target to reach 50 lakh under-served Indians and disburse about Rs 10,000 crore over three years”, he said.
“FlexPay extends credit to non-prime and low income borrowers who currently rely on friends and family or unlicensed money lenders. FlexPay will transcend the barriers of location, literacy, livelihood and lending history to ensure deserving customers can receive and use their credit digitally,” he said.
“Over 1.2 crore local provisional and kirana stores across the country do not process credit card payments but offer credit by themselves to retain customers. With the launch of FlexPay, these micro-entrepreneurs can focus on their core business and not on extending credit as their customers will have access to a credit option,” Pinapala said in a release.
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