Fintech lending platform KreditBee on Thursday announced its partnership with Mswipe to deliver fully digital “card-less EMI” to major retail stores. Through this partnership, KreditBee aims to expand its offline presence and enable purchases over â¹ 5 crore per month.
Under âCardless EMIâ, KreditBee will provide âpay laterâ options for purchases up to 100,000, which can be converted to EMI ranging from 3 to 12 months. Customers can shop at more than two lakh merchant stores associated with Mswipe. Additionally, KreditBee aims to partner with more than five lakh retail stores across India by the end of fiscal 2022.
Preparing for the holiday season
The partnership precedes the Christmas and New Years holidays approaching and will also significantly benefit Mswipe’s partners.
Madhusudan Ekambaram, Co-Founder and CEO of KreditBee, said: âWe are delighted to have partnered with Mswipe to offer a distinctive financing option in the form of EMI without a card. At KreditBee, we continue to strive to meet the credit needs of customers by providing efficient and convenient financing solutions. Considering the increased focus of Indian consumers on ease and convenience of services, the idea is to have a 360 degree integrated payment flow to make their transactions accessible and hassle free. In our partnership with Mswipe, we plan to jointly extend effective credit solutions to a wider consumer base, including underserved people. ”
Ketan Patel, CEO of Mswipe, added: âWhile BNPL offers customers the ability to make instant purchases even when they are running low on funds at that time, it also helps small businesses increase footfall, which in turn boosts overall sales. EMI transactions on Mswipe terminals are 3x compared to last year, with merchants enjoying services at affordable rates on point-of-sale machines and pay per link. We are excited to partner with KreditBee as this partnership will help dramatically improve the checkout process and reduce the time it takes to complete the purchase.