Kissht —Financial Technology start-ups providing an EMI payment and digital lending platform, announced the launch of an exclusive feature ‘Scan and Pay Later’ credit wallet, a first of its kind in the Indian Fintech ecosystem.
Customers can now shop on credit using the exclusive “Kissht QR Code” which will be usable in select offline stores and modern retail chains across the country. This launch has widened the markets for OEMs (original equipment manufacturers) and modern retail chains.
With a loan closure that can be achieved in under 60 seconds, customers can select, scan and walk out with the desired product with just one OTP authentication from their Kissht credit wallet. Scan & Pay Later credit wallet will be available in 32 cities across India, at 3000 partnered merchant stores. The product is being launched with all existing merchant partners and brands such as Dell, Prestige, Intex, Caratlane and others. The product was in its pilot phase for a duration of three months during which there was a visible increase of 30-35% in footfalls in tier I and tier II cities.
OEM’s and retailers can include Kissht QR code along with their advertisements in newspapers. Customers who desire to buy the products can scan these codes to instantly check their line of credit, and upload the required documents through the app for credit approval. Once approved, the customers can walk in to a nearby merchant store with the pre-approved loaded wallet and buy the product of their choice instantly, and re-pay the money to Kissht in easy instalments later.
From the merchant’s point of view, the final approval of the loan can be brought down to 1 minute. This will enable higher acceptance in the market over the other players in fin-tech space where quick approval is thumb rule.
Talking about the product, Mr. Krishnan Vishwanathan, CEO of Kissht said, “We introduced this new feature to increase the footfalls in offline stores and retail chains where customers’ intention to buy has always been there but instant, convenient and affordable credit options were missing. After introducing this feature, there has been 30% additional footfall in these stores. We are in advanced talks with OEMs like Reliance Jio, VIVO, COMIO, ezone, HomeTown & many more. We believe this innovation will add true value and could help drive up sales by at least 30%.”