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PaisaBazaar To Focus on Building Credit Awareness

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Paisabazaar.com, India’s largest digital marketplace for financial products, announced it has further strengthened its credit awareness initiative, by making free credit report of customers available in Hindi on its platform. In the next three months, Paisabazaar.com plans to launch the free credit report in other regional languages like Tamil, Marathi, Bengali, Gujarati Telugu and Kannada.

The Hindi credit report was launched on the Paisabazaar platform last week, and over 43,000 consumers have already downloaded their report in Hindi in the last 2 days.

The industry-first move, part of Paisabazaar.com’s consumer education initiative on credit, is aimed to increase awareness and deepen understanding of credit score – one of the most important factors which lenders evaluate while processing loan and credit card applications. Paisabazaar.com says its aim is to make credit report and other key products available on its digital platform in every major regional language in India in the next 12 months.

According to reports, ~90% of new internet users in India are native language speakers and the base for internet users, whose preferred language of communication is Hindi, will outgrow the English base in the next 2 years. A customer survey conducted by Paisabazaar.com in October revealed over 62% customers would prefer to have an option of reading their credit report in their native language, in addition to English.

Paisabazaar.com, India’s largest digital marketplace for financial products, announced today it has further strengthened its credit awareness initiative, by making free credit report of customers available in Hindi on its platform. In the next three months, Paisabazaar.com plans to launch the free credit report in other regional languages like Tamil, Marathi, Bengali, Gujarati Telugu and Kannada.

The Hindi credit report was launched on the Paisabazaar platform last week, and over 43,000 consumers have already downloaded their report in Hindi in the last 2 days.

The industry-first move, part of Paisabazaar.com’s consumer education initiative on credit, is aimed to increase awareness and deepen understanding of credit score – one of the most important factors which lenders evaluate while processing loan and credit card applications. Paisabazaar.com says its aim is to make credit report and other key products available on its digital platform in every major regional language in India in the next 12 months.

According to reports, ~90% of new internet users in India are native language speakers and the base for internet users, whose preferred language of communication is Hindi, will outgrow the English base in the next 2 years. A customer survey conducted by Paisabazaar.com in October revealed over 62% customers would prefer to have an option of reading their credit report in their native language, in addition to English.

Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “As a market leader, our aim is to resolve real customer problems and, contribute towards increasing India’s financial literacy. By leveraging regional languages, we would not only be able to transcend the language barrier and make a stronger connect with a larger segment of our customers, but also add genuine value to their financial lives, by enabling comfort, familiarity and easier decision-making through a native consumer experience.”

Paisabazaar.com, which receives over 32 million visits a month, has witnessed a sharp increase in customers from outside Top 10 cities (Delhi-NCR, Mumbai, Chennai, Bangalore, Hyderabad, Kolkata, Pune, Ahmedabad, Jaipur and Surat). Last year, for instance, 39% customers who checked their free credit report from the Paisabazaar platform were from outside the Top 10 metros, which has gone up to 54% this year.

Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “As a market leader, our aim is to resolve real customer problems and, contribute towards increasing India’s financial literacy. By leveraging regional languages, we would not only be able to transcend the language barrier and make a stronger connect with a larger segment of our customers, but also add genuine value to their financial lives, by enabling comfort, familiarity and easier decision-making through a native consumer experience.”

Paisabazaar.com, which receives over 32 million visits a month, has witnessed a sharp increase in customers from outside Top 10 cities (Delhi-NCR, Mumbai, Chennai, Bangalore, Hyderabad, Kolkata, Pune, Ahmedabad, Jaipur and Surat). Last year, for instance, 39% customers who checked their free credit report from the Paisabazaar platform were from outside the Top 10 metros, which has gone up to 54% this year.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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