FinTech venture Kissht launches India’s first ‘scan and pay later’ credit wallet

A popular EMI payment and digital lending platform, Kissht has recently launched a ‘one of its kind’ feature in the Indian FinTech ecosystem – the ‘Scan and Pay Later’ credit wallet.

The new feature would enable the customers to shop on credit using an exclusive ‘Kissht QR Code’, which would be usable in select offline stores and retail chains across the country. Kissht’s ‘Scan and Pay Later’ credit wallet is expected to widen the markets for original equipment manufacturers (OEMs) and modern retail chains.

Kissht promises the users a loan closure that can be finalized under 60 seconds. ‘Scan and Pay Later’ credit wallet also enables customers to select, scan and walk out with the desired product. The entire process would require just one OTP (one time password) authentication from their Kissht credit wallet. The service would be available at 3,000 partnered merchant stores in 32 cities across India.

All Kissht’s existing merchant partners like Dell, Prestige, Intex, Caratlane will accept payments through Kissht credit wallet. Before the official launch, the service was in its pilot phase for about three months. During this time, a visible increase of 30-35% in the footfalls in tier I and tier II cities was experienced.

“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,” said Kissht CEO Krishnan Vishwanathan. “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%”, Vishwanathan added.

According to the Kissht CEO, Kissht QR code can be included by the OEMs and retailers in their advertisements. Customers who desire to buy any product from these merchants can instantly check their line of credit by scanning the QR code. Credit approval would be made instantly available after successful upload of documents.

Once the credit is approved, customers can walk in to the nearby merchant store with their loaded wallet and use the money so credited for buying any product of their choice. They can re-pay the money later to Kissht through easy installments.

The new feature introduced by Kissht is expected to benefit not only the customers, but the merchants as well, the processing time for loan approval has been brought down to just 1 minute. This would enable higher acceptance in the market over the other players in FinTech domain, where quick approval is thumb rule.

Arjun Anand

Arjun received his professional journalism degree from the Delhi College of Arts and Commerce. Since 2015, Arjun contributed to various media outlets as a freelance contributor, and manage client-based portals as a business strategist and overall administrator. In his spare time, Arjun enjoys walking the streets of New Delhi and observe the society's progress and its relevance to the far fringes of developments in the modern technology.

Share
Published by
Arjun Anand

Recent Posts

Scam 2024: The Electoral Bonds Scheme And Its Top Contributors Come to Light

Who paid whom, how much and WHY? These are the general questions that everyone asked…

1 day ago

Centre Notifies Rules for CAA: Stirs the Indian Political Arena Across Different Levels

The new legislation aims to uplift persecuted minorities by granting them Indian citizenship based on…

3 days ago

Centre Notifies Rules for CAA: Stirs the Indian Political Arena Across Different Levels

The new legislation aims to uplift persecuted minorities by granting them Indian citizenship based on…

3 days ago

Daman Game: Where Fun Meets Real Rewards

Online gaming has found a vast audience among the youth who are most of the…

1 week ago

91Club: The Gaming Platform To Earn Real Money

In the ever-changing world of online gaming, finding a platform that entertains and helps you…

1 week ago

India Embraces Stars: Government Reforms Foreign Direct Investment Policy to Bring in Space Sector Investments

On February 21, 2024, the Union Cabinet, led by Prime Minister Narendra Modi, approved an…

3 weeks ago