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.