Not just e-commerce firms but fintech companies are also focussing on buy-now-pay-later options, wherein a customer can buy an item and get interest-free credit. However, a Hyderabad-based non-banking finance company, called Vivifi India Finance has provided a similar kind of service to UPI users.
Vivifi has launched payment option called 'FlexPay', which enables users to avail of the 'scan now and pay later' option on Unified Payments Interface (UPI) if they don't have funds available in bank accounts or virtual wallets, Livemint reported.
Anil Pinapala, founder and chief executive officer of Vivifi, said FlexPay is the company's vision of expanding credit access to non-prime and low-income borrowers who rely on friends, family, or unlicensed money lenders when they face cash crunch.
As per Pinapala, FlexPay will help Kirana stores that do not process credit card payments but offer credit by themselves to retain customers.
Over 30,000 customers have already used Vivify's credit-to-pay option for transactions worth nearly Rs 3 crore in the last two months. The company also enables peer-to-peer transactions. The company plans to provide services to 40 crore-plus 'under-served customers' and prime customers.
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