CASHe partners Mswipe; offers digital loans at the swipe of a card
Mumbai, December 4, 2018: CASHe, India’s most preferred digital lending company for young salaried millennials, promoted by serial entrepreneur and private equity investor Mr. V. Raman Kumar, today announced that it has partnered with Mswipe, India’s leading mobile Point-of -Sale (POS) payment services provider, to launch the CASHe emiTM Mcards for its customers. The co-branded emiTM Mcard will give customers an instant pre-approved credit of up to Rs 10,000 with a 3 equated monthly repayment plan. The emiTM Mcard will be an additional option for the customers to choose from the existing portfolio of loan products available on the app.
Unlike other card schemes, purchases made from the CASHe emiTM (Electronic Mswipe Identification) Mcards will automatically be converted into equated monthly instalments payable over a period of three months at lower interest rates. The customer can make a minimum purchase of Rs 2,500 per transaction up to the limit of Rs 10,000 set on the card. The CASHe emiTM Mcard can be used at any merchant or online store which has a Mswipe terminal or is a registered Mswipe merchant. The CASHe app also enables users to find merchants who accept emiTM Mcards. Currently, Mswipe has a payment network of over 350,000 terminals spread across 650 cities in India.
The customer can make multiple transactions in a day not exceeding Rs 10,000. All transactions for the day will be converted into a single loan on which his equated monthly instalment-based repayment plan will be set by CASHe. There will be no transactional or processing fee on making the purchase for the cardholder. Once the purchase is made within the assigned credit limit, the user can make the instalment payments directly to CASHe. The user can further track the equated monthly instalment payment plan on the CASHe app itself. Customers who chooses to opt for the CASHe emiTM Mcard loan option on the CASHe app will be issued a physical card in their name along with a welcome kit which will have a user manual to operate the card.
The company further stated that it will increase the pre-approved credit limit of the card to a higher value soon.
“We are happy to join hands with Mswipe, a formidable player in the merchant POS services business, and offer a compelling solution to enable CASHe customers to avail electronic credit at a wide range of merchants across the country. With the launch of the CASHe emiTM Mcard, we are driving an altogether new level of attractive and hassle- free loan experience at the point-of-sale. With this value add, we are adding an affordable equated monthly instalment payback options without the need for credit cards, which we hope will provide a better purchasing experience for the CASHe customers,” said Mr. Ketan Patel, CEO, CASHe, in a statement.
Manish Patel, Founder, CEO, Mswipe said, “We are excited to launch a first of its kind consumer loan solution through our emiTM Mcards. As the country’s leading independent POS merchant acquirer, we have seen the importance of easy access to credit at the point of sale. These emiTM Mcards are a win-win for every stakeholder. For the customers, emiTM Mcards represent the simplest way to use their pre-approved loan. For NBFCs like CASHe, emiTM Mcards provide them complete control and a picture of how their loan is being used. For our merchants, these cards mean additional business and customers.”