Kissht launches India’s first ‘Scan and Pay Later’ Credit Wallet
Chennai, 13th February 2018: Kissht, one of India’s leading Financial Technology start-ups providing an EMI payment and digital lending platform, today announced the launch of an exclusive feature ‘Scan and Pay Later’ credit wallet, a first of its kind in the Indian Fintech ecosystem. Customers can now shop on credit using the exclusive “Kissht QR Code” which will be usable in select offline stores and modern retail chains across the country. This launch has widened the markets for OEMs (original equipment manufacturers) and modern retail chains.
With a loanclosure that can be achieved in under 60 seconds, customers canselect, scan and walk out with the desired product with just one OTPauthentication from their Kissht credit wallet. Scan & Pay Later creditwallet will be available in 32 cities across India, at 3000partnered merchant stores. The product is being launched with all existingmerchant partners and brands such as Dell, Prestige, Intex, Caratlane andothers. The product was in its pilot phase for a duration of three monthsduring which there was a visible increase of 30-35% in footfalls intier I and tier II cities.
OEM’s andretailers can include Kissht QR code along with their advertisements innewspapers. Customers who desire to buy the products can scan these codes toinstantly check their line of credit, and upload the required documents throughthe app for credit approval. Once approved, the customers can walk in to anearby merchant store with the pre-approved loaded wallet andbuy the product of their choice instantly, and re-pay the money to Kissht ineasy instalments later.
Fromthe merchant’s point of view, the final approval of the loan can bebrought down to 1 minute. This will enable higher acceptance in themarket over the other players in fin-tech space where quick approval isthumb rule.
Talkingabout the product, Mr. Krishnan Vishwanathan, CEO of Kissht said,“We introduced this new feature to increase the footfalls in offline stores andretail chains where customers’ intention to buy has always been there butinstant, convenient and affordable credit options were missing. Afterintroducing this feature, there has been 30% additional footfall in thesestores. We are in advanced talks with OEMs like Reliance Jio, VIVO, COMIO,ezone, HomeTown & many more. We believe this innovation will add true valueand could help drive up sales by at least 30%.”