HYDERABAD: Hyderabad-based Vivifi India Finance Private Limited, a NBFC, has come out with a product called ‘FlexPay’. It is said to be India’s first payment option offering credit on UPI (Unified Payments Interface). It also offers a ‘Scan Now & Pay Later’ feature, a digital credit card.
Disclosing this in a press note issued here on Wednesday, Anil Pinapala, founder and CEO of Vivifi, explained the credit option on UPI. “It is a platform that facilitates instant fund transfer between two bank accounts on a mobile platform. It will enable millions of Indians to ‘Scan Now & Pay Later’, using a line of credit when they do not have money available in their bank accounts or virtual wallets,” he said.
The product allows 30 crore Indians who don’t have credit cards get instant digital credit to buy anything across 1.2crore merchandises, small retail outlets and kirana shops. “We have test marketed the product and the uniqueness of the feature for about two months with 30,000 existing customers.
They availed option to pay for nearly three crore in transactions. The feedback has been overwhelming. Customers are able to use it as credit for their UPI payments. Starting from the formal launch today, we target to extend this product to the next one lakh customers,” added Anil.