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Chennai-based credit card issuance and management app Wizi is partnering with a number of HR Tech and payroll companies to simplify the credit card application process for users and enable banks to issue cards instantly.
“In India, 78 per cent of all the credit card issued are for salaried professionals and over 80 per cent of all cards are sourced via push selling through call centers but we are planning to completely digitise the entire card issuance process,” Abhishek R, Co-founder & Chief Marketing Officer, Wizi App told BusinessLine .
‘Integrated payroll’
Through this tie-up, Wizi has integrated payroll APIs of HR tech companies to provide banks with digitally verified income and employment credentials of the card applicants. This will significantly reduce the KYC burden and cost structure for banks and enable them to process the cards applications quickly.
“Currently, we have almost closed deals with 7 HR tech companies and payroll API providers. We technically have access to 6 lakh employees whose payrolls are managed by these companies. So, any of these employees can directly apply for credit cards of our partner banks using Wizi,” said Abhishek.
He also added that the company’s partnership with payroll API start-up like Tartan has provided access to over 200 companies including the likes of Amazon and Accenture. Currently, Wizi has HDFC, SBI, ICICI, Kotak Mahindra Bank, Yes Bank and RBL as its partner banks.
A prospective credit card applicant can use Wizi app to apply for over 80 different credit cards issued by these banks. Wizi’s AI-enabled card application process will run the underwriting rules of all these banks in one go and suggests a list of credit cards based on the applicant's eligibility.
As on date, Wizi has 2.5 lakh users and has processed over one lakh credit card applications. The card management app has also processed over ₹4 crore of credit card bill payments. Wizi’s revenue comes from card issuance. Depending upon the type of card, Wizi gets anywhere between ₹2,000-7,000 as card issuance commission.
The fintech is also in talks with a number of banks, especially smaller ones, to offer credit card management as a white label solution. “Even today credit card apps of many banks are very poorly maintained. Since card management is our core business, we are talking to banks to offer this as a service to give their customers a better user experience,” Abhishek added.
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