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Point-of-Sale merchant acquirer Mswipe has tied up with DMI Finance, an NBFC in the digital consumer finance space, and has launched a credit product for millennials. The DMI emi Mcard will enable millennials get instant pre-approved credit of up to ₹1 lakh, which can be repaid in equated monthly instalments.
“DMI expects to lend ₹400 crore to over 10 lakh customers in the first year, and expects meeting loan demand for ₹1,500 crore in subsequent years,” said Mswipe.
Regular users of Mswipe’s PoS will be eligible for the DMI emi Mcard. DMI and Mswipe will pre-qualify customers using its internal risk framework.
“Our emi Mcard is an end-to-end platform for NBFCs to leverage the Mswipe network to offer loans to pre-approved customers,” said Manish Patel, Founder and CEO, Mswipe.
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