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Fintech lending platform KreditBee on Thursday announced its partnership with Mswipe to offer fully digital ‘cardless EMI’ at leading retail stores. Through this partnership, KreditBee aims to expand its offline presence and enable purchases of more than ₹5 crore per month.
Under ‘cardless EMI’, KreditBee will provide ‘pay later’ options for purchases of up to ₹100,000, which can be converted into EMI ranging from 3 to 12 months. Customers can shop at over two lakh merchant stores associated with Mswipe. Additionally, KreditBee aims to partner with over five lakh retail stores across India by the end of financial year 2022.
Festive season preparation
The partnership comes ahead of the festive season with Christmas and New Year’s approaching and will significantly benefit Mswipe’s partners too.
Madhusudan Ekambaram, Co-founder and CEO, KreditBee said, “We are delighted to have partnered with Mswipe to offer a distinctive financing option in the form of cardless EMI. We, at KreditBee, continue to strive to address customers’ credit needs by providing effective and convenient financing solutions. Considering the Indian consumers’ increased focus on ease and convenience in services, the idea is to have an integrated 360-degree checkout flow to render their transactions accessible and hassle-free. In our partnership with Mswipe, we plan to jointly extend effective credit solutions to a larger consumer base, including the underserved individuals.”
Ketan Patel, CEO, Mswipe added, “While BNPL offers customers the ability to make instant purchases even when they lack funds at that moment, it is also helping small businesses to increase footfalls which in turn boosts overall sales. EMI transactions on Mswipe terminals are 3x compared to last year, with merchants enjoying services at affordable rates on POS machines and pay by link. We are excited to partner with KreditBee as this partnership will help in improving the checkout process significantly and reduce the time taken to complete the purchase.”
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