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Bengaluru based fintech platform KreditBee has announced its partnership with Mswipe to offer a fully digital mode of payment ‘Cardless EMI’ at leading retail stores.
“With this partnership, KreditBee is expanding its reach in offline space and making it easy and convenient for customers to shop by converting transactions into digital EMIs,” the statement said.
The company aims to enable purchases of more than INR 5 Crore per month.
“Through this partnership, Mswipe aims to empower merchants with its Brand EMI offering and increase footfalls at merchant stores while also adding value to its brand partners,” it added.
The partnership comes ahead of the festive season with Christmas and New Year’s approaching and will significantly benefit Mswipe’s partners.
Speaking on the partnership, Madhusudan Ekambaram, Co-founder & 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,” Madhusudan added.
Commenting on the collaboration with KreditBee, Mswipe CEO Ketan Patel said, “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,” Patel added.
Under ‘Cardless EMI’, KreditBee will provide ‘Pay Later’ options for purchases up to Rs 1 lakh, and the transactions can be converted into EMI ranging from 3 to 12 months. Customers can shop in retail stores with an easy and flexible ‘Cardless EMI’ option 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 the financial year 2022.