New Delhi: Money lending app MoneyTap said on Wednesday that it has launched a ZeroPaper technology in partnership with RBL Bank to make the bank’s loan processing paperless.
Built on Aadhaar based electronic signature (e-sign), ZeroPaper replaces physical paper-based know your customer (KYC) formalities pre-requisite to process a loan, reducing operational costs for the bank.
“Eligible customers can download the MoneyTap app to apply and avail their (RBL’s) line of credit without ever submitting a single piece of paper or meeting an RBL Bank representative." said the company in a statement.
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“Borrowers can digitally sign relevant documents via an Aadhaar-based e-sign that is fast, secure and simple", the company added.
Owned and operated by MTYN Tech Pvt. Ltd, MoneyTap launched a credit line app in September 2016— it partners with banks to extend unsecured loan of up to Rs5 lakh.