2 min read.Updated: 12 Aug 2021, 12:59 PM ISTLivemint
KreditBee intends to offer 1 million cards by the end of FY22. It offers versatility and flexibility in terms of ticket size and repayment options
Bengaluru: KreditBee, one of India’s leading digital lending platforms, today entered into the card segment with the launch of ‘KreditBee Card’. The card provides the unserved and underserved banking customers, quick and secured access to short-term liquidity with multiple repayment options, eliminating the need to avail a separate loan. KreditBee has partnered with RuPay and RBL Bank for the launch of this product. KreditBee Card is a credit-line backed prepaid card for the end consumer, where the amount is loaded into the KreditBee card account once the user sends a purchase or drawdown request.
KreditBee intends to offer 1 million cards by the end of FY22. It offers versatility and flexibility in terms of ticket size and repayment options. The customer can avail credit limit of up to ₹ 10,000 that can be repaid within a single billing cycle not going beyond 45 days.
The card-holder can make multiple withdrawals or purchases (within the credit limit) while paying lesser charges (no hidden charges). The virtual card will also assist the new to credit customers, to build their credit score, to be able to then avail financing in future, ushering in a healthy credit culture and financial inclusion at the same time.
Speaking on the new product launch, Madhusudan E, Co-Founder & Chief Executive Officer, KreditBee, said, “Credit card is an aspirational financial instrument. Less than 10% of bank customers in India have credit cards. Traditional banks and NBFCs are very stringent when it comes to issuing cards. We aim to democratize credit in India by issuing a KreditBee Card, which works similar to a virtual credit card to anyone who is a responsible borrower, irrespective of their consumer demographic & income group. This is the best way for a new-to-credit customer to build a credit history, which will, in turn, help them avail of bigger loans at a later stage. By the end of FY2022, we aim to issue 1 Million cards to the customers."
Mr Kunal Kalawatia, Chief of Products, NPCI said, “We are happy to collaborate with KreditBee and RBL Bank for the launch of virtual ‘KreditBee Card’ on RuPay network. We believe that this credit-line backed prepaid card dedicated to the underbanked population will serve as a catalyst to financial empowerment by making credit facilities accessible to all and drive financial inclusion in the country. This virtual prepaid card will provide a contactless as well as safe availing of credit and shopping experience for all its users. With the launch of this prepaid card, we are hopeful of witnessing increased demand for credit cards in the remote areas which in turn can further boost the penetration of RuPay cards in the country."
USPs of KreditBee Card:
• 100% Virtual- An e-card will be generated on the app and can be used for transactions instantly
• Fast Access- The underwriting process is AI-driven and generates a card immediately