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Flexpay is accepted by every merchant, from small Kirana stores to large retailers. (REUTERS)
Flexpay is accepted by every merchant, from small Kirana stores to large retailers. (REUTERS)

Credit Card 2.0: Now you have 'scan now and pay later' option on UPI

  • The company said that Flexpay has been live for almost two months and 30,000 customers have already used the payment option
  • FlexPay is geared to provide 400 million plus under-served customers, the company said

Vivifi India Finance, a Hyderabad based non-bank lender, has recently launched Flexpay, a payment option which allows credit on the Unified Payments Interface (UPI). Flexpay will enable the customers to 'scan now & pay later’, using a line of credit when they do not have funds available in their bank accounts or virtual wallets. 'The payment option will facilitate offline purchases by scanning any UPI QR code or a UPI ID,' the NBFC said. It is accepted by every merchant, from small Kirana stores to large retailers.

“FlexPay is a shot in the arm for our vision of expanding credit access to non-prime and low-income borrowers who currently rely on friends and family or unlicensed money lenders when faced with a cash crunch," said Anil Pinapala, founder and chief executive officer of Vivifi.

"Aligned with our Prime Minister’s vision for a Digital India and Aatmanirbhar Bharat, Vivifi leveraged the most sophisticated payment infrastructure in the world and launched a credit line on the UPI platform," the company said.

The company said that Flexpay has been live for almost two months and 30,000 customers have already used credit to pay for transactions worth nearly 3 crore. Moreover, it also enables peer-to-peer transactions.

The payment option helps to aim the Kirana stores across the country that do not process "credit card payments but offer credit by themselves to retain customers." "With this launch, these micro-entrepreneurs do not have to manage credit risk for themselves but focus on their core business, as their customers now have access to a meaningful credit option," Pinapala added.

FlexPay will provide a true digital credit card like experience in a country which currently has just 56 million credit cardholders, the company added. "We are now extending this product to the next 100,000 customers as the first step in our objective of meeting the credit needs of 5 million under-served Indians over the next 3 years," the CEO mentioned.

FlexPay is geared to provide 400 million plus under-served customers as well as prime customers a ubiquitous, contactless credit card-like experience for the first time in India, the company further stated.

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