Fintech platform KreditBee on Tuesday announced its partnership with API banking solutions company Cashfree Payments to offer customers an option to convert their online purchases into EMIs at the time of checkout itself for non-credit card holders.
KreditBee’s customer base of over 6 million can avail the online checkout finance facility from Cashfree Payments’ over 1.5 lakh merchant partners, including leading brands like Nykaa, EaseMyTrip, Livspace, Gonoise, Wakefit, among others, said the firm.
Cashfree Payments’ merchants can offer this cardless EMI option to all eligible customers with the KreditBee app. The new customers can also avail this facility post registering on KreditBee’s mobile app. The checkout finance loans range from Rs 2,400-2 lakh with a tenure of 3-18 months.
Through this partnership, KreditBee will leverage Cashfree Payments’ Payment Gateway to offer cardless and convenient EMI options. The association will enhance KreditBee’s reach to the underserved segments significantly.
"This partnership allows us to extend this effective credit tool to the otherwise unserved and underserved segments. The increased push for digitalization in the past few months has indeed accelerated the shift to digital commerce and payments, in some cases replacing the retail and merchant experience altogether. The idea behind this collaboration is to devise an integrated process for the online checkout finance for customers to convert their online purchases, especially where ticket value is high, into easy EMIs hassle-free,” said Madhusudan Ekambaram, co-founder & chief executive officer, KreditBee.
“We look forward to cherishing our partnership with Cashfree Payments to jointly extend various effective credit solutions to a larger consumer base. This will support our bid of creating an AUM of Rs. 8,000 crores by March 2024," Madhusudan added.
KreditBee currently offers multiple types of personal loans and a digital gold investment product. The company plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans, and credit lines, which involves expanding its lending portfolio by introducing financial services like insurance, credit score report, merchant-side offers, among others.
“At Cashfree Payments, we aim to give the best of payments infrastructure to businesses and a seamless payment experience for their customers. We are confident that this partnership will help merchants boost conversion rates and drive more revenue for their business,“ said Reeju Datta, co-founder, Cashfree Payments.
Recently, India’s largest lender SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries, including the USA, Canada, and UAE, said the firm.