Instant Loan up to Rs. 3 Lac to Instant MSMEs by GPay & Indifi Technologies

New Delhi, January 14 (KNN) UPI transaction giant, Google Pay, has partnered with Indifi Technologies to lend instant loans to MSMEs to expand its reach in financial services across the country.

Loans will be fixed within a range of INR 2.5 to INR 3 lakh.

Speaking on the development, Director of Product Management at Google Sharath Bulusu said, “The MSME sector in India needs access to reliable credit, which is even more imperative due to the radical change in the basics of the economy due to the pandemic”.

PhonePe and Paytm also offer various financial services through their platforms.

UPI attracts a zero merchant discount rate (MDR) as mandated by the government, which means that merchants cannot be charged any fees for accepting transactions through this mode.

MDR is the primary source of revenue in payments, and with it at zero, payment companies monetize by selling mutual funds, brokerage, insurance, and credit services to customers on their apps.

Most fintechs are bullish on credit for both retail and MSMEs due to India’s large appetite for credit, in contrast to low penetration.

“We are committed to making reliable credit easy and convenient for the over 10 million merchants who use the Google Pay for Business app. Our collaboration with Indifi is a big step in that direction,” added Bulusu.

Aditya Harkauli, Chief Commercial Officer of Indifi, said: “Our collaboration with Google Pay is another step towards securing the loan. Eligible merchants on the Google Pay for Business app will see Indifi’s loan offers that they can click to complete an online application. .”

After submitting the application, Indifi will review the application and an instant credit decision will be made.