Kissht has launched a ‘Scan and Pay Later’ credit wallet — a first of its kind in the Indian Fintech ecosystem. With this, customers can shop on credit using the “Kissht QR Code,” usable in select offline stores and modern retail chains across the country.
With a loan closure that can be achieved in under 60 seconds, customers can select, scan and walk out with the desired product with just one OTP authentication from their Kissht credit wallet. "Scan and Pay Later credit wallet" will be available in 32 cities across India, at 3000 partnered merchant stores. The product is being launched with all existing merchant partners and brands such as Dell, Prestige, Intex, Caratlane and others. The product was in its pilot phase for a duration of three months during which there was a visible increase of 30-35 per cent in footfalls in tier I and tier II cities.
OEM’s and retailers can include Kissht QR code along with their advertisements in newspapers. Customers who desire to purchase the products can scan these codes to instantly check their line of credit, and upload the required documents through the app for credit approval. Once approved, the customers can walk into a nearby merchant store with the pre-approved loaded wallet and buy the product of their choice instantly, and repay the money to Kissht in easy instalments later.
From the merchant’s point of view, the final approval of the loan can be brought down to 1 minute. This will enable higher acceptance in the market over the other players in fin-tech space where quick approval is thumb rule.