The company, offering digital payments solutions to shopkeepers and merchants, got into the lending business around eight months ago and disbursed around USD 18 million till the lockdown period, which began in the week of March. During the lockdown period, there has been no growth in loan demand as only 20% of the shopkeepers under BharatPe''s fold were open, the company said.
Paisa Bolega is a button introduced in BharatPe App. This converts the shopkeeper''s smartphone into a loud speaker, announcing the value of transaction received. This does away the need for the merchant to check his phone repeatedly to see if money has come in, it said, adding that there will be no need to maintain any additional device. BharatPe Balance will give information about the total money available to the shopkeeper across deposits, loans and daily collections through quick response (QR).
The company provides low-cost loan at an interest rate of 2% to merchants on its platform against the digital transaction volume generated during a month. The loan tenure varies from 3 to 12 months.
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