MyShubhLife augments access to credit for PayWorld's merchants

Through its embedded technology, MyShubhLife will leverage the vast retailer base of PayWorld to provide merchants with flexible and affordable credit offerings that are easily accessible. This partnership will serve the entire PayWorld network. This alliance is an opportunity for both companies to realise their shared goal of inclusive financial growth.

A customised approach

MyShubhLife has an innovative and robust technology platform that uses data analytics and AI to provide customised products to its clients based on their working capital requirements. The company is focused on building a solid data-science-based platform to help speed up financial inclusion, thereby making credit more accessible.

The embedded finance platform’s officials said that collaboration and innovation are essential to drive the democratisation of credit. This collaboration will help them achieve their shared goal of making credit more easily accessible and frictionless to retail merchants who have historically found it hard to get credit. Small retailers have often been excluded from the formal financial system due to a lack of documentation and poor or no credit history.

Payworld's representatives outlined their mission to bridge the financial gap between India and Bharat. While India faces the issue of receiving numerous unsolicited loan calls, customers from Bharat, who are honest, hardworking, and capable, are often denied credit due to the lack of credit history, collateral, and access. Through this partnership, PayWorld Captains will enhance their ability to serve their communities. Leveraging their extensive network and strong services, they will act as a catalyst for MyShubhLife, enabling them to reach even the most remote corners of India.

Building upon its mission to increase financial inclusion

From its inception, MyShubhLife has been at the forefront of achieving digital inclusion in India. By utilising cutting-edge technology, they have revolutionised access to easy credit for a significant portion of the population that was previously underserved. Recently, MyShubhLife has established partnerships with popular companies like MobiKwik, Pine Labs, Easy Pay, and Spice Money. These collaborations enable MyShubhLife to extend credit solutions to their extensive customer base.

In addition to their credit offerings, MyShubhLife has developed a comprehensive range of financial products tailored for small-scale needs. These include SIPs (Systematic Investment Plans), E-Gold, insurance services, bill payments, and e-filing taxes. By diversifying their offerings, MyShubhLife ensures that customers receive more contextually relevant and well-rounded financial solutions.