CASHe, today announced that it has partnered with Mswipe, to launch the CASHe
emiTM Mcards for its customers. The co-branded emiTM Mcard will give customers
an instant pre-approved credit of up to Rs 10,000 with a 3 equated monthly
repayment plan. The emiTM Mcard will be an additional option for the customers
to choose from the existing portfolio of loan products available on the app.
made from the CASHe emiTM (Electronic Mswipe Identification) Mcards will
automatically be converted into equated monthly instalments payable over a
period of three months at lower interest rates. The customer can make a minimum
purchase of Rs 2,500 per transaction up to the limit of Rs 10,000 set on the
card. The CASHe emiTM Mcard can be used at any merchant or online store which
has a Mswipe terminal or is a registered Mswipe merchant. The CASHe app also
enables users to find merchants who accept emiTM Mcards. Currently, Mswipe has
a payment network of over 350,000 terminals spread across 650 cities in India.
transactions in a day not exceeding Rs 10,000. All transactions for the day
will be converted into a single loan on which his equated monthly
instalment-based repayment plan will be set by CASHe. There will be no
transactional or processing fee on making the purchase for the cardholder. Once
the purchase is made within the assigned credit limit, the user can make the
instalment payments directly to CASHe. The user can further track the equated
monthly instalment payment plan on the CASHe app itself. Customers who chooses
to opt for the CASHe emiTM Mcard loan option on the CASHe app will be issued a
physical card in their name along with a welcome kit which will have a user
manual to operate the card.
increase the pre-approved credit limit of the card to a higher value soon.
a formidable player in the merchant POS services business, and offer a
compelling solution to enable CASHe customers to avail electronic credit at a
wide range of merchants across the country.
With the launch of the CASHe emiTM Mcard, we are driving an altogether
new level of attractive and hassle- free loan experience at the point-of-sale.
With this value add, we are adding an affordable equated monthly instalment
payback options without the need for credit cards, which we hope will provide a
better purchasing experience for the CASHe customers,” said Mr. Ketan Patel,
“We are excited to launch a first of its kind consumer loan solution through our
emiTM Mcards. As the country’s leading independent POS merchant acquirer, we
have seen the importance of easy access to credit at the point of sale. These
emiTM Mcards are a win-win for every stakeholder. For the customers, emiTM
Mcards represent the simplest way to use their pre-approved loan. For NBFCs
like CASHe, emiTM Mcards provide them complete control and a picture of how
their loan is being used. For our merchants, these cards mean additional
business and customers.”