Mumbai-based fintech startup Kissht has announced the launch of ‘Scan and Pay Later’ credit wallet which will allow customers to shop on credit using the “Kissht QR Code.”
The Kissht QR Code will be usable in select offline stores and modern retail chains across the country. This will help Kissht widening its OEM and retail market base.
Speaking of the product, Krishnan Vishwanathan, CEO of Kissht said, “We introduced this new feature to increase the footfalls in offline stores and retail chains where customers’ intention to buy has always been there but instant, convenient and affordable credit options were missing.”
He further claimed that after introducing this feature, there has been 30% additional footfall in these stores.
“We are in advanced talks with OEMs like Reliance Jio, VIVO, COMIO, ezone, HomeTown & many more. We believe this innovation will add true value and could help drive up sales by at least 30%,” Krishnan added.
As per the company, Scan & Pay Later credit wallet will be initially 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 pilot phase for a duration of three months during which there was a visible increase of 30-35% in footfalls in Tier I and Tier II cities. The fintech startup claims to close a loan within 60 seconds. Customers can select, scan and walk out with the desired product with just one OTP authentication from their Kissht credit wallet.