Paisabazaar.com, India’s largest* digital marketplace for consumer credit, announced the launch of ‘Paisa on Demand’ (PoD) – An one-of-a-kind credit card, co-created with RBL Bank. PoD is Paisabazaar.com’s third co-created product under its neo-lending strategy, which has been built to drive innovative lending solutions and ease access to credit for large under-served segments, across geographies, income levels and credit profiles.
Last year in September, Paisabazaar launched a credit card, designed for New to Credit or Sub-Prime Consumer segments. The card called, ‘Step UP’ Credit Card, provides benefits of a credit card, helps consumers build their credit score and earns high returns on fixed deposits. Under its neo-lending vertical, Paisabazaar has also co-created a credit line for Prime and Super Prime segments, through a completely paperless and presence-less process.
The fintech, with RBL Bank, has now co-created PoD which is exclusively available on the Paisabazaar platform. PoD provides a lifetime free credit card from RBL Bank with a completely digital onboarding process. Along with features of a Credit Card, the RBL Bank PoD product, provides customers an option to take a personal loan from RBL Bank using the same credit limit at normal personal loan rates.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “The lending industry today is at the crossroads, where credit inclusiveness and digitization would define the next phase of growth. As a marketplace leader, we understand the supply and demand dynamics along with the needs of various consumer segments. Our neo-lending strategy is being enabled by key partners like RBL Bank, and together, we aim to build innovative products that add genuine value to consumers.”
Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank, said, “At RBL Bank, empowering the customers is one of our key priorities. We are focussed on building simpler and innovative products that meet the evolving financial needs of the new-age customers. Through our partnership with Paisabazaar.com, we aim to build products that offer integrated services for the large under-served segments across the country.”
Currently, the Paisabazaar platform receives ~1.5 million enquiries from varied consumer segments from over 1000 cities and towns in a month. One of its key priorities, under its neo-lending efforts, is to create differentiated product propositions through a robust pipeline of innovative neo-lending products to serve unmet needs of large consumer segments.
According to Frost & Sullivan, Paisabazaar was India’s largest digital consumer credit marketplace with a 53.7% market share, based on disbursals in FY21*.
Paisabazaar has 60+ partnerships with large banks, large NBFCs and fintech lenders to offer a wide choice of lending products for consumers on its platform.
Paisabazaar, since 2017, has also been providing consumers access to credit reports from credit bureaus, offering Consumers lifetime checking and tracking of their credit scores for free.
Paisabazaar has been recognized at several industry platforms with awards like ‘Most Innovative Lending Startup’ & ‘Best Fintech Consumer Lender’ by India Fintech Forum and Economic Times ‘Most Promising Brand’, ‘Digital Lending Award’ at the Fintech India Innovation Awards, ‘Excellence in Consumer Lending’ at IAMAI’s India Digital Awards, ‘Outstanding Crisis Finance Innovation 2021 (Asia Pacific) Award’ by Global Finance Magazine.