Through its embedded technology, MyShubhLife will leverage the vast retailer base of PayWorld to provide merchants with flexible and affordable credit offerings. This partnership will serve the entire PayWorld network, comprising over 10 lakh banking points spread throughout 720 districts and 28 states.
MyShubhLife uses data analytics and AI to provide customised products to its clients based on their working capital requirements.
Monish Anand, CEO and Founder of MyShubhLife, said in a statement, “Collaboration and innovation are essential to drive the democratisation of credit. This collaboration will help us achieve our 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. “
Amit Tyagi, CEO PayWorld, said in a statement, “Our mission is to bridge the financial divide between India and Bharat. While India complains of getting too many unsolicited calls for loans, a Bharat customer is denied credit owing to the absence of credit history, collateral, and access. With this partnership, PayWorld will be able to serve their communities even better.”
