CASHe is accelerating financial inclusion for Bharat by bringing credit to millions
Jun 14, 2023
BusinessWire India
Mumbai (Maharashtra) [India], June 14: CASHe, on a mission to democratize credit in India, has unveiled its ambitious strategy to leverage the burgeoning opportunities arising from the swift digitalization of the country's economy, with a special focus on Tier 2+ cities. As one of India's leading credit-led financial wellness platforms, CASHe aims to empower individuals by providing accessible and inclusive financial solutions to a wider audience. The profitable credit-led financial wellness platform began to expand its presence in Bharat, leveraging the substantial population base, the significant rise in internet users, and the growing inclination towards adopting digital-first practices and embracing FinTech services. With a keen focus on these factors, CASHe aims to establish a more prominent foothold in these markets and solidify its position as a leading player in the credit-led financial services industry.
The foundation of CASHe's strategy is strengthened by a recent report jointly released by Google, Temasek, and Bain & Company, which sheds light on India's remarkable progress towards achieving a monumental USD 1 trillion internet economy by 2030. The report underscores the tremendous potential held by Tier 2+ cities to serve as a significant catalyst in propelling this transformative digital revolution. The company further stated that it has aligned its expansion plans to seize the myriad opportunities that lie within Tier 2 + cities by leveraging its much sought-after suite of financial products and services to bridge the gap between traditional financial institutions and the underserved segments of society, thereby enabling Bharat's digital citizens to fulfill their financial aspirations.
CASHe's efforts to foster financial inclusion by expanding its presence in Tier 2 + cities and smaller towns, where a significant portion of India's underserved population resides, have already yielded remarkable results. As a credit-led financial platform, CASHe has witnessed tremendous success, boasting over 45 Mn. app downloads with a monthly active user base of more than 3.5 Mn. users. Significantly, 75% of CASHe's user base originates from tier 2, tier 3, and small towns across India. The company has expanded its presence throughout the country, effectively covering 18,200 pin codes. Furthermore, CASHe's mission to provide financial inclusion extends to attracting new-to-credit customers and integrating them into the formal credit system, fostering greater accessibility and opportunities for previously underserved individuals.
CASHe's multi-product retail-credit platform enhances its ability to serve the people of Bharat. In order to transform the credit landscape for underserved customers, the technology and business intelligence team creates tech products that extensively leverage Data, Generative AI, and ML to provide personalized financial services for consumers. Further, the company works closely with partners in the FinTech ecosystem to leverage game-changing innovations and deliver solutions to millions of Indians at scale.
As part of its Phygital strategy, the company introduced its Offline QR code payment method (Offline BNPL) in November'22, streamlining shopping transactions at numerous small to medium retail stores across the country. This innovative offline QR code, accessible at participating retail establishments, allows users to seamlessly pay for their household purchases in easy pocket-friendly EMIs. Through its 'Go-phygital' approach, CASHe is effectively expanding its presence in Tier 2+ cities by introducing the Offline QR code for merchants. The QR code deployment spans a network of 63,000 merchants, with the average monthly transaction amount increasing by over 66% indicating this payment method's growing adoption and success. By forging strategic partnerships with companies in the ecosystem, CASHe has expanded its reach and enabled the widespread availability of its QR code payment method services throughout the country.
CASHe's Travel Now Pay Later (TNPL) payment method has also witnessed significant growth in transactions on the IRCTC platform. During the January to May period of 2023, the transaction count increased by 58%, while transaction amounts surged by 83%. This shows the growing popularity and adoption of CASHe's convenient travel financing solution among customers in tier 2+ cities, highlighting CASHe's commitment to financial inclusion and providing flexible payment options for travel needs.
In its pursuit of promoting financial inclusion among underserved communities, the platform introduced its services on WhatsApp, offering credit through sachet loans. Since the launch of its credit facility on the messaging platform, CASHe has experienced remarkable engagement, with over 1.1 million interactions on this platform. Notably, 45% of the users availing the service were from Tier 2+ cities, demonstrating widespread acceptance and usage across India. As a result, CASHe has successfully disbursed loans worth crores to thousands of users, with nearly 45% of these users hailing from Tier 2+ cities. This highlights the significant demand and impact of CASHe's service in empowering individuals in Tier 2+ cities with access to credit.
"The rapid expansion of CASHe in Tier 2+ cities of Bharat is a crucial component of our growth strategy," stated V. Raman Kumar, Founder Chairman of CASHe. He further commented, "We are driven by an unwavering commitment to seize the immense opportunities presented by the rapid digitalization of India's economy, particularly in Tier 2+ cities. Our goal is to ensure that financial wellness is accessible to all, and by expanding our presence to cover Bharat, we are actively working towards bridging the gap between traditional financial institutions and the underserved segments of society. As the financial services industry continues to evolve, this initiative will expedite the development of next-generation lending solutions, where CASHe aims to lead the way, bringing millions more into the financial ecosystem."
Since its launch, CASHe has facilitated over Rs 7,500 crores in credit to over 1.2 million customers across India. During FY 23, CASHe reported remarkable growth, achieving a total disbursement of Rs 3,100 crores, representing a significant Y/Y increase of 100%. The platform disbursed over 1.2 Million loans up by 199% Y/Y. Additionally, the platform successfully acquired 5.37 lakh, new customers, marking an impressive Y/Y increase of 150%.
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