Here is how BuddyTransfer works -
· To use this feature, the user has to select the desired loan amount from CASHe and request for a loan.
· The user gets an option to transfer part of his loan by choosing ‘Transfer to your Friend’ feature where he can select up to five names from his phone contact list to whom he wishes to send the money.
· He can choose the desired amount ( Maximum Rs 2,000) per contact and confirm the details in the following screen.
· Once the loan is approved, CASHe will initiate the fund transfer on behalf of the user to the selected recipients.
The user can authorize a fund transfer to anybody in India through his phone contact list regardless of they being a CASHe user or not. If the fund transfer is initiated to a non-CASHe user, they will get a notification through SMS informing them on the impending fund transfer along with a link to download the CASHe app from the app stores. The fund transfer will be successful only if the recipient downloads the app, fills the necessary details along with his bank account information and submit the necessary KYC documents.
This feature will be particularly useful to people who need to transfer urgent cash to their family and friends. BuddyTransfer allows users to transfer money to any contact in their phonebook 24 hours a day, seven days a week. CASHe customers can transfer money to any person in India, once they download the app and register. The app is widely accessible as it works on Android and iOS operating systems.
Mr. V. Raman Kumar, Chairman, CASHe, said, “CASHe has always tried to be a leader in harnessing new technologies to bring cutting-edge user experience. This is the first time that a Blockchain infrastructure is being used to facilitate actual money transfer in a fin-tech application in India. This is an industry first and an outstanding achievement for Team CASHe.”
“Customer convenience remains central to all our efforts. We are happy to be the first amongst our peers to launch this feature for our customers on our industry-leading, cutting-edge lending platform. We listen closely to what our customers say. Their ideas and feedback help us improve our current product offerings and help us launch future innovations. BuddyTransfer is launched in response to a growing need of our valued customer base and we are happy to offer this new feature to them. With BuddyTransfer, we look forward to further strengthening our leading position in the digital lending market in India.” said Mr. Ketan Patel, CEO, CASHe.
CASHe provides hassle-free loans with its app enabled documentation and loan disbursal/repayment process. Powered by its industry-first algorithm driven credit scoring platform, The Social Loan Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. SLQ is transforming the traditional credit rating measurements thereby providing immediate loans to the under-served young professionals who are kept out by traditional credit rating and banking systems. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents.