True Balance, the fintech app crossed 70 million downloads has introduced its new digital credit service ‘True Pay Later’ for its users. The new feature quickly gained momentum among its users and received half a million transactions within two months.
About True Balance
“True Balance is a financing platform for the next billion unbanked users who are predominantly featured-phone users and mobile users who do not have access to digital payment. We are happy to know that we are achieving what we set out to do to create greater financial inclusion in India. The fact that the ‘True Pay Later’ service has been well received by our target consumers validates our belief that we are in the right place to cater to this huge potential untapped market,” said Mr. Charlie Lee, Founder, True Balance.
True Pay Later
True Pay Later is focused on unbanked users who require instant credit service. This service not only allows users to avail the small amount of money under 1000 INR as “money for living” but also allow services such as the one-tap payment of electricity bills, mobile and DTH recharges with the option of payment with 14 days credit period. True Balance works on an internal, alternative credit scoring system to validate the credibility of its customers for credit service repayment.
The True Balance service is paperless and particularly beneficial for Tier II/III users who want to buy services/products. True Balance users can avail ‘True Pay Later’ plans as per their respective credit limits. Users will have to pay a nominal service fee and the balance principal amount within 14 days of interest-free credit.
The service already matches the transaction record of digitally forward countries like South Korea, which witnessed 12,000 digital credit transactions per day in 2018 itself. This clearly makes India a potential growth market for fin-tech firms like True Balance.
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