DCB Bank, a new generation private sector bank and Slonkit, India’s first money management app linked to a VISA Card, have partnered to create a digital and cashless ecosystem for educational institutions across India. Slonkit partners with colleges from all major cities and towns in India under the Slonkit Campus Partnership Programme [SCPP].

Under SCPP, students are empowered with a Slonkit VISA Card linked to the Slonkit mobile app. The Slonkit Card can be used anywhere in India – both online and at merchant outlets. Students can pay their college fees and make miscellaneous payments using the Slonkit Card. They can also avail exciting offers at national and hyper-local merchant outlets. The Slonkit app enables students to create budgets and to track and analyze their expenses across categories such as food, travel, shopping, entertainment, etc.

In addition to empowering students to practice money management, Slonkit also transforms colleges digitally and facilitates seamless management of the administrative function. Slonkit also enables these colleges to monitor ‘expense’ reports at ‘in-campus’ merchants. It empowers colleges with a robust digital channel to communicate with students in real-time. Students receive these communications as notifications on the Slonkit mobile app. RFID-enabled Slonkit Cards can equip educational institutions to manage access and attendance easily as well.

Commenting on the development, Praveen Kutty, Head – Retail and SME Banking, DCB Bank said

Financial prudence is a means to enjoy a good lifestyle. It is important to inculcate this habit at a young age. Slonkit enables teenagers and young adults to practice smart money management and financial prudence. Allying with educational institutions will drive adoption of this nifty digital and cashless payments solution for individuals and institutions as well.

Speaking about the partnership, Javed Tapia, Founder, Slonkit, said

Slonkit caters to the essential yet unaddressed area of teaching financial prudence to the next generation. It engages students digitally and empowers them to learn and practice smart money management. Slonkit enables education institutions to seamlessly manage fee collection, in-campus payments, attendance, and communication with students. With DCB Bank, we will create India’s largest cashless ecosystem focussed on the education sector.

About Slonkit

Slonkit is India’s first money management app linked to a prepaid VISA card. Slonkit is powered by VISA, the world’s leading payment network and DCB Bank, India’s leading emerging private sector bank. The app is linked to a prepaid VISA card and enables teenagers and young adults to manage money smartly. Available on Android and iOS, Slonkit app can be downloaded from the Play Store or App Store. Parents of children aged 10~18 can order a Slonkit card from the app and give monthly allowances to their child. Slonkit allows parents to add money instantly on to the card through internet banking, debit card or credit card. They can set budgets for themselves using the Slonkit app, view expenses across categories, and avail a host of exciting offers.

CASHe, India’s most preferred digital lending company for young salaried millennials, promoted by serial entrepreneur and private equity investor V. Raman Kumar, announced that it has launched a unique fund transfer facility called ‘BuddyTransfer’ for its users. With BuddyTransfer, CASHe users can now authorize to send part of their loan to up to five contacts from their phonebook.

The maximum amount that can be transferred to each contact with this facility is Rs 2,000. The company further stated that it wanted to make it easier for its users to send money to friends and family by simply choosing names from their phone contact list and authorize a money transfer directly to their bank accounts. BuddyTransfer is built on a Blockchain infrastructure which keeps the transactions safe, secure and transparent.

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.

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.

Ketan Patel, CEO, CASHe, said

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.

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.

About CASHe

CASHe is India’s most preferred digital lending company for young salaried millennials. CASHe provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm-based machine learning platform. 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. CASHe’s target audience is young working professionals in the age group of 23~35 years. CASHe offers loans from Rs 10,000 to Rs 2,00,000 payable over 15~ 180 days.

To provide additional source of income to over 25,000 brokers associated with it, Square Yards is introducing mortgage option on its ‘Square Connect Mobile App‘ through which brokers will be able to offer home and other loans to their clients at best rates chosen from a clutch of 90 partner banks and NBFCs.

Brokers will now be able to provide their clients the best solution for loans, an important component in property purchase process in most the cases and earn higher commission for themselves as compared to what they would have earned by selling only property. This will also help Square Capital, the mortgage arm of Square Yards, to achieve multi-fold growth in the current levels of facilitation of around Rs 300 crore disbursements every month.

The brokers will be able to help their clients take advantage of cutting-edge software solutions that Square Capital uses for getting through a maze of complex valuation decisions at the hands of banks and excessive documentation. The technology related solutions that Square Capital uses enables it find out accurate eligibility of the applicant linked to credit bureau and various banks’ credit policies, ability to perform e-KYC of the applicants through integration with NSDL and direct integration with banks’ loan originating system.

Tanuj Shori, Co-Founder and CEO, Square Yards, said

The channel partners associated with our company are a huge asset and we are constantly on a look out for ways to make the partnership we have with them stronger by offering them new technology tools as well as by supplementing their income.

The new option of mortgage being added on the Square Connect App will help the channel partners in providing more touchpoints to their clients in the property buying process and consequently generating high income for themselves. The banks and NBFCs associated with us will also be able to get business from newer geographies as our channel partners are spread far and wide in the country.

The Square Connect division in the company was started in 2016 and lists large inventories of Grade A properties across India and the globe that can be marketed by channel partners from their mobile in an instant to earn higher commissions. The App not only helps channel partners maintain a personalized account to track projects and loan transactions together with client’s details, status and brokerage earned, it also helps them get free leads. The division accounts for 15~20 percent of the real estate business of Square Yards which now touching USD 30 million in revenues with USD 750 million in Gross Transactional Value [GTV].

Started little over 2 years ago, Square Capital has become the largest distributor for secured mortgage industry in India. Square Capital facilitates about Rs 300 crore of loan disbursements every month with home loans and loans against property contributing around 75 percent of the overall volume. The network of 90 banks and NBFCs that are associated with Square Capital is constantly growing.

About Square Yards

Square Yards is a technology-enabled, global real estate marketplace and India’s largest proptech + fintech player that operates O2O transaction platform for Real estate & Mortgages. Square Yards platform covers the full real-estate journey from search, discovery to transactions, mortgages and post-sales service – fully integrating buyers to an extensive network of partners. Square Yards has achieved a significant scale in facilitating real estate investments worth more than USD $2 Billion through its direct presence of more than 2000 employees in in 20+ Indian cities and 10+ International locations.

CASHe, India’s most preferred digital lending company for young salaried millennials, promoted by serial entrepreneur and private equity investor Mr. V. Raman Kumar, announced its partnership with Mswipe, India’s leading mobile POS payment services provider, to launch the CASHe emi Mcards for its customers. The co-branded emi Mcard will give customers an instant pre-approved credit of up to Rs 10,000 with a 3 equated monthly repayment plan. The emi Mcard will be an additional option for the customers to choose from the existing portfolio of loan products available on the app.

Unlike other card schemes, purchases made from the CASHe emi [Electronic Mswipe Identification] Mcards will automatically be converted into equated monthly installments payable over a period of three months at lower interest rates. The customer can make a minimum purchase of Rs 2,500 per transaction up to the limit of Rs 10,000 set on the card. The CASHe emi Mcard can be used at any merchant or online store which has a Mswipe terminal or is a registered Mswipe merchant.

The CASHe app also enables users to find merchants who accept emi Mcards. Currently, Mswipe has a payment network of over 350,000 terminals spread across 650 cities in India.

The customer can make multiple transactions in a day not exceeding Rs 10,000. All transactions for the day will be converted into a single loan on which his equated monthly installment-based repayment plan will be set by CASHe. There will be no transactional or processing fee on making the purchase for the cardholder. Once the purchase is made within the assigned credit limit, the user can make the installment payments directly to CASHe.

The user can further track the equated monthly installment payment plan on the CASHe app itself. Customers who chooses to opt for the CASHe emi Mcard loan option on the CASHe app will be issued a physical card in their name along with a welcome kit which will have a user manual to operate the card. The company further stated that it will increase the pre-approved credit limit of the card to a higher value soon.

Ketan Patel, CEO – CASHe, said

We are happy to join hands with Mswipe, a formidable player in the merchant POS services business, and offer a compelling solution to enable CASHe customers to avail electronic credit at a wide range of merchants across the country.  With the launch of the CASHe emi Mcard, we are driving an altogether new level of attractive and hassle- free loan experience at the point-of-sale. With this value add, we are adding an affordable equated monthly installment payback options without the need for credit cards, which we hope will provide a better purchasing experience for the CASHe customers.

Manish Patel, Founder & CEO – Mswipe said

We are excited to launch a first of its kind consumer loan solution through our emi Mcards. As the country’s leading independent POS merchant acquirer, we have seen the importance of easy access to credit at the point of sale. These emi Mcards are a win-win for every stakeholder. For the customers, emi Mcards represent the simplest way to use their pre-approved loan. For NBFCs like CASHe, emi Mcards provide them complete control and a picture of how their loan is being used. For our merchants, these cards mean additional business and customers.

About CASHe

CASHe is India’s most preferred digital lending company for young salaried millennials. CASHe provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm-based machine learning platform.

In April 2016, Aeries Financial Technologies Pvt. Ltd, launched its innovative technology-driven lending platform for the young, urban millennials. CASHe provides almost instantaneous loans on-demand. CASHe’s target audience is young working professionals in the age group of 23-35 years. CASHe offers loans from Rs 10,000 to Rs 2,00,000 payable over 15~180 days. For more information, please visit CASHe