Pune-based digital payments solution provider Phi Commerce is planning to venture into the credit segment in the coming six months, according to Jose Thattil, CEO of Phi Commerce.
The startup offers e-Cash on delivery (eCOD) payment option at the time of delivery through PayPhi, its cashless payment platform.
“We are in a good position to assess the consumer’s creditworthiness as we already have access to their credit history and addresses since the transaction happens at the residence or office, and not online,” said Jose Thattil.
Phi Commerce was founded by Jose Thattil, along with Tushar Shankar, Anil Sharma, Rajesh Londhe, and Ramkumar Subbaraj in 2016. The startup provides a complete PayPhi Digital Enablement Suite, that offers various services like PayPhi eCOD, PayPhi Invoices, PayPhi In-Store, and PayPhi Gateway, among many others.
The startup is looking to strengthen the digital payments space through its eCOD service that facilitates cashless offline payments, as a majority of e-commerce payments are still made in cash.
Phi Commerce will provide credit for online and offline transactions, giving the consumer the option to opt for credit on the purchase during delivery. Freeing the consumer from the necessity to avail credit while making the purchase online.
The startup is looking to work with other institutions to offer credit to consumers and it is in the process of finalizing the details and the product at present, according to Thattil.
Phi Commerce had launched Bharat QR-based payment solution, earlier this year, in order to bring e-cash on delivery model to tier 1 cities.
Recently, Amazon ventured into the digital lending space as it launched Amazon Pay EMI, to offer credit to its customers who do not possess a credit card.
India’s digital lending space is soaring and more startups will be looking to leverage the opportunity provided by this growing sector.