BENGALURU: Indian E-commerce giants like Paytm, Snapdeal are working on a new pilot project which seeks to offer EMI loans to customers who hold a decent online transaction record. According to sources of ET, Indian marketplaces and payment companies are working on the project that can track the online transaction history of an individual. Through which credit scores of the particular customers shall be determined and based on the credit scores E-commerce firms to provide loans to customers, as reported by the ET.
This project is intended to target age group of 22-28 year age group who are mostly reluctant in using their credit cards and depend on their saving for online shopping. Apprehending this Alibaba introduced the similar project in China last year.
Jitendra Gupta, Founder of Citrus Payment Solutions said, “Our product will give the customer a decision in 15 seconds flat on whether they are eligible for credit or not. We will assign credit scores to customers on our database, using our analytics engine. This will be mashed against the data provided by the marketplaces working with us, and with the traditional credit data our partner banks provide. We will only tell the bank whether the customer is eligible or ineligible for the loan. Disclosing credit score will be unethical.”
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