vCard – India’s first Downloadable Credit Card
With ~1.25 Billion people and a ~7.5% GDP growth, India is one of the most significant mobility payment market in the world. It is ranked second globally on Internet usage (300 mn internet users) and mobile phone subscription (1 bn mobile phones)
Currently India has 28 mn physical credit cards and 780 mn individual bank accounts – suggested large unt
apped opportunity for unsecured credit products. Cost of Physical Underwriting processes lead to high cost of customer acquisition, fraud detection and regular customer service. VCARD
An initiative by virinchi group, to provide cashless transaction power with minimal paperwork to all segments of the population. It utilizes advanced predictive analytics for underwriting and spend insights. The Analytics allow for credit setup to be done within minutes, with the data not only collected from income sources but also a social behavior pattern is utilized in determining the person’s credit limit. vCard is a Downloadable Credit Card – where the entire customer life cycle - loan origination, customer underwriting and fund usage for merchant payments- is managed completely on the app. The product allows the customer to use the Credit Line either as (a) Credit Card (b) Overdraft or (c) an EMI account. Disruption by VCard:
Transaction through VCard will bypass various Intermediaries and speed up the existing process. With a single step authorization and settlement process, the seller gets its money instantaneously incurring less than 2% as transaction fee. vCard has sophisticated payment integrations available to allow credit payments through the inter-bank channels instead of conventional Visa/Master channels, thereby reducing the cost of transaction. Contactless payments, including those with QR code and Mobile Wallets, make the credit card app ubiquitously available. The product is backed with some of the leading banks and NBFCs in India and is expected to reach 1 mn customers over the next 12 months
