Merchants crack QR code to secure loans from NBFCs
Forget dusty loan applications and endless bank queues; it seems the humble QR code has officially graduated from mere payment facilitator to full-blown financial enabler. Merchants aren't just scanning these monochrome squares to accept payments anymore; they're practically shaking them down for quick credit, turning everyday digital transactions into a goldmine of loan eligibility. It’s less "swipe to pay" and more "scan to secure," proving that innovation in finance can be as simple as a pixelated square, if you know how to leverage it.
This burgeoning trend sees non-banking finance companies (NBFCs) like Aditya Birla Finance (ABFL), L&T Finance, Poonawalla Fincorp, and SMFG India Credit stepping in to fill crucial funding gaps for small businesses. By harnessing the robust technology infrastructure provided by payment firms such as BharatPe, these NBFCs are able to analyze transaction data linked to QR code payments. This data-driven approach allows them to assess creditworthiness quickly and disburse loans efficiently, providing vital capital to a segment often underserved by traditional banking institutions.
