Svamaan Financial Services rolls out QR code based payments services

Digital microfinance venture Svamaan Financial Services has rolled out QR (quick response) code based Unified Payments Interface (UPI) payment option on GooglePay, PhonePe and PayTM for its customers.

This facility is in addition to all banking apps offerings, it said in a release.

The company has also forged partnership with digital payment companies including PayU, FINO Payments Bank and PayNearby for cashless and contactless service in view of the COVID-19.

These partnerships will allow Svamaan to offer digital and safe loan disbursements as well as collections experience while adhering to social distancing and safety norms in business operation, the company said.

"Svamaan’s primary goal has always been to empower rural women and make them financially independent. COVID-19 pandemic has particularly affected the low-income groups across the country in terms of lack of easy availability of finance.

"In times like these, Svamaan is committed to provide a much-needed helping hand to rural women to rebuild their dreams,” said Anushree Jindal, Founder & Director of Svamaan Financial Services said.

During the current fiscal, it plans to double its customer base to 50,000 customers by the end of FY21, the company said. Citing MFIN (MicroFinance Institutions Network) it said the microfinance industry has total loan portfolio of Rs 2,31,788 crore with 10.5 crore active loan accounts at end March 2020.

Citing MFIN (MicroFinance Institutions Network) it said the microfinance industry has total loan portfolio of Rs 2,31,788 crore with 10.5 crore active loan accounts at end March 2020. The company currently has operations across 50 rural locations in Maharashtra, Karnataka, UP, Jharkhand and Chhattisgarh with over 25,000 customers.