“EMI Installments” are experiencing increased demand worldwide, as they deliver significant value to all participants in the payments ecosystem. Financial institutions, digital giants, social platforms, and third-party service providers are leveraging real-time payment technology to offer a variety of solutions, including person-to-person (P2P) payments and business-to-consumer (B2C) disbursements.
Currently this facility is provided only by large public and private sector banks on selected e-commerce vendors only. This leaves large number of banks and e-commerce sites, who would want to offer this facility to their customers but do not have the scale to do so.
Banks already use such services to get the data scrubbing done to run pre-qualified offer campaigns for various products like EMI on debit card, personal loans, home loans etc. In case of debit card EMI offers, after getting the scrubbing done, banks get into one-to-one arrangement with e-commerce companies to run campaigns on this database. The Client is providing a platform where we will hold the database on the bank’s behalf and run the campaign for them.