ShopX And LoanTap Launch Credit Services For Retailers

ShopX Suvidha is currently available to the entire ShopX network

ShopX, the Retail Network Company, in conjunction with digital lending organization LoanTap, has enhanced its credit offering ShopX Suvidha by launching a digital credit marketplace for its retailers present on the platform offering loans ranging from Rs.25,000 to Rs.5,00,000. At present, this service is currently available to 100,000+ small retailers across 16 cities.

Under the credit facility from ShopX, in conjunction with LoanTap, retailers now have access to a digital, completely paper-less model to avail credit as well as one-tap repayment on the amount borrowed. The ShopX Data Platform helps assess the risks, credit worthiness and market valuation of these retailers attached to the ShopX network. This makes the process of getting loans easy, fast and secure.

As per an RBI report, ‘Trend and Progress of Banking in India 2017-18’, more can be done to accelerate the state of financial inclusion in the country. With kirana stores constituting a significant portion of the unorganized retail in the country, they become a focal point to accelerate both cashless transactions as well as financial inclusion.

On the launch of ShopX digital credit facility, Amit Sharma, CEO and Co-Founder, ShopX, said, “Our vision for a digital model of commerce necessitates the inclusion of facilities that make it easier for retailers, the backbone of Indian retail, to have access to and avail of credit as they scale and grow their businesses. Through this, we see the opportunity to have the retailer base that works with us further the function of cashless transactions as well as build healthy credit habits”.

LoanTap acknowledges the significance of availability of credit in the economy. Satyam Kumar, CEO. LoanTap says “Credit is an integral pillar of trade. In small retail, there is a focus on frictionless customer journeys. Keeping this in mind, LoanTap, through this partnership brings a unique solution for retailers, in the form of credit that can be availed quickly, at friendly and flexible terms.”

Commencing with LoanTap, ShopX aims to create a credit marketplace for its retailers, thereby including several lakhs of storeowners into the formal banking and credit economy. For long term viability, even the smallest retailer has to become part of the formal banking economy as this allows them to register and improve their credit scores and that in turn fuels growth.

February 12, 2020 | Bengaluru, India