Bajaj Finance Ltd. Launches Diwali campaign ‘EMI HAI NA’ with a bang, BFSI News, ET BFSI

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With the festive season transpiring in full swing, Bajaj Finance Ltd., in collaboration with Bajaj Finserv Direct Limited, has launched its Diwali campaign ‘EMI HAI NA’ to offer discounts and cashback on a wide range of products and brands purchased on EMI through the Bajaj Finserv EMI Store of Bajaj Finserv Direct Ltd. (www.emistore.com).

Customers can avail of discounts on a slew of electronic products, home appliances, smartphones, smartwatches, furniture, fitness equipment, home decor, accessories, kitchen appliances and much more with minimal down payment. The campaign concludes on the 15th of November 2021.

The campaign has a catchy jingle that addresses the common sentiments of most middle-class Indian consumers when they are faced with the choice of making high-value lifestyle purchases. With the ‘EMI HAI NA’ campaign, the brand enables every customer living in different cities to experience benefits for their shopping aspirations, anytime, anywhere. The campaign encompasses the essence of India being united by one mantra’- #EMIHAINA in the context of repayment of purchases through monthly installments.

Running LIVE across digital platforms, including Bajaj Finserv’s social media channels (like Facebook, Twitter, LinkedIn, YouTube), audio streaming platforms (like Gaana, JioSaavn), radio, infotainment and other OTT channels, the brand has infused a 360-degree strategy to make “EMI HAI NA” synonymous with Bajaj Finserv’s affiliate companies, Bajaj Finance Ltd., and Bajaj Finserv Direct Ltd.

To increase momentum, the company has also created a virtual game where customers can participate in a challenge to score maximum points. The participants will get cashback rewards. The Bajaj Finserv EMI Store also promises a seamless experience through its network of reputed and trusted partners.

In addition to deals, discounts, offers, digital videos, games, dedicated webpage and 3rd party collaborations, the brand also aims to leverage the network of 43,000+ sellers across India, to reduce delivery time with other benefits such as minimal documentation and pre-approved loans*.

Customers can shop directly from their favourite store or online using their “Bajaj Finserv EMI Network Card”.

The campaign is also touted to offer customers to save via different curated rewards and promotions.

Finance is provided by Bajaj Finance Ltd. in its discretion and shall be governed by the loan terms and conditions. Rewards are subject to fulfilment of the promotion terms and conditions.

Bajaj Finance Limited, the lending arm of the Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market, catering to more than 50 million customers across the country.

Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Wallet, Co-branded Credit Cards, Two-wheeler and three-wheeler Loans, commercial lending/SME Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits.

Bajaj Finance Limited prides itself on holding the highest credit rating of AAA/Stable for long term borrowing, A1+ for the short term borrowing, and FAAA/Stable for FD program. It has also been credited for Long term issuer credit rating of BB+/Stable and short-term rating of B by S&P Global ratings for ECB.

This story is provided by NewsVoir. will not be responsible in any way for the content of this article. (ANI/NewsVoir)



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PhonePe launches a new wallet auto top-up feature

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Digital payments platform PhonePe has launched a new Wallet Auto Top-up feature using UPI e-mandates for its customers.

The feature will allow PhonePe customers to set up a UPI e-mandate once, after which PhonePe will automatically top up their wallet balance when it falls below a minimum level.

This is meant to ensure a higher transaction rate. PhonePe customers can make multiple payments using their wallet with the new feature without having to top up their wallet balance manually each time.

Once the UPI e-mandate has been set up, users can automatically load their walters and make a payment without needing entering any PIN or waiting for an OTP each time.

The platform is testing this feature end-to-end with the Wallet Auto Top-up launch for PhonePe customers and is also working to make this available to merchants, payment aggregators and other apps in the coming weeks.

In PhonePe, customers can enable Wallet Auto Top-Up by clicking on the ‘Top-Up’ icon in the wallet section on the PhonePe app homepage. Customers then need to enter an amount of their choice to be topped up. A pop-up will be automatically shown to the customers to enable Auto Top-Up. Customers need to enter the Auto Top-Up amount ranging from ₹1,000 to ₹5,000 and click on the ‘Top-Up & Set Auto Top-Up’ wallet option at the bottom of the screen and enter the UPI PIN. On successful confirmation from the customer’s bank, the wallet gets recharged for the chosen amount instantly, and an auto-top up mandate is created.

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RBI makes interoperability mandatory for all wallet, PPI issuers

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The allowing of cash withdrawals from all PPIs, in conjunction with the mandate for interoperability, will boost migration to full-KYC PPIs and would also complement the acceptance infrastructure in Tier-III to -VI centres, the RBI said.

The Reserve Bank of India (RBI) on Wednesday announced its decision to make interoperability mandatory for all full-KYC prepaid payment instruments (PPIs) and other payment infrastructure. The regulator simultaneously announced an increase in the permitted outstanding balance in PPIs to Rs 2 lakh from Rs 1 lakh and allowed cash withdrawals from full-KYC non-bank wallets. The regulations effectively bring wallets at par with bank accounts in terms of service offerings.

RBI governor Shaktikanta Das expressed displeasure with the lack of effort on the part of industry players to voluntarily move towards interoperability. The central bank had issued guidelines in October 2018 for adoption of interoperability on a voluntary basis for full-KYC PPIs. As the migration towards interoperability has not been significant, Das said, it will now be mandatory for full-KYC PPIs and for all payment acceptance infrastructure.

At present, cash withdrawal is allowed only for full-KYC PPIs issued by banks. The allowing of cash withdrawals from all PPIs, in conjunction with the mandate for interoperability, will boost migration to full-KYC PPIs and would also complement the acceptance infrastructure in Tier-III to -VI centres, the RBI said. In addition, the RBI-operated centralised payment systems (CPSs) – RTGS and NEFT — will be opened up to non-bank payment system operators like PPI issuers, card networks, white label ATM operators and trade receivables discounting system (TReDS) platforms. The measure is aimed at minimising settlement risk.

Responding to a query about data breaches at non-bank PPIs and the role of the RBI’s supervisory architecture thereof, executive director T Rabi Sankar said the regulator’s objective would always be to protect the customer and make transactions as safe as possible. “To that extent, like we have issued to banks recently, we are looking at issuing guidelines that could lay down the basic minimum norms for cybersecurity and other security issues. As far as instances of such issues are concerned, we are seized of those matters and we are taking all the steps required to reduce the possibility of such events,” he said.

Manoj Chopra, VP & head – products and innovation, InfrasoftTech, said interoperability might help wallets claw back the space they had lost to banks and other players with the rise of Unified Payments Interface (UPI) and the new KYC requirements. “Cashbacks offered also did not help much. Interoperability will provide that much needed push for wallets and PPI providers,” Chopra said, adding that the transition would be fraught with risks. Customers will have to be more careful about digital frauds and wallet providers will have to beef up their technology infrastructure to be able to manage these risks.

As wallets become enabled with most transaction features available on bank accounts, they will be able to effectively compete for micro-savings from the under-banked segments, said Ketan Doshi, MD, PayPoint India.

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