When in need of money during an emergency, we usually opt for loans or borrow from friends and family. The hassle of paperwork as well as an embarrassment in those two options, respectively, makes us hesitate. This is where MoneyTap can come to your rescue!
MoneyTap simply means ‘Money on Tap.’ It is an innovative mobile app that gives you money on demand, in partnership with banks and NBFCs.
Some of the unique and helpful features of MoneyTap are:
1. Chat to Apply
MoneyTap’s friendly chat-bot takes you through a simple and a secured registration process. Fill in your PAN, income, and a few more details, while you chat.
2. Approval in Minutes
Our app based approval process is one of the fastest in the industry. A few minutes spent on registration can show you your pre-approved limit of up to 5 lakhs in real-time. The final approval which verifies the information provided during registration takes a few days only.
3. Transfer in a Few Taps
In a few taps, you can instantly transfer as little as Rs.3000, or as high as your entire credit limit, to your registered bank account.
4. Free Credit Card
MoneyTap will provide you with a Mastercard credit card which is similar to a credit card that offers great benefits.
- In regular credit cards, only 40% of the credit limit can be withdrawn as cash. However, with MoneyTap, the entire credit limit that is approved can be taken as cash or transferred to your bank account.
5. Flexible EMIs
Convert every purchase via the MoneyTap app or every swipe of the MoneyTap card to an EMI.
- Like any other credit card, use your card at retail stores or online sites.
- Every time you spend Rs.3000 or more on your card, you can convert it into EMIs, right from the app with one tap.
- The interest rates are mentioned upfront when you convert.
6. Credit Forever
A unique feature of MoneyTap is that once you have a limit approved, you can keep it for as long as you like.
- This is unlike any other personal loan that has a fixed tenure.
- Every time you repay your borrowed amount, your available balance increases by the same amount.
7. No Usage, No Interest!
While the entire credit limit is available to you on your phone at all times, the interest is charged when you actually transfer out the money through the app. Only on the amount transferred. There are no other hidden charges.
8. Tracking your EMIs
MoneyTap provides complete transparency to help you manage your credit on the app as well as access your card account on a tap.
- Track all your transfers, card spends, charges and EMIs through the MoneyTap app.
- Get alert messages on your registered email address and mobile number about your upcoming payments, due dates, EMIs and other card related information.
- No need to wait for your card statement to get generated at the end of the month.
- Print last 6 months statement.
- Check available credit limit and request for balance transfer or demand draft.
MoneyTap’s airtight app security includes key security measures.
- The app complies with all the security regulations mandated by the bank.
- Entry into the app is restricted by an app specific pass code. This will help you secure the app and lock it each time you exit the application.
- The MoneyTap mobile app operates on the industry standard HTTPS security protocol– Nothing is on wire.
- Just four simple steps to set your Money-Tap credit card PIN right from the app (Refer Image below).
- The MoneyTap card is equipped with a PIN-based EMV chip that provides additional security to ensure safe card transactions.
- All online transactions are protected with One Time Password (OTP) authentication that would be sent on your registered email id and mobile number.
- You are covered by Zero Fraud Liability if your card is ever lost or stolen after you have informed the 24×7 customer service.
10. Global Reach
MoneyTap offers you the flexibility of 24*7 global cash access.
- The MoneyTap Credit Card is accepted at over 1 million MasterCard merchant establishments in India and over 25 million establishments world-wide.
- You can buy in any currency and pay back later in Indian Rupees.
MoneyTap gives you the freedom and flexibility to use the approved credit line the way you choose. It also provides you the easy option of going cashless. As long as you make the repayments timely, it can be of great help in easing out cash flow and improving your credit history. Once you install the app, the control is in your hands at all times.