UPI-to-EMI Option for MoneyTap Users - MoneyTap Blog
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UPI-to-EMI Option for MoneyTap Users
Shiv Nanda
Dec 04 • 3 mins read

UPI-to-EMI Option for MoneyTap Users

3 mins read

Get direct, touchless, additional access to shop and make payments with your MoneyTap app – right from your phone

MoneyTap has come a long way from being India’s first app-based credit line to disbursing loans close to ₹4000 Crore – changing the way India uses credit. Now, we are all set to further our vision to make credit accessible to all with a unique, first-of-its-kind launch to make shopping more convenient for users by enabling them to make payments on both online and offline with the MoneyTap app.

We have rolled out a UPI-to-EMI option for MoneyTap users to make payments to merchants using the MoneyTap app directly on the Unified Payments Interface (UPI).

Previously, if you were a MoneyTap user, you received your credit line on the app and could transfer funds with a touch of a button into your bank account when needed. With the new UPI-to-EMI feature, you will be able to walk into any store, scan the UPI QR code, access your MoneyTap account right from your phone and make payments directly. Post payment, the app will quickly convert the used amount into an easy and affordable repayment EMI option based on your chosen tenure. Next, all you need to do is pay interest only on the used amount when the EMI process starts.

This makes the overall lending, payment, and repayment journey quick, convenient, and seamless for MoneyTap users across most retail outlets in India. You can also use this service on e-commerce portals to shop or make payments via UPI on the MoneyTap app itself.

We’re currently offering this product to a few customers who have an account already set up with us, with further plans to make it available to everyone who uses MoneyTap. We are also planning to add newer features to this product to make the app even more rewarding for our customers in the coming months.

“We are glad to launch this feature at a time when the number of people using UPI for their payments is at the highest owing to the pandemic. At this juncture, people might need more money options urgently, and this new feature offers the ease and flexibility to make transactions safe and touch-free with direct access to a pre-approved amount that will exist in their account at all times to be used for any purpose that they choose, while also preventing them from making card swipes in the process.”

– Anuj Kacker, Co-Founder, MoneyTap

If you’re a MoneyTap user, you will soon be able to use this feature across India.

If you’re not a MoneyTap user yet, you can avail of a credit line with instant approval without any collateral. Just download the MoneyTap app, and with a quick, easy, and secured online application process, you can be approved for a credit line of ₹3000 to ₹5 Lakh. Once you have MoneyTap, you can enjoy the flexibility of accessing money from your credit line anywhere, at any time across India. This means you will no longer be in a fix in times of emergency or in situations where you might need money. These situations and instances can be monthly bill payments, big-ticket purchases, shopping online, medical bills, travel expenses, repairs – pretty much any time you find yourself in need of funds.

Download the MoneyTap app NOW and rest assured that you’re financially covered, and also enjoy the convenience of our new UPI-to-EMI feature!

About MoneyTap

MoneyTap is an Indian fintech startup that has pioneered the concept of app-based credit line to provide people access to instant, affordable, and flexible credit of up to ₹5 Lakh. With an aim to democratize credit, we cater to diverse customer segments in multiple cities, thereby revolutionizing credit lending in the Asian FinTech space.

We follow strict lending processes, including collection of KYC details before giving access to credit. With a recent addition of our own NBFC license from the RBI, and with working in association with only established RBI-Regulated partner banks and NBFCs we continue to stay committed to creating and offering the best-in-class lending products for customers and stakeholders.

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