L-Pesa is a financial service that has been driving the progressive finance agenda, is looking to expand its offerings in India. Around the world, L-Pesa began by ensuring that the unbanked were able to access microloan services instantly using their mobile devices. From provision of microloans for individuals, L-Pesa also offered these loans to small businesses and increased its service portfolio.
In India, L-Pesa is creating a powerful alliance with Paytm. Paytm is the largest mobile e-commerce website, offering services to millions of Indian customers who are linked to several mobile service providers. These providers include Vodafone, Airtel, Tata Docomo and so much more. Paytm also makes it possible for all types of transactions to be done including payments for bills, education, utilities, mutual funds, shopping and more.
Both L-Pesa and Paytm services are low in cost, allowing for anyone to benefit from them. By coming together, customers can benefit from more funding options to make purchases as well as payments when they are necessary. These will ease the burden of financing, allowing for faster decision making and easier planning.
To ensure that there is management within the L-Pesa process, customers are given the chance to increase their loan balances through the unique credit score. With this, one starts being able to take a loan of $1 starter loan, 70 INR and over time, can access loans worth 50,000 INR at a time.
L-Pesa will also help drive empowerment and make a big impact to the lives of the people in India. A large segment of the society is knowledgeable of microfinance and microcredit products, ensuring that there is a good foundation for acceptance of and interaction with L-Pesa.
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