Tech
Merchants crack QR code to secure loans from NBFCs
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The growth of QR code-led digital payments is boosting unsecured merchant loans by non-bank lenders, bringing hundreds of small businesses into the fold of formal credit at a time when mainstream banks are rather circumspect about expanding uncollateralised loan books.
Non-banking finance companies (NBFC) such as Aditya Birla Finance (ABFL), L&T Finance, Poonawala Fincorp, and SMFG India Credit are among those extending credit to small businesses, harnessing the technology backbone offered by payment firms such as BharatPe, Paytm and PhonePe.
As…
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