Fintech as a Driver of Inclusion and Financial Empowerment

24th Feb 2023

By RING founder & CEO, Ranvir Singh

When I founded Kissht almost 6 years ago, my vision was to create India’s best credit app that would provide seamless, hassle-free loans to users across India. Ever since I can proudly say that Kissht has helped numerous Indians in urban and heartland India. We have close to 3.2 million consumers on its platform, of which more than 50% are active on a monthly basis. After witnessing the success of Kissht, we wanted to take things to the next level and build a world-class transactional credit product for aspirational Indians. RING was born out of this intention.

By virtue of being an RBI-approved NBFC, we already had the strong foundation we needed. The RING management team went on to set up a human-first, tech platform that caters to customers in urban and rural India, providing them with instant credit solutions without the hassle of documentation or tedious waiting processes. Our intention was to empower our customers, enabling them to use credit, their way.

Young Indians want their aspirations and desired experiences well within their reach. In other words, they want the world in their pocket at any given time, no matter where they are. This is exactly what the RING App enables with its seamless, instant credit and personal loans. The RING App provides its users with instant loans in just 5 minutes with all the requisite KYCs and regulations in place.

Customers can safely avail of instant credit of up to INR 30,000, build strong credit profiles, and repay their dues flexibly. They can also transfer the availed credit limit directly into their bank accounts, they can scan & pay through their RING Limit on the go, and now, we’ve also integrated UPI onto the app so our customers can make seamless, digital payments. But it doesn’t just end there, the RING App seeks to not only empower its users through instant transactional credit but also make their experience as gratifying as possible. Our strategy is to do this by offering our customers cashback & rewards on the most relevant spending categories such as grocery, travel, lifestyle, etc.

All this along with high data security, instant issue management, and risk assessment is enabled by a proprietary technology that uses top-notch detection techniques. These techniques incorporate liberal usage of AI, ML, and algorithmic learning to detect and preclude security breaches. The RING App’s suite of technologies includes behavioral fraud detection, open-source mapping via H3, and 1:N facial deduplication. The paywithRING App founders also nurture a robust merchant network, through the RING Merchant App, with over 5 lakh merchants across the country who onboard new customers every day and deliver on our vision of financial inclusivity.

Our aim for the RING App is for it to emerge as one of the largest providers of transactional credit in India, and I am proud to say that we are well on our way toward this goal.

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