What is the name of your organization?
MAKSPay Fintech Solutions Private Limted
What is the name of your solution?
PehchanPe
Provide a one-line summary or tagline for your solution.
One Identity One App - We offer a suite of financial services like government-backed micro loans with seamless integration with core banking systems.
In what city, town, or region is your solution team headquartered?
Hyderabad, Telangana, India
In what country is your solution team headquartered?
India
What type of organization is your solution team?
For-profit, including B-Corp or similar models
Film your elevator pitch.
What specific problem are you solving?
Our mission is to bridge the gap between banks and borrowers, providing seamless access to financial services for underserved individuals and communities. India has over 12 million street vendors, these vendors primarily avail credit from informal sectors at a very high interest rate. This behaviour is due to lack of digital footprint and documentation required to borrow from a regulated financial institution. The banks on the other hand have a challenge to acquire these customers, validate their documentation and have difficulties in underwriting a loan product for this segment in a cost efficient manner.
What is your solution?
We address significant challenges faced by banks, including high customer acquisition costs, limited automation, and compliance inefficiencies, while also simplifying the borrowing process for users through paperless, presence-less and cashless loan journeys. By lowering their cost of acquisition and increasing productivity, considerable impact is achieved in the livelihoods of these street vendors. Demo link - https://drive.google.com/file/d/1VmqUKlz2kRve6cxoioZK_-53BsnetfWp/view?usp=drive_link
Who does your solution serve, and in what ways will the solution impact their lives?
Street vendors play a crucial role in the informal economy but face significant financial and operational challenges, including limited access to credit, low financial literacy, regulatory hurdles, and low adoption of digital payments. Due to a lack of formal credit history, they often rely on high-interest informal loans, keeping them trapped in financial instability. Additionally, their dependence on cash transactions prevents them from building a verifiable credit profile, restricting access to better financial products. MAKSPay Fintech is addressing these challenges by providing digital lending solutions based on alternative credit assessment models, enabling quick and low-interest micro-loans. It also promotes financial literacy by educating vendors on digital payments, credit management, and financial planning. Through simplified KYC using DigiLocker and Aadhaar verification, MAKSPay ensures easy onboarding and access to government-backed financing schemes like PM SVANidhi. Moreover, it encourages digital transactions by offering Daily Repayment of Loans through QR-based payment solutions, helping vendors build a credit history. To enhance financial security, MAKSPay facilitates micro-insurance and structured savings plans, protecting vendors from financial shocks. By bridging the gap between informal businesses and formal financial services, MAKSPay empowers street vendors with the tools to grow sustainably and integrate into the formal economy.
