Online Micro Credit on the Rise in India
Paving the way for migration of a large section of the population dependent on unofficial credit transactions into the formal sphere, the demonetisation move by the central government has boosted the prospects of online credit platforms.
The move has, especially, fostered a demand for micro lending platforms that specialise in quick loans of small ticket sizes.
The surge in demand for such services is best exemplified by the prodigious jump in demand seen by small firms like Slicepay, an online credit platform that caters exclusive to college students.
According to senior officials in the company, Slicepay has seen a thousand percent increase in demand post demonetisation. Speaking to Express, co-founder Rajan Bajaj said that at least 8000 students had registered with Slicepay in the last three to four weeks.