Gateway for Payments Provided by Sahay

Abstract

Let's face it. Even today, the loan application is one of the most tedious processes out there. With mounds of paperwork, the time is taken, and the high chances of rejection, the loan approval process often turns the applicants away, forcing them to enter the debt trap of loan sharks. Imagine paying a 20% rate of interest every month. Juspay's Credit Team works on the process of making the loan application process easier and increasing credit availability to MSME borrowers in India._x000D_ To improvise the credit system in India IndiaStack released OCEN in July 2020, promising to transform the way credit is provided to end-users by creating new touchpoints for financial services distribution. It gives new participants (such as digital platforms) the ability to play critical roles in the loan value chain. It is a thorough reimagining of India's credit environment. Sahay is the first rendition of OCEN. With the Sahay app, merchants can quickly register and get loans instantly from lenders by just providing their bank details and GST numbers. Similar to BHIM, which was UPI's first-ever reference implementation, OCEN's first reference app will be the "Sahay GeM" and "Sahay GST apps. And the reason why these are getting some traction is that merchants now don't have to present other documents, they are just using their GST invoices or their GeM purchase orders to get loans.