The why and what of Cheq ( @cheqit_ )
👇
#fintech #comingsoon
Tl;dr: Cheq gives you up to Rs 30k limit for spending anywhere
With us, you get:
✅ Greater convenience: One-tap payments everywhere
✅ Better rewards (0.5 - 4%) , Great offers
✅ 15-45 day zero interest repayment cycles
Follow @cheqit_ if you want early access
From afar, the Indian payments market looks *extremely* crowded.
There are dime a dozen payment options for every customer.
But there's an easy way to split all of them up:
1) UPI vs Non-UPI
2) Debit vs Credit
Why is UPI important?
Because in less than 7 years its become India's number 1 payment network.
Number of individuals paying via UPI: 120mn+
Count of UPI transactions in March: 5 Billion +
Why is Debit / Credit important?
Only 1 in 15 financially active individuals has a credit card/line active in India right now.
Demand for new credit lines/cards/loans is on fire 🔥
If we were to put the available payment options in India on a convenient 2*2 .... You see the gap?
India's largest payment network has a dearth of credit products.
That's an empty space bigger than 230Bn USD.
Can't credit cards fulfill this gap? Are they good?
❌ Less than 1 in 3 merchants accepts cards in India
❌. Credit cards charge COMPOUNDING late fees (30-45% + tax)
❌ Credit cards incentivize you to pay more, save less.
If you spend < 3 lakh / yr digitally, taking a credit card won't give you too many rewards.
Any delays in repayment will affect your credit score [means more expensive loans and lesser rewards in the future 🤷]
Plus the limited acceptance
By ditching the physical card and network costs, Cheq operates its business much more economically than credit card companies (our opex is 40-80% lesser).
This means more rewards for customers and lower penalties for delay.
Fun fact: Bank cheques were the original buy-now, pay later instrument.
Your parents used them to pay later everywhere.
Cheq is how you can do the same
What is our mission you ask?
1) Get you the best savings on every spend
2) Help you responsibly plan your purchases
3) Provide you the lowest cost emergency funds, instantly when needed.
We believe in simple interest for short-term credit. And fair charges on delayed payments.
10 rs/day is all we charge for delayed payments. If you delay more than 15 days, the late fees increase to 30 rs/day.
As of now, we're in private beta and plan to do a public release by September 30th.
Early customers are already loving us 🤫
This is the Cheq home screen 😊
Our Scan & Pay works on every UPI qr code and customers get a consolidated bill every 15 days.
Cheq has already processed more than Rs 27 lakh worth of purchases since early March.
#cheqit
As of now, we present customers with a consolidated bill every 2 weeks (1st and 16th of every month).
Customers get 4 days to clear this bill without any fees/interest.
Paying your bill on time gives you more rewards 💰
Cheq makes it easy to lookup spends.
And keeps your bank statement clutter free.
Additionally, our customers earn upto 2% cashback on every spend.
GeMs, our in-app currency, can be used to play games or redeem cashback.
We plan to distribute more than Rs 15 lakh in rewards over the next 6 months to early adopters.
#cheqit
We plan to onboard 500 new customers into the pilot program in May. Each of them will get great rewards, priority support and good karma
Please follow us on @cheqit_ if interested in joining.
We only have limited slots⏳
PS: We're android only right now
#joincheq
Easy spend analysis, EMI conversions, programmatic payments and many other innovative features will come to Cheq soon.
By joining early, you unlock all these faster and get accelerated reward rates as well.