India’s first UPI-based credit line for college students - “PayCrunch”
Do you know about this app?
Total Views | 274
Getting a loan is somewhere easy for a person who is either having a job or a business. But when it comes to students and teenagers, getting a microloan is also a long process. Aman Bhayana, an engineering graduate student from Vellore Institute of Technology (VIT) understood this pain point of teenagers and students and came up with a simple solution for them. He wanted to do something in the Fintech sector and hence he came up with the idea of a “UPI-based credit line for college students.” and that’s how PayCrunch was born.
PayCrunch is a microloan lending app which is targeting teenagers and students. Aman felt that people of his age do not use cards much and they feel most comfortable in using UPI-based apps like GPay, Paytm, BHIM, Phone Pay, etc. However, there was no option for microloan lending in these apps. Sometimes students may fall short in money and they may need something like that, he thought and started developing the idea of PayCrunch.
PayCrunch is now a part of Y Combinator batch W22!
— PayCrunch (@paycrunch) January 21, 2022
We’re excited to start this journey of building an inclusive student-bound community to grow with peers financially. The ball is rolling, so is our credit.#ycombinator #paycrunch #finance #fintech #Students #personalfinance pic.twitter.com/pIZMVcDUtu
Cards are Good, UPI is a lot more convenient and easy to use, Aman felt. Now 23, Aman decided to work around this, and in 2020 Aman and his friend Meherdeep Thakur launched this Bengaluru-based startup PayCrunch. “Students who fall short of funds when they go out, they can pay then and there through PayCrunch.” This was the basic idea about the PayCrunch app.
Now teenagers may sound like a risky element for the Fintech area, but PayCruch has a different way of assessment of onboarding teenagers. Team PayCrunch devide their assessment of users between the ability to pay and willingness to pay. Both these things are done by understanding their spending patterns. PayCrunch team also tries to understand their pattern on social media as well. Told by Aman to a leading website.
How does this App work?
PayCrunch uses a credit system to keep a track of students’ repayments, provide them exciting bonuses to encourage wise financial management. The offline feature also makes sure that the lack of internet will not cause any problem for students while making the payment. This app has more than 10000 users and is accessible throughout the country.
As of now, PayCrunch has 12 employees. And they are also trying to tie up with colleges and universities with engaged communities.
It is a unique idea and one of its kind solution for students. This app shows a young and creative mind can do wonders in any sector. Aman and Meherdeep are an inspiration for many.
- Niharika Pole Sarwate
Bharati Web
