repayment by small ticket takers Buy it now pay later model to borrow from mom and pop stores Diwali According to data compiled by OkCredit.
Most of these shops usually struggle to get their dues back on time, however, this festive season more than 3 million customers came forward to settle their credits. The data points to a good cycle in which higher repayments have enabled merchants to extend more loans, leading to an increase in customers. According to a release issued by the firm, the credit given per active merchant on OkCredit increased by 23% and these merchants added 1 million customers during the festive period.
digital Payments have played a big role in helping mom and pop stores recover credit as the number of digitally fixed credit lines has increased by 100% since last year, fueling the adoption of online payments in digital book keeping. It reflects.
The increase in repayments and growth in retail SMBs also point to a healthy recovery in the economy, especially in Tier-II and Tier-III cities, the release said. Data from OkCredit shows that retail SMBs have seen a 70% increase in adoption of digital solutions for managing their books. Of the 35 states and union territories, 25 have seen an increase in business over the last year, while others have remained more or less stagnant. merchants in the states Kerala And Karnataka The business has seen a growth of 8%. The north-eastern states have seen the highest growth, with Manipur topping the list with 22% growth in transactions per merchant.