Mumbai, January 29, 2019: Digital lending company CASHe, has launched a unique fund transfer facility called “BuddyTransfer” for its users.
With BuddyTransfer, CASHe users can now authorize to send part of their loan to up to five contacts from their phonebook. The maximum amount that can be transferred to each contact with this facility is Rs 2,000. The company further stated that it wanted to make it easier for its users to send money to friends and family by simply choosing names from their phone contact list and authorize a money transfer directly to their bank accounts. BuddyTransfer is built on a Blockchain infrastructure which keeps the transactions safe, secure and transparent.
Here is how BuddyTransfer works -
- To use this feature, the user has to select the desired loan amount from CASHe and request for a loan.
- The user gets an option to transfer part of his loan by choosing ‘Transfer to your Friend’ feature where he can select up to five names from his phone contact list to whom he wishes to send the money.
- He can choose the desired amount ( Maximum Rs 2,000) per contact and confirm the details in the following screen.
- Once the loan is approved, CASHe will initiate the fund transfer on behalf of the user to the selected recipients.
The user can authorize a fund transfer to anybody in India through his phone contact list regardless of they being a CASHe user or not. If the fund transfer is initiated to a non-CASHe user, they will get a notification through SMS informing them on the impending fund transfer along with a link to download the CASHe app from the app stores. The fund transfer will be successful only if the recipient downloads the app, fills the necessary details along with his bank account information and submit the necessary KYC documents.
This feature will be particularly useful to people who need to transfer urgent cash to their family and friends. BuddyTransfer allows users to transfer money to any contact in their phonebook 24 hours a day, seven days a week. CASHe customers can transfer money to any person in India, once they download the app and register. The app is widely accessible as it works on Android and iOS operating systems.
CASHe is promoted by serial entrepreneur and private equity investorV. Raman Kumar. He says: “CASHe has always tried to be a leader in harnessing new technologies to bring cutting-edge user experience. This is the first time that a Blockchain infrastructure is being used to facilitate actual money transfer in a fin-tech application in India. This is an industry firs.”