Pay-on-demand platform Refyne is coming to WhatsApp
Earned wages access platform Refyne said on Tuesday that its pay-on-demand service is now available on WhatsApp, which will help employees access their paychecks in real time.
Users can get started by simply sending Refyne a WhatsApp.
The startup will then guide them through a few quick steps to complete the required KYC and if successful, they can start transacting instantly.
The startup, which currently works with over 200 employers and has over 1.5 million employees on its platform, said it is fully compliant with Reserve Bank of India (RBI) laws and data from employees remained secure.
“In India, 1 in 3 people live paycheck to paycheck and a significant portion have no or very limited access to credit. As a result, many are underserved or unserved for reasons ranging from financial literacy to credit data to geographic constraints,” said Chitresh Sharma. , CEO and Co-Founder, Refyne.
“Given the penetration of WhatsApp in India, we believe this is a step in the right direction to make pay-on-demand accessible to a large number of Indians,” Sharma added.
All transactions are secure and follow two-factor authentication, said the startup founded in 2021 by Sharma and Apoorv Kumar.
Refyne now supports 11 Indian languages on its app and can be accessed on Google Playstore and Apple iOS.
Its customers include Kaya, Sterling, Car Dekho, STL, Barista, Rebel Foods, Acko, Practo, CCD, Cars24 and Epigamia, among others.
Refyne is backed by leading global investors such as Tiger Global, QED Investors, ICICI Bank, Jigsaw VC, DST Global, RTP Global and XYZ Capital.
Earlier this year, it raised $82 million in its Series B funding led by Tiger Global.