MoneyTap, India’s first app-based credit line, announced the launch of ZeroPaper technology, which enables 100% paperless processing of its customer applications.
The MoneyTap and RBL Bank ZeroPaper technology introduces the new e-Sign feature, which eliminates the use of paper for various steps in the customer application and overall credit underwriting process. Eligible customers can download the MoneyTap app to apply and avail their line of credit without ever submitting a single piece of paper or meeting an RBL Bank representative. They can digitally sign relevant documents via an Aadhaar-based e-Sign that is fast, secure & simple.
“This is a huge moment for financial services in India and we are totally excited to be the first to launch ZeroPaper along with the RBL Bank. This will result in a delightful and unparalleled experience for MoneyTap customers that is not yet offered elsewhere in the industry.”Kunal Varma, Co-founder, MoneyTap
While a few banks have optimized some parts of their credit application processes, they retain paper KYC formalities with the requirement of wet signatures for loan applications. Coordinating a visit to the customer’s house or office is not only expensive for banks but also one of the biggest sources of hassle and delay in processing the application. Now, customers can comfortably complete the whole process on the app at any time including paperless KYC. This enables them to go from start to finish in the same day (instead of days or weeks), as compared to manual forms where there are hassles of collection, submission and verification of applicant data. With the help of Aadhaar, ZeroPaper also reduces the chances of fraudsters, which helps to keep a check on counterfeit documents, forged ink signatures and fake identity papers.
“RBL Bank is delighted to collaborate with MoneyTap to bring ZeroPaper into the banking arena, as it makes processes faster and smoother. It will result in significant operational efficiencies and cost savings. More importantly, it will provide customers with a secure and superior banking experience.”Harjeet Toor, Business Head – Microbanking, Cards, Retail and MSME Lending
Going paperless also means empowering financial institutions with ZeroPaper technology that enables them to drastically cut operating costs. In addition to the app, MoneyTap’s technology includes a cloud-based backend platform that is 100% compliant with Aadhaar and Bank security regulations while facilitating an efficient, fast and completely paperless processing of customer applications.
“We firmly believe that in a country with more than 1 billion people on Aadhaar, 220 million SmartPhones and 254 million Jan Dhan Accounts, improvisation in paperless banking and particularly consumer lending is essential to create truly inclusive systems. MoneyTap’s ZeroPaper can change the way customers access credit in India and make technology ubiquitous with banking.”Pramod Varma, Chief Architect, Aadhaar
ZeroPaper facility is available to all eligible customers of MoneyTap who have their mobile numbers updated on Aadhaar. The MoneyTap app is available on Android Playstore to all salaried employees, living in Pune, Ahmedabad, Vadodara, Gandhinagar, Anand, Bharuch, Delhi NCR, Mumbai, Bangalore, Hyderabad and Chennai. The company is planning to expand to other cities as well in the next few months. There are no extra charges for ZeroPaper.