Payment startup enables lenders collect EMI through any channel

Mumbai:Non-bank lenders can now extend to borrowers, multiple choices through which they can make straight-through payments of their EMIs, similar to how credit cards and utilities allow bill payments through various channels both online and offline. Phi Commerce, a digital payments fintech, has launched a new debt collection platform called CollectiPhi-360. This suite is designed to help banks and non-banking finance companies (NBFCs) manage collections more efficiently by consolidating multiple payment channels.

The platform, aimed at addressing the collection needs of lenders across various industries, supports products such as co-lending, term loans, buy now pay later (BNPL), and supply chain financing. It provides automated collections and enables doorstep, offline, partial, and bulk payments, ensuring smoother collection processes for institutions.

Lenders, including both banks and NBFCs, traditionally use a combination of digital, cash, and agent-assisted collection methods. These methods often involve multiple channels, such as field agents, online systems, and branches, leading to manual reconciliation and delayed fund settlements, which raise operational costs. Failed payments, often due to insufficient funds or technical issues, are a particular challenge in areas with lower banking penetration, leading to significant delays and revenue loss for lenders.

CollectiPhi-360 aims to tackle these issues by offering a unified platform with automated and partial payment options. It supports a variety of payment methods, including UPI Autopay, Phi Commerce’s proprietary Split & Pay, AEPS, PoS App, e-NACH, and payment links. By consolidating collections across both online and offline channels, the platform offers real-time tracking and reconciliation, allowing lenders to monitor payments and resolve disputes faster.

The omni-channel nature of CollectiPhi-360 allows it to serve a wide range of borrowers, from small NBFCs to large institutional lenders, offering flexibility and ease of payment. It also features automated reminders, partial payments, and field agent empowerment tools to reduce delinquency rates and improve collection outcomes. Additionally, the platform integrates analytics and dashboard features, enabling lenders to access transaction-level details and make data-driven decisions to optimize their collection processes.

Phi Commerce, established in 2015 by former employees of ElectraCard Services, holds an RBI payment aggregator license and supports a wide variety of payment methods, catering to both online and offline transactions. Operating in India, Southeast Asia, Japan, and the Middle East, the company continues to expand its reach, providing omnichannel payment solutions to meet the needs of global businesses.


Ready to Master Stock Valuation? ET’s Workshop is just around the corner!