MyShubhLife Partnership With PayWorld For MSMEs

MyShubhLife, an embedded finance platform, has formed a partnership with PayWorld, a fintech platform for retail merchants, to offer credit access to MSMEs (Micro, Small, and Medium Enterprises) for their working capital requirements. By leveraging PayWorld’s extensive retailer base, MyShubhLife aims to provide affordable and flexible credit solutions to merchants. Read More Business News on our website.

MyShubhLife Partners With PayWorld To Offer Credit To Retail Merchants

MyShubhLife utilizes data analytics and artificial intelligence to customize products based on the specific working capital needs of its clients. The collaboration with PayWorld will enable MyShubhLife to contribute to financial inclusion by making credit more accessible to small retailers who have often faced difficulties obtaining credit due to documentation limitations and inadequate credit history. MyShubhLife has previously partnered with MobiKwik, Pine Labs, Easy Pay, and Spice Money to extend credit to a large customer base. Alongside credit solutions, the company also offers various financial products such as SIPs, e-gold, insurance, bill payments, and e-filing taxes. 

PayWorld’s CEO, Amit Tyagi, believes that their extensive network and robust services will help MyShubhLife reach even the remotest parts of India. The digital lending market in India is projected to witness a 12% compound annual growth rate (CAGR) and reach Rs 274 trillion in disbursements by FY26, as reported by Praxis Global Alliance. Additionally, recent data from the Reserve Bank of India (RBI) shows that in May 2023, MSMEs, including merchants, received Rs 20.20 lakh crore in bank credit under priority sector lending, accounting for 14.5% of India’s total non-food bank credit.