At a merchant's checkout the shopper chooses 'pay later'. The platform makes a credit decision in about a second — using its own risk model, the user's limit and, for new users, a credit-bureau check — then pays the merchant and records a loan in a double-entry ledger. A scheduler collects repayments by auto-debit, applies late fees and hands overdue accounts to collections.
Functional requirements
- Sign up with KYC and get a credit limit
- Pay later at partner merchants with a one-tap checkout
- Instant credit decision; split into instalments where offered
- Repay by auto-debit or manually; late fees and reminders
- Merchant settlement and refunds that restore the user's limit
Non-functional requirements
- Decision in under ~1 second at checkout
- Exactly-once money movement and an auditable ledger
- Regulatory compliance (KYC, data protection, lending rules)
- Fraud kept low without blocking good customers
Extensions
- EMI conversion of larger purchases.
- Credit-limit increases from repayment history.
- Co-lending with partner banks.