Financial wellness firm Refyne, the first platform in India to provide a salary-on-demand service, has made its services available on WhatsApp to cater to the needs of less tech-savvy employees.
Chitresh Sharma, CEO and Co-Founder of Refyne, said that the decision to launch Refyne's services on WhatsApp was based upon the urgent needs of the population combined with WhatsApp's penetration in India.
“In India, 1 in 3 people live paycheck to paycheck and a significant portion has zero or very limited access to credit," he explained the predicament of Refyne's target users. "As a result many are underserved or unserved for reasons ranging from financial literacy to credit data to geographic constraints."
"We believe the combination of sensible financial products and technology can be a great enabler in driving financial inclusion."
According to Refyne's estimates, over 80% of Indians run out of their salary before the month ends, and the current economic situation, particularly inflation, is worsening the situation for many. Furthermore, a large proportion of the population does not have access to the traditional banking system. Salary on demand services close this gap, and simplification of the service - as Refyne has done by making it available on WhatsApp.
Founded in 2020 by Chitresh Sharma and Apoorv Kumar, Refyne enables employers to pay salaries to their employees as they earn it, in real-time and regardless of pay cycles. The service currently supports 11 Indian languages on the Refyne app, which is available on Google Play Store and for iOS.