India-based digital lending company CASHe has partnered with payment acceptance solutions provider Mswipe to introduce co-branded EMI cards for its customers in the country.

Dubbed CASHe emi Mcards, the card will offer instant pre-approved credit of up to INR10,000 ($142) with a three equated monthly instalments (EMIs) repayment plan.

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Cardholders can make a minimum purchase of INR2,500 per transaction at any merchant using Mswipe terminal. Currently, 3,50,000 Mswipe terminals are available in 650 cities across the country.

Multiple payments can be carried out in a day up to the limit of 10,000. Purchases made by the customers will be automatically converted into EMIs payable over three months.

Retailers accepting the CASHe emi cards can be found using the CASHe app, which also allows tracking of the EMI repayment plan, reported Economic Times.

CASHe CEO Ketan Patel was quoted as saying by the publication: “With the launch of the CASHe emi Mcard, we are driving an altogether new level of attractive and hassle-free loan experience at the point-of-sale.

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“With this value add, we are adding an affordable equated monthly instalment payback options without the need for credit cards, which we hope will provide a better purchasing experience for the CASHe customers.”

Mswipe CEO Manish Patel added: “These Mcards are a win-win for every stakeholder. For the customers, Mcards represent the simplest way to use their pre-approved loan. For NBFCs like CASHe, they provide them complete control and a picture of how their loan is being used. For our merchants, these cards mean additional business and customers.”