CheQ App Revolutionizes Credit Management in India

The CheQ app is making waves in India's financial scene, and for good reason. It's revolutionizing credit management with its innovative approach.

With CheQ, users can get instant credit limits of up to ₹10 lakhs. This is a game-changer for many Indians who need access to credit but have been denied by traditional lenders.

CheQ's AI-powered credit scoring engine assesses a user's creditworthiness in just a few minutes, making the process much faster than traditional methods. This engine takes into account various factors, including income, expenses, and credit history.

Related reading: Cheq Republic

Cheq app simplifies the process of credit management by providing a platform for users to manage and pay all of their unsecured personal credit bills.

This is a major shift from the traditional approach to credit management in India, where it was often confusing and difficult to keep track of multiple credit bills.

The Credit Dashboard gives users a clear and concise picture of their credit status, empowering them to make informed decisions about their credit.

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The waitlisting campaign launch is a big deal for CheQ, and we're expecting it to be a turning point for the company. They've already had a successful beta campaign with INR 60 Crore worth of transactions in 30 days.

Early access to the CheQ app can be unlocked by referring 2 or more users. This is a great opportunity for users to get a head start on the app and start earning rewards.

Users can earn 1000 CheQ Chips through referrals, which is worth up to Rs 1000. These chips can be redeemed for vouchers from top brands in the country or converted to cash and withdrawn from the bank.

During the beta period, more than 16,000 vouchers were redeemed, with the most popular brands being Amazon, Flipkart, Myntra, Swiggy, and Zomato. This shows that users are eager to redeem their rewards and enjoy the benefits of using the CheQ app.

Discover more: How to Cheq

Improving customer experience is all about making their lives better. CheQ's approach can benefit millions of consumers who are currently using only a fraction of their credit opportunities.

By providing a platform for users to manage and pay all of their unsecured personal credit bills, CheQ simplifies the process of credit management and understanding. This is a major shift from the traditional approach to credit management in India, where it was often confusing and difficult to keep track of multiple credit bills.

The Credit Dashboard gives users a clear and concise picture of their credit status, empowering them to make informed decisions about their credit. CheQ's transparent rewards program incentivizes users to make timely repayments and improves their overall financial health.

For international visitors to India, making payments can be a challenge. Enabling UPI on an international number doesn't work, and linking NRE/NRO accounts to UPI is also not possible.

Over 10 million international citizens visit India each year, and they regularly face issues making payments. This can be frustrating, especially when trying to purchase goods or services.

Cheq UPI provides a solution for NRIs and tourists. It lets them pay digitally in India, using a digital UPI wallet that can be used across 55 million merchants.

Users can add money to their Cheq wallet anytime, anywhere via their international debit/credit card. This is much cheaper than exchanging currency at the airport, and it's also safer than carrying cash.

Having Cheq UPI means you can travel throughout India cashlessly. Your bank card details remain safe from ATM fraud and clone attacks.

For more insights, see: How to Create a Crypto Wallet App

The CheQ app offers a range of features that make managing your credit bills a breeze. You can view all your credit outstanding in one place, including loan EMIs, BNPL, and credit card bills, on the Comprehensive Credit Dashboard.

This dashboard also provides a comparison of your credit scores with others in the country or your peer group, helping you keep track of your credit performance. This can be really helpful in understanding how you're doing compared to others.

With CheQ, you can repay your loan EMIs, BNPL, and credit card bills in one place, making it easy to manage your credit bills. The "Pay Together" feature even allows you to make one-click payments for multiple bills in a single transaction.

CheQ rewards users for good credit behaviour through its in-app currency, CheQ Chips. You can earn 1% CheQ Chips on all repayments, which you can then use to repay your credit bills, get vouchers from top brands, or convert to cash.

Here are some of the key features of the CheQ app:

CheQ's technology and security infrastructure is built to scale with its business needs. The company quickly outgrew its initial third-party provider and scaled its solution from 28.6 percent to 80.2 percent with continuous feedback loops via Google Cloud.

CheQ's founders established three key criteria for a replacement: flexibility for product and feature development, high-velocity product delivery, and high-grade security to protect customer and business data. Google Cloud was chosen for its AI and machine learning services, as well as its presence in India, which enabled disaster recovery and met regulatory demands.

CheQ now runs on a microservices architecture powered by Docker and Google Kubernetes Engine, providing scalability, ease of management, and rapid deployment. The company uses GitHub Actions to automate deployment and applies a blue/green approach to minimize risk and eliminate downtime.

CheQ's founders established three criteria for a replacement to their third-party provider: flexibility to experiment with product and feature development, high-velocity product delivery, and high-grade security to protect customer and business data.

Google Cloud stood out for its AI and machine learning services, and its presence in India that enabled disaster recovery while meeting regulatory demands to keep customer data within the country.

CheQ's platform now runs on a microservices architecture powered by Docker and Google Kubernetes Engine for scalability, ease of management, rapid deployment, and speed to market.

The business uses GitHub Actions to automate deployment and applies a blue/green approach to minimize risk, execute rollbacks as needed, and eliminate downtime.

CheQ's initial focus is on assisting users in timely bill payments, providing reminders for any delays, and enabling them to monitor their credit health through a central dashboard.

Only 43% of Metro users have a credit score of 750 or more, which is considered a healthy credit score, according to a 2022 report by paisabazaar.

As a fintech company, CheQ knows that security is paramount, especially when handling sensitive customer data. They apply zero trust policies to minimize risk.

CheQ operates in a Virtual Private Cloud that adheres to Open Source Foundation for Application Security and leading network security standards. This ensures their data is protected.

By working closely with Google Cloud, CheQ incorporates the best security strategies, policies, and products into their environment. This includes authentication and encryption of data at rest and in transit.

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Cheq app has processed over 100 million transactions in the past year, a significant milestone for the company.

By leveraging AI technology, Cheq app has been able to reduce transaction times by 90%, making it a fast and efficient way to manage payments.

The app's advanced security features have resulted in a 99.9% success rate in preventing fraudulent transactions.

Cheq app's users have reported a 25% increase in sales since switching to the platform, likely due to the app's ability to streamline payment processes.

With its user-friendly interface, Cheq app has seen a 50% increase in user adoption rates compared to traditional payment methods.