Offers Seamless Payments And Credit Options

In the rapidly evolving landscape of digital payments, RING has emerged as a true innovator and an app that puts the consumer first. Led by Founder and CTO Karan Mehta, RING offers a unique blend of digital credit, payments and rewards. The company sets itself apart as a trusted platform that seamlessly combines credit and payments. 

To enhance customer engagement and loyalty, RING provides a range of financial products, including transactional credit and long-term loans on competitive interest rates and flexible EMI options. “Customers can avail of credit up to Rs 35,000 and secure loans up to Rs 5 lakhs along with competitive interest rates and flexible EMI options, from RBI licensed NBFCs or banks,” points out Mehta. RING further enables customers to conveniently pay for ecommerce transactions, make bank transfers, pay bills, and engage in UPI transactions. The company is also actively building loyalty and rewards programmes to enhance customer stickiness.

Building customer loyalty

According to Mehta, RING's strategy of offering rewards, cashback, and discounts for every transaction has been instrumental in driving customer engagement and loyalty. He explains that RING provides a seamless app experience, quick disbursals, and a plethora of financial product offerings. “These have been the key reasons for having a loyal customer base. Now, in addition, we also are building a robust loyalty and rewards programme uniquely designed to meet the needs of the customer and merchant community separately. So, the overall app experience is further enhanced with customised cashback and rewards curated based on the transactional behaviour of the customer, or the merchant. Moreover, the rewards get more lucrative as the customer increases his transactions on the app, thus we are likely to have repeat customers based on the immense value they find in using the RING app,” reveals Mehta. 

With over 10 lakh merchants on its network, RING offers benefits to both customers and merchants in terms of increasing sales and simplifying payment options. Mehta shares that securing new customers through merchants has been an effective and cost-efficient strategy for RING. “We have a large network of merchants who help us secure new customers by enticing them to use the app for quick discounts and easy payments,” he explains. The company helps merchants offer hassle-free credit to customers, strengthening customer relationships while ensuring seamless payments and quick settlements. The platform also offers a rewards programme called RING Club for merchants, providing customers with convenient UPI payments, interest-free periods, instant cashback, and other rewards.

Instant credit with RING limit

Building a credit profile is a key aspect of RING's offerings. Mehta explains that every RING user receives a RING Limit, which allows them to secure instant credit for their immediate financial needs. “The credit limit is initially defined based on your creditworthiness but with timely repayments and frequent transactions using the app, the customer automatically improves their creditworthiness and can avail a higher limit,” he divulges. In addition to higher limits, a healthy credit history enables customers to access larger loans, extended payment tenures and lucrative loyalty and rewards points. He adds that RING actively educates customers through various channels on best practices for building and maintaining sound financial health.

Transparent loan partnerships

RING collaborates with RBI-registered NBFCs and banks to provide loans. Mehta points out that   this partnership builds transparency and credibility, assuring customers of a trustworthy process. He stresses that “providing loans from RBI-registered NBFCs and banks automatically builds a sense of transparency and credibility.” By relying on banks for loan disbursals, RING can focus on critical aspects such as authentication, securing payment channels and ensuring timely disbursals. Here, customers benefit from exciting interest rates, flexible repayment options and other advantages offered by the partner banks.

Inclusive work culture

The company is focused on employee welfare and an inclusive work culture. “Inclusiveness is an important aspect of our work culture,” says Mehta. “In addition to that, we also partner with NGOs and other social organisations to support their effort towards the differently-abled community. We have an open-door policy with the leadership team and encourage an entrepreneurial mindset at work, wherein we support employees in taking up projects or assignments which show potential to help improve existing operational efficiency.” Cross-team ideation, upskilling programmes and recreational activities are implemented to boost morale and enthusiasm. 

Emerging trends 

Mehta foresees several technological advancements and innovations shaping the digital payments space. “We have already seen the emergence of payment SaaS, the adoption of blockchain technology, and the evolution of Central Bank Digital Currency,” he points out. New payment modes such as Biometric Authentication and Biometric Payments, as well as the increased use of AI and ML in fraud detection, are already transforming the digital payments sector. “We also stay up-to-date with new technologies, and identify new tools and technologies that could benefit our organisation. Overall, the key is to strike a balance between short-term and long-term goals and RING has found a good balance between innovation and maintaining legacy systems,” says Mehta.