Saripay Provided Credit Access to 70,000 Stores in 1st Year of Operations

Saripay Provided Credit Access to 70,000 Stores in 1st Year of Operations

by March 13, 2024

Saripay, the financial wing of Growsari Enterprises, has commemorated its first year since launching in 2023, a period during which it has extended its support to micro, small, and medium enterprises (MSMEs) through a combination of financial assistance and digital payment options.

The range of businesses benefiting from Saripay’s services spans local convenience stores, pharmacies, and small food outlets, among others, reflecting its commitment to enhancing the financial and operational capacity of MSMEs in a rapidly digitalising economy.

Sandeep Bhalla

Sandeep Bhalla

General Manager Sandeep Bhalla reflected on the past year:

“We are grateful for the opportunity to serve thousands of MSME across the country and contribute to their growth and success. At Saripay, we remain committed to empower MSMEs with the tools and resources they need to thrive and adapt to the ever-changing world of digitalisation.”

In a press statement memorialising its first year of operations, Saripay outlined its multifaceted contribution, offering not only short-term inventory financing loans but also introducing business wallets and facilitating cashless transactions through a comprehensive app.

One of Saripay’s notable initiatives, the ELista Buy Now, Pay Later service, has provided 70,000 stores with access to credit, aiding them in acquiring necessary inventory. Additionally, Saripay’s business wallet has found utility in over 100,000 establishments, helping store owners manage their finances more effectively and access various services within the app.

Saripay QRPH in Sari-sari Stores

Saripay QRPH in Sari-sari Stores

Saripay has also facilitated connections between MSMEs and a network of suppliers and distributors nationwide, enabling digital payments with more than 30 partners. This ecosystem supports a more flexible approach to managing inventory purchases and payments.

In alignment with the shift towards non-cash transactions in the Philippines, Saripay has supported the distribution of QRPH Standees to MSMEs, enabling over 30,000 stores to accept digital payments from customers, thus moving towards reducing reliance on cash transactions. This initiative supports the vision of a cashless society promoted by the Bangko Sentral ng Pilipinas.

Looking ahead, Saripay plans to extend its reach by increasing the number of stores accepting digital payments and improving credit limits for the ELista service. By fostering innovation and building strategic partnerships, Saripay aims to continue supporting the empowerment of MSMEs and contributing to economic growth within communities.

General Manager Sandeep Bhalla outlined Saripay’s dedication to enhancing the financial infrastructure for MSMEs.

“Saripay is dedicated to advancing the financial landscape for MSMEs. This year, we are also eager to broaden our credit offerings beyond inventory needs, establish insurance partnerships, and facilitate the seamless opening of bank accounts with our partner banks for these stores,”

he said.



Featured image credit: Edited from Saripay and Freepik