Abstract
In the absence of credit scores, credit penetration remains low in many regions of the world. This limits economic opportunities for a large portion of the global population that lack credit histories. For many users, traditional sources of credit such as banks or microfinance institutions are difficult to access and cumbersome and are not tailored to their financial needs. This disclosure describes a compact, internet-connected payment device that can be deployed at small and medium-sized business (SMB) outlets. The device serves both as a digital payment terminal as well as an access point for credit discovery and lending. With appropriate permissions, the device can leverage SMB sales data to assess the creditworthiness of regular customers. Customers can access credit offers via a simple user interface and make repayments via familiar digital payment mechanisms.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Recommended Citation
Prasad, Ajay and Agrawal, Gajen, "A Point-of-Sale Digital Payment Device for Extending Credit", Technical Disclosure Commons, (September 17, 2024)
https://www.tdcommons.org/dpubs_series/7365