Rupeek, an Indian online gold loan company, has introduced RupeekZ, a “zero contact” gold loan kiosk, in order to safely issue gold loans, following the COVID-19 outbreak and resulting economic challenges.
The Fintech firm says it aims to eliminate human touch during transactions to prevent the further spread of the Coronavirus.
RupeekZ uses germicidal technology to expose the gold to UVC light in a closed box environment. This process helps remove most of the germs and viruses. The solution has been designed in a manner which requires no contact between the borrower and the company staff.
The technology allows customers to safely obtain loans in exchange for their gold during these difficult times.
Rupeek’s management confirmed that it will be installing the kiosk in different locations across India including the cities of Bengaluru, Chennai, Hyderabad and Mumbai.
Prasad Shahane, head of Lender Partnerships at Rupeek, stated:
“In line with its innovative solutions for gold loans for the borrowers and the banks, Rupeek wanted to come up with a safe way of pledging gold at our doorstep as well as in- branch offerings. We gathered input from our customers and partners through multiple prototypes, all within the last couple of months, and are happy to present the RupeekZ kiosk.”
Shahane added:
“We hope that we create an environment of safety and easy credit for our customers, banking partners and employees alike.”
Rupeek maintains business operations in 11 cities across India. The company is planning to expand its operations in the next few months, Shahane confirmed.
Rupeek secured $30 million in capital in November 2019 through an investment round led by Bertelsmann India Investments. Existing investors Accel and Sequoia India also took part in the round.
Rupeek’s management had noted at that time that it had been disbursing $150 million in gold loans per year, and that its operations were expanding 20% each month.