With this, Refyne will be able to deliver a full suite of financial wellness solutions for employees under one platform.
Financial Wellness and On-Demand Payroll provider Refyne has launched two new solutions, Financial Coaching and Employee Salary Top-up. With this, Refyne will be able to deliver a full suite of financial wellness solutions for employees under one platform.
More than one in three Indians lack a basic understanding of financial products and many do not have access to banks or affordable credit. With limited access to financial products coupled with poor financial literacy, most resort to loan sharks, exposing them to cycles of debt.
With the launch of Financial Coaching, Refyne users can gain one-on-one access to SEBI-certified advisors or CFPs in their preferred language of communication. This can help them understand various aspects of managing finances making the best use of available resources.
Salary Top Up, on the other hand, will act as an additional liquidity line, in addition to Salary on-Demand, which users can unlock for more demanding financial needs. With Salary Top Up, users can access up to 1.5 times their salary interest-free payable in monthly installments.
Chitresh Sharma, CEO and Co-Founder of Refyne, said, “In India, around 27% of people are considered financially literate and the rest lack even a basic understanding of how financial products work. This often leads to uninformed and poor decision making when choosing liquidity options. Instant payday loans are attractive because people don’t understand the impact of the high interest rates they charge. And therefore, financial education as well as access to liquidity is crucial.
With the launch of Salary Top Up and Financial Coaching, Refyne can now provide a holistic financial journey to users by arming them with reasonable liquidity options and the financial know-how to make the right choice.