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The CASHe platform has introduced a new feature called BuddyTransfer. In this feature, CASHe users can authorize sending part of their loans to up to 5 contacts from their phonebook. The maximum transfer to each contact using this feature is Rs. 2,000. The company’s motto behind this feature is to make sending money to family members easy. The process just expects you to select the contacts from your phone and transfer money to their bank accounts.
The platform is built on blockchain infrastructure which helps to make the transactions safe and secure. For using the loan the borrower has to select the amount from the platform. The platform will then send a request from the borrower's account. The borrower can choose a list of contacts to which the borrower can transfer the money using the platform and their mobile numbers which are linked to bank accounts.
The borrower can choose the option to transfer to your friend for sending the money. The borrower can then choose the amount and confirm the transaction Once the loan is approved by the platform CASHe will initiate fund transfer on behalf of the platform for the recipients.
The user can authorize a transfer of funds to anybody whether they are CASHe users or not. For a non CASHe user the intimation will be delivered by SMS. The SMS will have a link for accepting a transfer and also downloading the CASHe application from the store. The transfer will be accepted only if the download is complete by the person receiving the intimation.
Also Read: How To Get A Loan Within Minutes in CASHe?