BillMart, a rapidly expanding Fintech company, has just declared the release of GigCash, a fixed credit line especially designed to serve the fast-growing gig and platform workforce in India. The urgent requirement of financial inclusion of this critical section of the Indian economy is directly met by this new product. The program is intended to empower the 7.7 million Gig workers. GigCash is therefore in a good position to introduce the much-needed liquidity and fill the chronic cash-flow cracks that plague these workers.

Financial support and the AI-powered mechanism of GigCash 

The fundamental reason why GigCash was launched is the economic insecurity that gig employees experienced. According to surveys, approximately 77.6% of delivery gig workers make less than ₹2.5 lakh annually, leading to a common lack of funds. One of the major obstacles to financial stability has been the inability to access formal credit, as approximately 70% of gig workers are rejected for personal loans by traditional financial institutions. This mass rejection compels employees to live with inconsistent wages, diseases, and to finance recurring personal or work expenses without affordable financing.

GigCash is structured to be a short-term funding source that fits directly with the non-standard income of workers, providing the money needed to stabilize their finances of workers. This product is also to supplement the current financial offerings at BillMart that include supply-chain finance, invoice financing, trade finance, and working-capital loans to SMEs, MSMEs, and large businesses.

GigCash is a fully digital, collateral-free business with a highly data-driven business model. BillMart forms alliances with companies and digital providers who hire huge numbers of gig workers. Gig workers who are members of these partner platforms can enroll in GigCash and link work accounts at the touch of a button. The platform has a digital KYC (Know Your Customer) process and its own data analytics, which is aided by AI-assisted tools, to determine if a borrower is a good underwriting based on his/her cash-flow history within seconds.

Under this analysis, the maximum advance limit that a worker qualifies for is established, according to his or her earnings history. Verified funds are subsequently relayed instantaneously to the bank account of the user. The repayment is easy and automatic because it is offset by the following gig payments, and therefore avoids the paperwork, collateral, and other hidden fees, creating transparent pricing.

Projected massive growth of India’s digital lending market

This is especially true of the timing of the GigCash launch, as there is a high expectation of tremendous expansion of the digital lending market in India. By 2030, the market is expected to top an enormous ₹104 trillion. In this general growth, it is estimated that digital lending to SMEs will increase by about 30% a year, highlighting the immense potential of inclusive financial products such as GigCash. 

BillMart is an innovative online lending platform that links companies and lenders in different industries. The platform has enhanced analytics and AI-based insights, which facilitate accurate decision-making concerning multiple financial requirements. The innovation by BillMart is also evident in its future product of the first AI-based co-branded grading solution in India among MSMEs.

Conclusion

The launch of GigCash by BillMart is an important move in the financial empowerment of the gig economy in India, which is vast and growing rapidly. GigCash is a specialized and short-term credit service that is automated, transparent, and entirely grounded on the digital earnings history of a worker by directly addressing the systemic exclusion of gig workers through formal credit channels. The 7.7 million gig workers with a clear focus and a model already demonstrating high traction, GigCash is poised to become an indispensable instrument of financial well-being and expansion, which will eventually help to secure the continued dynamism of the Indian digital economy.