M1xchange introduces the first TReDS mobile application
M1xchange has announced to set-up a digital marketplace that can sell the receivables of MSMEs to banks/NBFCs to facilitate the discounting of invoices and bills of exchange on a PAN India basis has just launched its mobile application. The first among all three players to launch an Android based application on Friday, 12 February, 2021. M1Xchange App can be downloaded from Google Play store.
* This gives freedom to users for transactions while on the move and removes the restriction of being connected to the computer for the transactions.
* Buyers are able to authorize the approval of invoices on mobile app and participants can accept the best bid rate quoted by the bank through mobile app, thereby reducing the TAT for transactions for Buyers and Sellers on M1xchange.
* Users get visibility of details of Transactions on the move for quick decision making
* The important part of a transaction On M1xchange is acceptance of Deed of assignment (DOA) by the Supplier to make this legally enforceable under Factoring Act. Vide the mobile app the suppliers are able to complete this just in few clicks.
* The uniqueness of M1xchange technology offering is the usage of Aadhaar Based e-sign to quick Authorization/Acceptance of invoices & bids on mobile app.
* The app gives online dashboard for buyers and suppliers to make quick decisions and plan their cash flow.
* The phone app has enhanced the user experience as helpdesk functionality Integrated with live chat is available.
* Mobile app shares notification for all important events for keeping the users updated for quick actions
Naresh Gupta, from Navin Urja Construction Company says “Never thought such an important helping hand for a business can come wrapped in the form of an amazing, user-friendly, and fast mobile app. Great job M1 team”.
Sundeep Mohindru, CEO of M1xchange says, “We are continually exploring means of seamless transaction processes on our platform. The Covid affected economy saw increased adoption of digital platforms which helped improve volume in 2020 after the lockdown.MSMEs are getting invoices discounted on M1xchange at very fine rate of interest and this is helping to bring down their cost of doing business substantially. With mobile app they will feel the enhanced speed of doing transactions.”
MSMEs across 352 Cities have logged into TReDS Platform since the pandemic/ outbreak and have discounted invoices at rate of interest ranging between 4.75% pa to 8% pa. 60% of such MSME Enterprises are from Tier 3 & Tier 4 Cities and are able to take the benefit of this digital revolution.
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