The present disclosure describes method that may facilitate the payment transaction or credit-based payment during transaction failure. When payment transaction fails due to insufficient funds in issuing bank of a user, the payment network provider may inform user that payment was declined by the issuing bank due to insufficient funds. The payment network provider may facilitate lending options via one or more lending partners. If user wishes to opt for lending options, then user has to provide consent to the payment network provider for sharing user’s credit score with the one or more lending partners. Upon receiving approval from the user, network provider may get user details to fetch credit score and share the credit score with lender partners. Further, one or more lender partners who may be interested in providing the funds may send the lending terms to the payment network provider. The user may select one or more of the lender partners from the sorted list provided to the user and may contact the one or more lending partner and provide the Know Your Customer (KYC) details for receiving the credit to complete the transaction.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Jhingran, Prashant and Goyal, Aditya Narayan, "DISCOVERING NEED FOR CREDIT AND FACILITATING LENDING IN REAL TIME", Technical Disclosure Commons, (July 11, 2022)