💡 Note: This feature is available in app v3.0.0 and later.
Credit is a payment tool that lets you access a flexible credit line backed by your cryptocurrency holdings. It allows you to spend seamlessly across the RedotPay ecosystem without selling your assets.
How it Works: Hold Crypto, Spend Credit
Automated Credit Limit: By holding supported crypto assets (excluding stablecoins) in your balance, the system automatically calculates and grants a real-time credit limit.
Primary Payment Setting: To start using your credit limit, set Credit as your main payment method. Once enabled, the system will prioritize your credit limit for transactions instead of deducting from your available cash balance.
Real-time Collateral: Collateral is triggered at the moment of payment. For example, if you spend $60, the system will automatically stake a corresponding amount of your crypto (e.g., worth $100) to secure the transaction.
Where You Can Use It
Your credit limit is versatile and can be used in the following ways:
Card Spending: Use your RedotPay card for everyday spending.
Checkouts: Complete transactions for international transfers and other in-app financial services.
Spending & Interest
How payments work: When you make a purchase, the amount is deducted from your available credit limit.
Staked Assets: Upon payment, a portion of your crypto assets will be locked in. These assets cannot be withdrawn or traded until the corresponding balance is repaid.
Credit Balance & interest: Every transaction adds to your "credit balance" (the total amount owed).
Daily interest: Interest is calculated daily based on the principal portion of your credit balance.
Simple interest: Interest is added to your total credit balance but it doesn't accrue interest on itself (no compounding).
Credit provided by RedotPay must be repaid according to the terms of service. Failure to repay may result in additional fees or restrictions on your account.
You have to repay your loans. Don't pay any intermediaries.
Money Lender's Licence No: [1715/2025]
Hotline: (852) 2765 4472