EarlySalary India’s largest consumer lending platform celebrates the issuance of 50000 SalaryCards in 50 days. SalaryCard is a zero-touch digital credit card powered by RuPay that offers consumers access to real-time credit coupled with conversion of any transaction above Rs. 500 into EMIs to meet shopping, medical expenses, travel, entertainment, and education to name a few.
SalaryCard can be instantly activated and availed for use as a digital card through the EarlySalary app. It provides EMI transactions and zero cost pay later capabilities for consumption purchases ranging from shopping and travel to wellness and education and several others. It offers a zero-touch application process, including card activation, transactions & repayments. EarlySalary offers an interest-free period of upto 51 days, where the amount can be repaid without extra charges. One can choose preferred tenure from 1-12 EMIs without any processing fees. EarlySalary is expected to launch the physical SalaryCard in next 2 months and will manifest the flexibility and seamless consumer payment experience.
Speaking on the occasion, Mr. Akshay Mehrotra, CEO and Co-Founder at EarlySalary said, “Issuance of 50K SalaryCard & 50000 transactions is a great milestone for us. EarlySalary aims to make credit access easier to India's digitally-savvy young generation, which drives the major consumption of products and internet services, especially during the pandemic period. The rise of zero-touch experience and the increasing credit demand, even from small towns and build affordability to customers to purchase products have inspired us to launch the SalaryCard.”
Adding to this Mr. Ashish Goyal, Co-Founder and CFO said “Almost 60% of customers have not held more than a single credit product earlier and clearly indicates the opportunity in the market for new innovation in credit led by cards. We firmly believe that the product will facilitate the changing demands of the consumers and significantly drive their confidence on digitizing the monetary transactions.”
The cardholder can avail of various benefits like the categorisation of their spending options to track their expenditures, make payments and manage their card directly in the mobile app. The card is also equipped with an advanced Machine Learning risk-based decision-making tool that grants credit instantly and ensures that the transaction over this platform is safe.