It can be activated instantly through the EarlySalary app and used as a digital card. it provides EMI Transaction and zero-cost pay-after capabilities for consumption purchases ranging from shopping and travel to health and education and many more.
“Issuing 50 thousand pay cards and 50000 transactions is a big milestone for us. EarlySalary aims to ease credit access for India’s digitally savvy younger generation, which drives prime consumption of products and internet services, especially during the pandemic period. The increase in zero-touch experience and the increasing demand for credit, even from smaller towns and capacity building for the customers to buy the product, has prompted us to launch the Salary Card.” Akshay Mehrotrasaid CEO and co-founder of EarlySalary.
It offers zero-touch application process including card activation, transaction and repayment. EarlySalary offers an interest-free period of up to 51 days, where the amount can be repaid without any additional charges. One can choose the preferred tenure from 1-12 EMIs without any processing fee. The company is expected to launch the physical pay card in the next 2 months and will reveal the flexibility and seamless consumer payment experience.
“Nearly 60% of customers have not previously held more than one credit product and this clearly indicates an opportunity in the market for new innovation in credit led by cards. We firmly believe that the product will facilitate the changing demands of consumers. and will significantly enhance their confidence in digitizing monetary transactions,” said Ashish Goyal, Co-Founder and CFO.
Cardholders can avail various benefits such as an assortment of their spending options to track their expenditure, make payments and manage their cards directly in the mobile app. The card is also equipped with an advanced machine learning risk-based decision-making tool that gives instant credit and ensures that transactions on this platform are secure, the company said in a statement earlier this month.