It is ‘buy now pay later’ solution that ePayLater offers to customers so that they can get access to an instant credit limit to make faster purchases, that too without having to pay at the same time. Once signed up, a customer can avail a credit limit of up to Rs20,000. A 14-day interest-free period is provided from the date of purchase to settle the payment.
This unique platform is the brainchild of Akshat Saxena, Aurko Bhattacharya and Uday Somyajula. Akshat Saxena claims in an interaction with Banking Frontiers that ePayLater offers the simplest possible checkout experience in existence today, providing customers with the ability to conclude a transaction with just a click of the mouse or a tap of the touchscreen. “Once a credit limit is sanctioned against your account, you can start using ePayLater across our extensive partner merchant network. Add items to your cart, choose ePayLater among the payment options, enter the OTP sent to your registered mobile number and that is it, the transaction is done!”
What makes the use of ePayLater more convenient, quick and seamless for users is that they need not type in their bank account/card details or use other modes of payment during the check-out process. The transaction can be completed with just a tap. Further, the users can easily make the repayment at a later date through simple and minimal online steps.
Saxena says ePayLater is live with over 1000 merchant portals. Millennials are, in particular, the keen adopters of the facility, because it offers them credit in real-time without any laborious paperwork.
“Additionally, and more importantly, says Saxena, “our algorithms allow us to extend credit to a high percentage of customers, even the ones who are new-to-credit or first-time borrowers. With a continuous ingress of a younger working population, it becomes pivotal to driving adoption. It also allows us to reach out to those deserving individuals who are otherwise left untouched by banks and other financial institutions due to non-availability of financial history.”
