industry

EarlySalary issues 50K SalaryCards in 50 days


Consumer lending platform EarlySalary has issued 50,000 SalaryCards in 50 days, the company said in a statement. 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.

It 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.

“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 building affordability to customers to purchase products have inspired us to launch the SalaryCard,” Akshay Mehrotra, CEO and Co-Founder at EarlySalary said.

It offers a zero-touch application process, including card activation, transactions and 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. The company is expected to launch the physical SalaryCard in the next 2 months and will manifest the flexibility and seamless consumer payment experience.

“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,” Ashish Goyal, Co-Founder and CFO said.

The card holder can avail various benefits like 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, the company said in a statement earlier this month.



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