Mumbai, January 10, 2019:
With this capital infusion,
ePayLater has quickly made its mark in India as one of the top digital credit solutions, providing interest-free credit terms for a 14-day period through its unique ‘Buy Now, Pay Later’ facility. It offers the smoothest possible checkout and payment experience, as users don’t have to pull out their card to complete a transaction. Customers can access ePayLater at merchants where ePayLater is integrated directly and also at merchants (both online and offline) through its award winning UPI product. Access to the credit facility using UPI is available on a select set of merchants at the initial stage and is being ramped up slowly.
To gain access to this popular facility, customers need only download and sign up on the ePayLater application. The platform uses advanced machine learning techniques to do a real-time credit assessment using data such as buying patterns, digital footprints, social media information, and device information. The user is then provided with a credit limit, and can actively use this credit amount to pay for products and services online.
Talking about the development, the co-founders of ePayLater, said, “ePayLater continues to push the boundaries of innovation to bridge the credit divide in the country. Credit at the point of sale is a need of millions of customers across the country and ePayLater is working towards providing convenient digital solutions for the same. We are indeed delighted that this esteemed group of investors has shown faith in our business model and have invested in our platform so that we can scale faster and fulfill our vision with greater agility.”
ePayLater has tie-ups with prominent merchants/marketplaces that allow customers to use this facility, including industry leaders such as IRCTC, Oxigen, PVR, Croma etc. Continuous innovation has made it possible to increase the reach across large number offline merchants as well which accounts for about 97% of all P2M payments today.