Zeropay, a unique OTT based ‘Buy Now Pay Later’ platform, has introduced an user experience model that eliminates all the existing restrictions and hidden charges in the segment. The platform works on a ‘network effect’ model in which a user automatically on-boards a vendor by simply making a purchase from the vendor.
“This model allows the user to shop from anywhere without checking if the vendor is affiliated with the platform or not,” Zeropay said in a statement.
The credit industry has always been stringent with the user on-boarding process by having lengthy background checks. Zeropay aid it has eased this by offering a KYC process that takes less than 45 seconds for veriﬁcation. This has also resulted in the application getting over 10k downloads within a week of its launch and a total of 40k downloads in less than a month.
“The loans are disbursed based on the credit score of a user and the repayment is taken in three installments without charging any interest on the loan amount. The platform purely runs on the revenue generated from the vendors on each transaction,” the company said.
Commenting on the development, Krishna Basani, CEO and founder of Zeropay said “Today, the credit card industry thrives on the mistakes a customer can potentially make in terms of spending beyond credit limits and missing bill payment dates. Zeropay believes businesses should be built around enabling customers to ﬁnd solutions''.
The platform’s aim to reach out to the users at a wider level is reﬂected in their policy to avail credit for purchases ranging from as low as Rs 1,000 to Rs 50,000.
First Published: IST