Money & Banking

EarlySalary launches zero-touch digital card

Surabhi Mumbai | Updated on October 14, 2020 Published on October 14, 2020

Fintech firms are rolling out products deal with the pandemic and oncoming festival season   -  istock.com/Mikko Lemola

Vivifi India lauches FlexPay that offers credit on UPI

Fintech lenders are rolling out innovative credit options for consumers amidst the Covid-19 pandemic and upcoming festival season.

Consumer lending platform EarlySalary on Wednesday launched a zero-touch digital card that provides instant access for salaried professionals to make instant purchases across thousands of merchants across India.

Called Salary Card, it is powered by RuPay and allows consumers to set up a dynamic credit limit for their various spending requirements.

“The rise of zero-touch experience and the increasing credit demand, even from small towns and villages have inspired us to launch the Salary Card,” said Akshay Mehrotra, CEO and Co-Founder, EarlySalary.

Earlier this month, the company had also introduced the EarlySalary Credit Suite which aims to provide a one-stop credit solution to salaried individuals.

“India is becoming an exciting platform for development and testing of new payment technologies. NPCI is finding innovative ways of extending digital credit to customers through our partners,” said Dilip Asbe, CEO, National Payments Corporation of India.

FlexPay launch

Meanwhile, Hyderabad based-NBFC Vivifi India Finance has launched FlexPay, which offers credit on UPI. It has a ‘Scan Now and Pay Later’ feature where customers can use a line of credit when they do not have funds available in their bank accounts or virtual wallets.

In a statement, Vivifi said, it is targeting 30 crore Indians who do not have a credit card.

“We have been live for almost two months now and have enabled FlexPay option within FlexSalary for 30,000 of our existing customers, who already used credit to pay for transactions worth nearly ₹3 crore. We are now extending this product to the next one lakh customers as the first step in our objective of meeting the credit needs of 50 lakh under-served Indians over the next three years,” said Anil Pinapala, Founder and CEO, Vivifi.

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Published on October 14, 2020
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