IDFC bank joined hands with ePayLater to bring instant credit to individuals transacting online and offline, using BHIM UPI. ePayLater’s ‘Buy Now, Pay Later’ credit facility works like a credit card without the hassles associated with a long application process. It is the first time, digital credit will be made possible using the BHIM UPI services. Using the digital credit card, individuals, merchants and small businesses can now opt for real-time credit, in addition to other prepaid modes for payment, for their purchases using BHIM UPI.
ePayLater’s ‘Buy Now, Pay Later’ facility allows users to avail credit and transact, with a 14-day interest-free period from the date of purchase, to settle outstanding bills.
Aurko Bhattacharya, Co-Founder, ePayLater, said: “The penetration of credit cards has been abysmally low in our country. Now thanks to 320 million smartphone users and government initiatives in the form of UPI digital payments are gaining traction. Through this initiative, we intend to use the wide network of UPI to empower the common man, by providing credit whenever and wherever they wish to use it. In other words, this would put credit cards in the hands of millions without the need for a physical card or the hassles of a cumbersome application process. We are happy to associate with forward-looking banks like IDFC that make such innovations possible.”
Here is how you can gain access to the credit facility:
To gain access to the credit facility, users need to download the ePayLater application. It uses advanced machine learning techniques for a real-time credit assessment using data such as buying patterns, digital footprint, social media information, and device information. The user is then provided a credit limit in real-time, which can be used to pay for products and services at both online and offline stores. The app is now available on Google Playstore and will be released on App store soon.
Avtar Monga, Chief Operating Officer (COO), IDFC Bank, said: “New payment railroads have disrupted the way individuals transact and ensured that credit cards are not the only option they have, to make payments. When these new railroads are combined with innovative solutions, they make digital payments fast, simple, secure and available to a wider set of people. IDFC Bank is working towards creating unique use-cases for BHIM UPI in areas where it has never been used before. The Bank has customised BHIM UPI for ePayLater. This technology solution enables ePayLater to offer short-term digital credit using UPI for the first time. It opens up a whole new world of possibilities for users of BHIM UPI.”