Fintech start-up and consumer lending platform EarlySalary has launch a zero-touch digital card, called Salary Card, in partnership with RuPay. The contact-less card provides instant access to digital credit for salaried professionals and enables instant purchases from merchants across India.
The Salary Card also allows consumers the flexibility of setting up a dynamic credit limit to suit their needs and also decide the repayment tenure. The ongoing pandemic has created a higher preference for contact-less payments and the Salary Card enables customers activate the card within seconds by accessing the EarlySalary mobile app, Akshay Mehrotra, CEO and cofounder, EarlySalary, said.
The rise of zero-touch experience and the increasing credit demand, even from small towns and villages, have inspired them to launch the Salary Card, Mehrotra said.
Around 90% of consumers have to wait 15 days for getting credit access and 65% of consumers could not get credit of longer tenure or for emergency needs, Mehrotra said.
EarlySalary was able to onboard customers in real time through a mobile app and make credit access within 10 minutes, he said. The could design and control the product through the app and set limits, repayment tenure and usage, he added.
