ZeroPay, a FinTech startup,is changing the dynamics of the ‘Buy Now Pay Later’ Industry

Zeropay, a unique OTT based ‘Buy Now Pay Later’ platform, has introduced a 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 is also the first BNPL platform that does not impose any late payment penalty on their users. The BNPL industry has earned great popularity of late, especially in the on-going festive season. However, the hidden charges and user restrictions were some of the major hurdles pointed out by financial experts.

The credit industry has always been stringent with the user on-boarding process by having lengthy background checks. Zeropay 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.

Commenting on Zeropay’s mission to create a healthy credit environment, 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”. Sharing his vision for Zeropay he added “With Zeropay we envision to democratize consumer credit by reaching out to the mass audiences. We believe educating the users on credit usage can be done without penalising them”. 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 1000 to Rs 50,000.

Zeropay is aiming to reach 1 lakh users in the coming month. The platform’s reward point system “Zoop points” gives the existing users a chance to avail further discounts on their purchase. Within a short span of time, Zeropay has been able to establish partnerships with 250+ global brands like Amazon, Flipkart, Myntra, Titan and many more. Lending partnerships with top NBFCs in India have also been achieved. Backed by a renowned name in the education industry, Acharya Institutes, Zeropay Private limited is expected to further boost the acceptance of ‘Buy Now Pay Later’ as a concept in India.