Skip to main content

Buy now, pay later: start-up integrates credit & e-commerce

 With challenges of coronavirus, most businesses have gone online from shopping stores to kirana. Adding another option for buyers to ‘Buy Now, Pay Later’ an innovative concept platform ‘CreditKart Fin-Com’ launched on Friday. 

The online shopping platform will enable shoppers to “Buy now, pay later” at no rate of interest, no down payment, and no processing fees. The platform launched all over India and will cater to Indore and other tier 2, 3, 4 and 5 cities. 

Conceptualised by entrepreneur Swapnil Madiyar, the start-up blends e-commerce and finance taking another step towards financial inclusion for India. “There is a need for a shopping platform that provides a direct credit line in order to reduce/ minimize the lengthy procedures and dependence on other financial institutions,” he said.

He added that because of these inconveniencies along with high interests and down payment costs way more than the original price of the product, shopping on EMI is quite a stressful experience. “The unbanked individuals from tier 2, 3, 4, and 5 cities aren’t even catered to by the big players, leaving behind a high demand for affordable online shopping,” Madiyar said. 

To cater to this need, the shopping platform that brings Indian sellers and Indian buyers together to encourage and strengthen local trade. 

Madiyar said, “CreditKart is the first online shopping portal in India which assigns its users a direct credit line when they sign-up, enabling shoppers to “Buy now, pay later” at no rate of interest, no down payment, and no processing fees.” 

The team working on the start-up includes Ruchika Kaushal (SVP), Kiran Fatkar (VP), Mohan Dholu (VP- Engineering) and Trilok Yadav (VP- E-commerce).

“We will give away free shopping worth 50 Crores to their first 10 lakh registered users,” Madiyar said.

To make the platform affordable, the start-up intends to associate with the manufacturers directly so as to reduce the dependency on the middlemen and shorten the supply chain. “This will not only lead to the direct supply of affordable products but also provide India’s first online ‘udhaar ki dukaan’. With less than 10% penetration in the Indian Markets by the big players, Tier 2, 3, 4, and 5 cities face the lack of accessibility and the disadvantages that come with it,” Madiyar said.


Comments

Post a Comment

Popular posts from this blog

Jharneshwar Mahadev in Madhya Pradesh: a nature escape from urban jungle

Life is too short, unpredictable and an adventure if lived to the fullest. Learning the essential value of life and deciding to seek adventures in life, several groups are now connecting to nature and seeking spiritual growth. Leading a group of adventure seekers to less-known wonders of Indore, Gyandeep Srivastava, administrator of Rides of Riders group unravelled a new getaway. The group went on a long ride exploring the rural areas of the city. In their bid to seek adventure, the group came across an ancient temple ‘Jharneshwar Mahadev’ which dazzles visitors with nature, beauty and wonder. The temple is situated in Shajapur, about 230 kilometres from Indore. The waterfall of Bhadooh (Jharneshwar Mahadev), a famous tourist place falling under the Quartak Panchayat, about 30 km from Manasa in Neemuch district. After monsoons, the waterfall attracts tourists from all over state to witness the 100 feet high waterfall. There were 25 riders in the adventure trip including female rider I...
Post a Comment
Read more

Before Pentecost, Christian community helps underprivileged families with ration

Prior to Pentecost, Christian community is following the lessons taught by Jesus Christ and helping those in need. In their drive to help underprivileged families, Christian volunteers forming a group are providing ration packets to them. Christian holiday of Pentecost, which is celebrated the 49th day (the seventh Sunday) after Easter Sunday, will be celebrated on May 31 this year. The holiday commemorates the descent of the Holy Spirit upon the Apostles and other followers of Jesus Christ. Under the drive, ration packets are given to 200 to 250 people on a regular basis. “Christ was the ultimate social worker. Not only could he find housing for people, or give them free food,” Ashutosh Joseph, a volunteer said. He cited that in the Bible, God's call to His followers to care for other human beings is clear (Philippians 2:4; 1 John 3:17-18; Proverbs 19:17 New International Version). “In fact, Jesus states that one of the most important commandments is ‘love your neighbour...
Read more

What are the precautions for prevention of corona virus? Special instructions for School Students

School Education Department issued an advisory to all the school heads and officers regarding precautions to be taken against the deadly novel coronavirus to prevent the spread of infection among school children. The advisory was sent out at the direction of Ministry of Health and Family Welfare, Government of India with a photocopy of the letter attached. The department in its advisory stated that the world is fighting against the rapid spread of coronavirus (COVID-19). In India, too, the number of cases identified has increased in the last few days. As the school going children are also susceptible to infection and this is a crucial time for children given the end of the academic year and examination, it calls for immediate measures minimizing the effects of the epidemic. In the advisory, the department advised the schools to avoid any large gatherings of students during the course of the day in school. Any student or staff with travel history to any COVID-19 affected countr...
Post a Comment
Read more