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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.


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