Adding yet another feather to its cap, ePayLater, India’s leading innovator in the digital credit market, recently announced its win at the DigiDhan Mission Fintech Award 2018-19.
At this first-of-its-kind recognition ceremony held by the Govt. of India as part of the MeitY Startup Summit 2019 to applaud fintech’s contribution in encouraging digital payments, ePayLater was rewarded in the category ‘Best Fintech Innovation in Digital Payments through Lending’. The award was presented by the Chief Guest Shri Ravi Shankar Prasad, Minister of Communications, Electronics, & IT, and Law &Justice.
ePayLater is essentially a tech-driven checkout lending platform that provides credit at the Point-of-Sale (PoS). The company has two major proprietary product lines—a B2C ‘Buy Now, Pay Later’ solution to provide frequent online shoppers with an interest-free credit for a tenure of 14 days, and a B2B solution providing short-term credit to individual retailers for their business needs.
The company renders this credit line service with no hidden charges or collaterals involved, thus empowering these businesses to continue providing services to their customers and to achieve higher sales through faster inventory churns. Through such provisions, ePayLater has emerged as one of the most preferred credit lending platforms for both individuals and businesses.
The award category ‘Best Fintech Innovation in Digital Lending’ under DigiDhan intended to recognize those companies that have developed innovative solutions for hassle-free and economically viable lending to individuals or SMEs. Basis an objective and unbiased evaluation across several parameters to assess true contribution in terms of the relevance of lending products and solutions in the context of the current Indian landscape, ePayLater emerged as a deserving winner in this category.
Expressing their joy on this occasion, Aurko Bhattacharya, Co-Founder, ePayLater remarked, “We are honoured and humbled to have been bestowed with this prestigious award by the MeitY. At ePayLater, we envision leveraging new-age technologies and data science to solve real-life challenges, and getting this coveted title stands as a testament to our tireless efforts towards achieving our vision. It is really heartening to be acknowledged as one of the major contributors to the growth story of digital payments and lending in India, and we hope to continue working dedicatedly towards bridging the credit divide that exists in the country today.”
Equipped with the mandate to promote digital payments across India, the Ministry of Electronics and Information Technology (MeitY) has been at the forefront of the digitization drive that the country is currently undergoing. Through this first ceremony of its kind, MeitY aimed at acknowledging and appreciating innovations done by fintech companies in transforming the digital payments ecosystem during FY2018-19. Because of its highly innovative and relevant lending solutions, MeitY recognized ePayLater as one of the instrumental players in the domain. Armed with such success and appreciation, the company aims to continue working just as relentlessly towards bridging the existing credit gap in India.
Founded in 2015 by Akshat Saxena, Uday Somayajula and Aurko Bhattacharya, ePaylater is a ‘Buy Now, Pay Later’ payment solution through which customers can get instantly get access to a credit limit to make faster online/offline purchases. A 14-day interest-free period is provided from the date of purchase to settle the payment. ePayLater has over 3000 merchants on-board including IRCTC, PVR, Croma, Box8, Travelyaari, Ticketnew, to name a few.