ePaylater targets processing INR.1000 crore in payments within the next twelve months.
ePaylater To roll out its ‘Buy Now, Pay Later’ facility to 5,000 Cashfree merchants
In a recent development, ePayLater, a leading innovator in the digital credit market has partnered with Cashfree, a next-generation payment gateway in order to introduce its ‘Buy Now, Pay Later’ facility to its existing merchants. This will bring ePayLater’s credit-based payment solution to almost all the merchants such as Daily Ninja, BigSmall, WheelStreet, EventsHigh, EduCart and Instaspaces using the Cashfree payment gateway. With this partnership, ePaylater targets processing Rs.1000 crore in payments within the next twelve months.
ePayLater’s services have been seeing a very positive response from merchants across India and are now expected to be rolled out to close to 5,000 merchants on the Cashfree platform in the coming year. To use this new feature, users will have to sign up with ePayLater once (if not done already), which will entitle them to the credit limit. What makes the use of ePayLater more convenient, quick and seamless for users is that they needn’t type in their bank account/card details or use other modes of payment during the check-out process. The transaction can be completed with just a tap. Further, the users can easily make the repayment at a later date through simple and minimal online steps. Cashfree hosts payment methods such as Visa, UPI, IMPS etc. and is one of the first payment gateways to provide “Buy Now Pay Later’ feature on its checkout pages via its business partnership with ePayLater.
Commenting on the development, Reeju Datta, Co-founder Cashfree, said, “Cashfree’s payment gateway serves as a platform for the newest offerings in payments and we are delighted to partner with ePayLater. Offering credit via Buy Now, Pay Later option is one of the most exciting developments in Indian fintech and Cashfree hopes to offer this to online businesses via our partnership with ePayLater. We have received a very positive feedback from our merchants and are seeing customers adopt this new payment method enthusiastically.”
Akshat Saxena, co-founder ePayLater, resonated, “We are happy to associate with Cashfree, a leader in the payments and transactional services industry. When it comes to payments, they need to happen quickly and securely. We believe that ePayLater is going to emerge as the payment option of choice, especially for the time-conscious Indian consumer. By providing users with the option to pay later, we are not only simplifying their payment experience but also making credit more inclusive.”
Founded in 2015 by Akshat Saxena, Uday Somayajula and Aurko Bhattacharya, ePaylater is a ‘Buy Now, Pay Later’ payment solution through which customers can instantly get access to a credit limit to make faster online/offline purchases. Once signed up, a customer can avail a credit limit uptoRs. 20,000. 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. One can also use it to transact with merchants that accept UPI. Currently, ePayLater UPI can be used on Amazon, Flipkart, Jabong, Myntra and Uber among others.