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EarlySalary Launches 'Salary Card' Powered by RuPay to Meet the Rising Demand for Digital Credit

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Launched the revolutionary zero-touch digital card in collaboration with NPCI to democratize digital payments system Pune, Maharashtra, India – Business Wire India EarlySalary, India’s largest consumer lending platform, today announced the launch of ‘Salary Card’ a zero-touch digital card that provides instant access for salaried professionals, enabling them to make instant purchases across thousands of merchants across India. Powered by RuPay, the Salary Card comes with a unique feature that allows consumers the flexibility of setting up a dynamic credit limit to suit that shopping, medical, travel, entertainment and other needs.

The on-going pandemic has created a higher preference for non-contact payments. The digital zero-touch ‘Salary Card’ credit solution is EarlySalary's commitment to offer a safe and secured environment to customers, enabling them to exercise tighter control over their finances by setting a credit limit for every shopping need or expense. Backed by advanced Machine Learning (ML) technologies and risk-oriented decision making mechanisms, the Salary Card is designed to serve as a secure payment mode to help consumers spend responsibly. A customer can activate the Salary card within seconds by accessing the EarlySalary mobile app.

CEO of National Payments Corporation of India (NPCI), Mr. Dilip Asbe, said, “We at NPCI are working with several ecosystem players who are really looking at innovative payment solutions which are fast and simple yet secure. The payments industry, already one of the most dynamic sectors in financial services, continues to evolve, propelled by technological and operational innovations. India is becoming an exciting platform for development and testing of new payment technologies. NPCI is finding innovative ways of extending digital credit to customers through our partners.” Speaking on the launch of EarlySalary’s Salary Card, Mr. Akshay Mehrotra, CEO and Co-Founder at EarlySalary said “EarlySalary aims to make credit access easier to India's digitally-savvy young generation, which drives the major consumption of products and internet services, especially during the pandemic period. The rise of zero-touch experience and the increasing credit demand, even from small towns and villages have inspired us to launch the Salary Card.” He further added, “We are happy to introduce the new revolutionary digital Salary Card that follows the spirit of Atmanirbhar Bharat and will democratise digital credit and payments to millions of Indians.” Earlier this month, EarlySalary also introduced the EarlySalary Credit Suite which is designed to provide a one-stop credit solution to serve all credit requirements of a salaried individual. In this way, the brand aims to help millions of people lead a better life who wants to achieve their financial freedom, wants an upgrade to their lifestyles, and to meet any emergency needs.

About RuPay RuPay Contactless offers the unique proposition of One Card for all Payments. This card can be used for transit payments (Bus, Metro, Cab etc.), toll, parking, small value offline retail payments as well as normal day to day retail payments. Moreover, it has multiple service areas (optional to use with mutual concurrence) to support acquirer/operator specific programs e.g. Passes/Season Tickets/Smart City. The objectives of RuPay Contactless are to provide a mechanism for including low-value payments within the ambit of electronic payments and to motivate Indian customers to switch from cash to electronic payments.

The RuPay Contactless Card is designed to enable banks to reduce their customers’ effort of cash handling and provide them the convenience of single tap payment. With a unique Card Balance/offline wallet feature, there is a provision of storing money on the card which can be used to initiate contactless payments (offline payments) across various toll transit, parking etc. RuPay Contactless specifications are open standards, interoperable and scalable and can be adopted by all card schemes. RuPay Contactless specifications have been developed to offer vendor agnostic, interoperable, secured and cost-effective ecosystem of low value payments to facilitate government in building a less-cash economy.

About NPCI National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat BillPay. NPCI also launched UPI 2.0 to offer a more secure and comprehensive services to consumers and merchants. NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

About EarlySalary.com Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app that allows salaried individuals to avail of financial assistance. The company offers a bouquet of products tailored to the need of young India including salary advances, instant loans, interest-free EMI options and a line of credit to shop. The company conducts a prudent risk assessment by leveraging machine learning to go beyond financial underwriting.

EarlySalary earlier raised INR 100 crores in January 2018 led by Eight Roads Ventures (Fidelity). With more than 10 Million Downloads and loans, EarlySalary is helping customers borrow within minutes. EarlySalary has fast become the 1st line of credit for young working professionals in India.

Key Features • Instant access to funds in less than 10 minutes • High Automation: Fully automated Machine Approved & instantly disbursed loans • Loans available from values ranging from Rs. 5,000 to Rs. 5 Lac cash can be accessed for a tenure from 3months to 3 years.

• Buy Now on EMI – allows the ability to use the loan limit to shop online on credit on Amazon, Flipkart & hundreds of merchants and offers • Education & Skill Upgradation loans made easy with instant EMIs.

• 500+ corporate tie-ups done in the period of last 5 years For more information please visit www.earlysalary.com Like us on Facebook: Facebook.com/EarlySalary Follow us on Twitter: @Early_Salary To View the Image Click on the Link Below: Akshay Mehrotra, Co-Founder and CEO, EarlySalary (Right) with Ashish Goyal, Co-Founder and CFO, EarlySalary (Left) at the launch of EarlySalary ‘Salary Card’ PWR PWR