SALT bridging credit gap with ‘buy now pay later’ option
SALT bridging credit gap with ‘buy now pay later’ option
What Is Buy Now Pay Later?
The term ‘Buy Now Pay Later’ refers to a type of short-term financing that enables users to shop and pay for them later at a future date. The use of BNPL is getting an increasingly popular transaction alternative, especially when shopping online.
About SALT (BNPL) & how it works
With SALT Buy Now, Pay Later facility you can enjoy an instant credit limit. Pay no interest on the borrowed amount for 15 days and if needed, split down the borrowed amount into monthly easy EMIs. Instant credit amount, no lengthy documentation process, no interest on the borrowed amount for 15 days are a few advantages of SALT’s Buy Now, Pay Later.
The user can get the credit limit simply by completing the KYC and the limit can be utilized either via ‘Scan & Pay or Merchant transactions.
‘Scan and pay’ simply works via scanning any merchant’s UPI code and paying instantly. Merchant transactions can be either done via availing gift card or directly on merchant checkout
Features of SALT
- Scan & pay: Users can easily scan and pay any UPI code and respective funds would be transferred instantly to the payee.
- Checkout with SALT: SALT will offer users to use of it as a checkout option while doing online shopping with registered merchants.
- Languages: The SALT app will initially be launched in two languages Hindi and English but later we will be adding Tamil, Telugu, Kannad, Marathi, etc as an enhancement.
- Credit Limit Enhancement: SALT will allow users to enhance the credit limit by providing additional documents and upon successful verification, the credit limit would be enhanced as per the scenario. Credit limits will also be increased as per spending and repayment patterns.
- Easy Repayment: With SALT users will be able to make easy repayment in one single tap.
Presently, India has more than 150 million+ customers transacting through digital means, yet, only 30 million buyers have credit cards. SALT is a strategic answer to fulfill the credit gap lasting in the market today, and thereby, help the evolving credit requirements of consumers who are underserved by traditional financial institutes with no entry to formal credit but are data-rich and digitally engaged.
The Bottom Lines
SALT provides the fastest and easiest way to avail cashless credit to users. If anyone who wishes to get Instant credit or funds, “buy now pay later” is the best option. Also, anyone who can’t get a credit card can also opt for SALT. To minimize the burden on pockets, this is getting more in popularity nowadays.