ePayLater allows Indian customers to 'Buy now, Pay later'

Driven by the mantra of cashless convenient credit, ePayLater is a payment solution that comes with a ‘Buy now, Pay later’ approach. It is a digital payment solution, majorly focusing on frequent online purchasers with a credit term of 14 days. It combines the best of convenience and ease in payment methods to make credit available at both online and offline point-of-sale.

ePayLater offers credit at point of sale to fulfill needs of individuals both for personal consumption, as well as to support self-owned business. In a nutshell, this product not only removes the hassle of entering credit card details repeatedly, but also allows consumers to buy items in bulk and settle the payment when they have time on their hands.

The concept comes from the prevailing issues of lack of availability and access to credit for a large part of the population of the country. Furthermore, high dependence on cash in both online and offline markets; associated costs to merchants and inconvenience associated with payment methods led to the conceptualisation of ePayLater. The primary idea behind the concept is to encourage responsible use of credit across the country.

Operationally, ePayLater is present at the point of sale payment terminals both online and offline and generates revenue mainly through payment portals of merchants. However, the platform also charges end consumers in some cases. Mainly competing with cash, what distinguishes it from other players in the market is that ePayLater caters to a wider set of customers and to wider set of customer needs that includes personal as well as business.