With similar features, Buy Now Pay Later (BNPL) platforms have come up as credit card challengers. Lately, the BNPL industry has earned great popularity, especially in the on-going festive season. However, the hidden charges and user restrictions were some of the major hurdles pointed out by financial experts.
To make it more user-friendly, ZeroPay, a FinTech startup, has introduced a user experience model that eliminates all the existing restrictions and hidden charges in the segment.
Due to the elimination of restrictions and charges, users can now shop more freely anywhere with zero interest, zero late fee and zero charges on Zeropay, the unique OTT-based BNPL platform.

The platform works on a network effect model in which a user automatically on-boards a vendor by simply making a purchase from the vendor. This model allows the user to shop from anywhere without checking if the vendor is affiliated with the platform or not. Zeropay is also the first BNPL platform that does not impose any late payment penalty on their users.
The credit industry has always been stringent with the user on-boarding process by having lengthy background checks. Zeropay has eased this by offering a KYC process that takes less than 45 seconds for verification. This has also resulted in the application getting over 10k downloads within a week of its launch and a total of 40k downloads in less than a month. The loans are disbursed based on the credit score of a user and the repayment is taken in three installments without charging any interest on the loan amount. The platform purely runs on the revenue generated from the vendors on each transaction.

Commenting on Zeropay’s mission to create a healthy credit environment, Krishna Basani, CEO and founder of Zeropay said “Today, the credit card industry thrives on the mistakes a customer can potentially make in terms of spending beyond credit limits and missing bill payment dates. Zeropay believes businesses should be built around enabling customers to find solutions.”

“With Zeropay we envision to democratise consumer credit by reaching out to the mass audiences. We believe educating the users on credit usage can be done without penalising them,” he added.