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Uni launches India’s longest interest-free credit product – pay later card Pay 1/3rd

Uni launches India’s longest interest-free credit product – pay later card Pay 1/3rd
With Pay 1/3, Uni aims to intuitively solve the problem of short-term liquidity without burdening consumers with high interest fees.

Fintech

Uni launches India’s longest interest-free credit product – pay later card Pay 1/3rd

Uni, fintech start-up, has launched India’s longest interest-free credit product, its pay later card Pay 1/3rd. The card automatically splits the transactions into one-third allowing consumers to pay their monthly spends in three parts over three months for NO EXTRA charges.




With Pay 1/3, Uni aims to intuitively solve the problem of short-term liquidity without burdening consumers with high interest fees. It also offers customers the flexibility to “Pay in Full” if they prefer not to pay in parts and in return, customers will enjoy a 1% reward in the form of cashback. Pay 1/3 was piloted in June 2021 and in less than two months, has already crossed 10,000 customers. In the next one year, the company is looking to target one million customers across India.

Nitin Gupta, Founder and CEO, Uni, said long term credit period is a felt need. “We moved from debit to credit cards as the 40-50 day extension seemed like a smarter solution to our payment needs. However, we believe extending this to three months is anything but natural if we want to make credit products more accessible and democratic. We aim to make Pay 1/3rd a lifestyle choice for our consumers. We want to provide utmost convenience and flexibility and be maniacally focused on making the customer experience richer.”

TR Ramachandran, Group Country Manager, India and South Asia, Visa, said with over 220 million credit eligible consumers, there is great potential for expanding access to credit through the adoption of innovative, pay later products, especially amongst a rapidly digitizing consumer base. “We are excited to partner with Uni on the launch of the Pay 1/3rd card and on its larger mission to democratize credit and drive affordability in India.”

Pay 1/3rd card is designed especially keeping the mobile generation, who want a highly engaging, in mind seamless and transparent credit product. On Uni, a customer is instantly onboarded and will have complete transparency of their transactions with zero hidden fees. Currently, there is neither a joining fee nor annual charges. On the Pay 1/3rd app, one can track their spending in real-time, get a breakup of the spends made across categories and receive repayment alerts. Powered by Visa, Pay 1/3rd card is accepted at millions of merchants (both online and offline) across the country. The card can be used to order food, groceries, make e-commerce purchases or simply swipe the card at any offline outlet.


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Backed by LightSpeed Ventures and Accel India, Uni is one of the few fintech companies in India to raise a significantly large seed round ($18.5 mn) last year in October 2020, while still in stealth mode. The co-founding team consists of seasoned fintech and financial services professionals, Nitin Gupta, Prateek Jindal and Laxmikant Vyas, who have rich experience in building paylater and credit products at PayU, Ola Financial Services and Bajaj Finserv respectively. The team collectively felt the need to develop superior financial products, especially in the pay later space which led to launch the Pay 1/3rd card.


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