Connect with us

Analysis

Uni Pay 1/3 Card | Credit cards reimagined! Uni makes its mark in India’s fintech market

Published

on

With technology easing the way we transact and the way lenders offer small loans, Buy now pay later (BNPL) is now all set to disrupt the finance market. It is a tech-enabled credit that allows for an on-the-spot credit decision without the lenders having to worry about the risks or costs associated with it otherwise. Uni Pay 1/3 card is first of a kind innovation that lets you pay your monthly spending in 3 parts over 3 months for NO EXTRA charges.

Uni Pay Founder & CEO Nitin Gupta

While companies like Flexmoney, Paytm, and LazyPay have been among the key players in the country’s BNPL market, Uni Pay is one of the latest entrants. Founded in October 2020, the company is the brainchild of Nitin Gupta, PayU India’s former CEO and co-founder, Prateek Jindal, co-founder of Ola Money, and Laxmikant Vyas, who previously headed Bajaj Finance. Their BIG IDEA? To simplify the complex credit card system of India.

Key Highlights of Uni Pay 1/3rd Card

  • It’s not Credit Card, It is a Buy Now Pay Later (BNPL) product.
  • No Annual fees ( Till Now)
  • No Joining Fees
  • Bill can be split into 3-EMI at no extra cost/Interest.
  • Great Customer Support.
  • Only Late Fees, No Interest on late bill payment*.
  • Easy application and approval Process.

The company launched its first product – a special Visa 1/3 card in June 2021. Unlike its competitors that mainly offer digital cards, Uni Pay 1/3rd is both a digital as well as a physical card. With this card, customers can divide their transactions into three installments and repay the money over a period of three months with no interest. If they are unable to pay back within this time period, they can extend the timeline, but by paying a carry forward fee.

Within a mere three months, Uni is said to have issued over 20,000 cards with around 100 customers being added every day. It has brought RBL Bank and Mauritius-based SBM Bank on board as its partners and had raised more than $18.5 million in seed funding from Lightspeed India and Accel. Currently, the company is valued at $40-45 million and it is now aiming for a tenfold growth and issuance of about a million cards by June next year.

Talking about who the Uni Pay 1/3rd card is for, Gupta said that it is for those who feel cash flow crunch in certain months of the year. “Most households face cash flow issues one or two months of the year. It’s a Rs 30-50,000 gap. They don’t want to take a personal loan and deal with EMIs. What do they do? They tap into their fixed deposits or they borrow money from friends or family,” he added.

Thus, with 1/3rd card, consumers neither have to take a personal loan or prematurely withdraw their FDs nor do they need to pay interests or annual fees.

Read more brand News, Stories, and market analysis on various industries from automobiles to fashion at Brandz Watch | Follow us on Twitter & Youtube

Continue Reading
Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Zomato Faces Backlash Over New Pure Veg Fleet: Embraces 'Red Reality'
Analysis3 weeks ago

Zomato Faces Backlash Over New Pure Veg Fleet: Embraces ‘Red Reality’

Apple Google AI Deal: 21st Century Tech Collab to Integrate Gemini-Like Features in iOS
Analysis3 weeks ago

Apple Google AI Deal: 21st Century Tech Collab to Integrate Gemini-Like Features in iOS
With this deal, Google will be able to tap into Apple’s 1.4 billion active user base worldwide and expand the reach of its AI, Gemini, to a new stratum of users.

The 'Paramount' Sale of Viacom18's 13.01% Stake to Reliance Establishes Mukesh Ambani as Asia's Media Mogul
Analysis1 month ago

The ‘Paramount’ Sale of Viacom18’s 13.01% Stake to Reliance Establishes Mukesh Ambani as Asia’s Media Mogul
Paramount Global has been aiming to improve its balance sheet after ending last financial year with a long-standing debt of $15 billion.

Adani-Qualcomm Meeting Sends Sparks Across the Indian Tech Ecosystem
Latest1 month ago

Adani-Qualcomm Meeting Sends Sparks Across the Indian Tech Ecosystem

91Club offers a unique blend of entertainment and monetary rewards, making it a preferred choice for 2 million players.
Latest1 month ago

91Club: The Gaming Platform To Earn Real Money
Play and Win: 91Club, Where Gaming Means Real Money

Daman Game is a platform offering many games designed to entertain players of all ages It offers you a chance to win money by playing games.
Latest1 month ago

Daman Game: Where Fun Meets Real Rewards
Game On with Daman: Where Entertainment Pays Off!

TATA's Tech Revolution: Venturing into Chipmaking
Analysis1 month ago

TATA’s Tech Revolution: Venturing into Chipmaking
TATA Prepares to Venture into Chipmaking Business: Becoming the Herald of Change and Development in the Indian Tech Ecosystem

BharatGPT’s Hanooman: Desi Artificial Intelligence Ready For March Public Launch
Latest2 months ago

BharatGPT’s Hanooman: Desi Artificial Intelligence Ready For March Public Launch
The Indian tech scene is about to witness a dramatic makeover as BharaGPT prepares the public launch of the ‘Made In India’ AI, Hanooman.

OpenAI Launches SORA, its Text-to-Video Generator Model
Latest2 months ago

OpenAI Launches SORA, its Text-to-Video Generator Model

Gully Labs Story
Latest3 months ago

How a Homegrown Indian Sneaker Brand, Gully Labs is Embracing Indianism
Gully Labs: Redefining the sneaker culture in India

Topics

Editor's Pick

0
Would love your thoughts, please comment.x
()
x