Mumbai, Maharashtra, India | 30th October 2020: EarlySalary, India’s largest consumer lending platform for salaried professionals, today announced that it has forged a partnership with Transcorp, an RBI regulated Authorised Dealer Category II and Prepaid Payment Instrument (PPI) license holder to launch the EarlySalary co-branded ‘Salary Card’, a zero-touch universally accepted digital card on a non-banking platform that delivers convenience to enable payments to its customers base and provide instant access for salaried professionals, enabling them to make quick purchases across thousands of merchants across India.
• Transcorp is future-ready with:
◦ National Common Mobility Card
◦ Soon to go live on UPI 2.0 and Fastag
• EarlySalary is focusing on:
◦ Real time customers to onboard
◦ Instant credit up to Rs.5 L for salaried
Powered by Transcorp, which provides the RuPay licensing and card platform, coupled with EarlySalary’s instant customer onboarding and customer management capabilities, the co-branded card enables accelerated financial inclusion among young working Indians. Customers can activate the Salary Card within seconds by accessing the EarlySalary mobile app and use it for shopping, medical, travel, entertainment and education categories.
With the pandemic driving rise in consumer preference for safe and secure transactions, the Salary Card fuelled by RuPay Platinum BIN and Transcorp platform are designed to promote non-touch transactions and seamless experience for consumers. Additionally, to drive faster and secured processing, the first and only non-Bank entity in India that provides solutions like cards, vKYC and wallets.
Vice President at Transcorp, Mr. Ayan Agarwal said, “The digital India program aims to empower citizens and drive a knowledge economy to accelerate the next phase of growth. Transcorp is one of the fastest-growing non-bank card issuer in India and the quickest go-to-market for partners with issuance of live cards within weeks. We are committed to play a key role in enabling digital, physical and contactless payments.” He further added, “The partnership with EarlySalary demonstrates our capability to alternate payment system with our proprietary combined licensing & platform offering for fintech organizations to directly connect with an RBI licensed entity. We want to continue to play a key role in equipping partners to customize Transcorp’s plug & play solution to their existing business models while generating an additional line of revenue and sticky customers.”
Mr. Akshay Mehrotra, Co-Founder and CEO of EarlySalary said, “Financial services in India are at the forefront of implementing breakthrough innovations to drive new payment solutions. The collaboration with Transcorp to launch Salary Card highlights our combined efforts to promote digital payments and make them accessible in a safer and easier way for consumers. We at EarlySalary.com are delighted with this partnership to help build convenience in digital payments, build more use cases for our customer’s fuel demands of the modern Indian.”
Earlier this month, EarlySalary also introduced the EarlySalary Credit Suite which is designed to provide a one-stop credit solution to serve all credit requirements of a salaried individual. In this way, the brand aims to help millions of people lead a better life who wants to achieve their financial freedom, wants an upgrade to their lifestyles, and to meet any emergency needs.