New Delhi [India], September 20 (ANI/NewsVoir): SanKash, the fastest growing AI-powered platform which aggregates BNPL and consumer financing providers, today announced its partnership with EarlySalary and Finzy to offer Travel Now Pay Later (TNPL) option to Indian travelers. This move is to streamline the booking processes and avoid costly upfront investments for trips booked months in advance.
As a travel-first BNPL aggregator, SanKash helps BNPL/consumer financing providers to plug and access its 6000+ merchants' base network, aggregating $20 billion of transaction value through a single pay later button. Sankash connects travel merchants and BNPL providers, as a middle layer, in a hassle-free way on a single interface to offer the best point-of-sale financing option to travelers.
SanKash AI-powered engine does all the heavy lifting for customers & merchants. Basis Knock-off criteria set by NBFC, customer inputs, and travel data of customers, the engine decides the financial provider which is going to approve the case and the customer will only interact with one BNPL provider.
"Our partnership with EarlySalary and Finzy is another attempt on our part to create a new generation of credit by providing transparent and flexible payment options to travelers. With the travel industry picking up again post-pandemic, we hope to provide a further boost by removing financial boundaries for travelers, through our financing partners. With outbound travel predicted to hit 29m by 2025, this is just the tip of the iceberg," said Akash Dahiya, Co-founder and CEO SanKash.
Amol Maheshwari, Chief Distribution Officer, EarlySalary said, "We are excited to partner with the Leading Travel Aggregator, Sankash who provides Buy Now Pay Later (BNPL) solutions to Travelers. This partnership will enable us to power the affordability and aspirations of million Indians who wish to travel to their dream destinations every year. We have already processed BNPL transactions worth Rs 2 crores seamlessly in the first 10 days of going live with SanKash. Post the third wave of COVID-19, Indians are looking forward to the much-needed holiday break with their families. Hence with the travel industry bouncing back, our partnership with SanKash will empower customers to plan their travel immediately and afford it in easy EMIs. Through this, we wish to enhance the happiness quotient and the aspirations of customers and significantly drive their confidence in seamless digital transactions."
Speaking about the partnership, Vishwas Dixit, Co-founder and CMO from Finzy further said, "We are delighted to partner with SanKash to expand our offerings in the travel industry. SanKash is helping us in connecting with travel customers through their merchant tie-ups to offer the best point-of-sale financing option to travelers. We digitally connect investors to hand-picked borrowers to provide risk-optimized returns through SanKash."
Since its launch in 2018, SanKash has focused on building a best-in-class product around its audience and their purchasing habits; seeing demand and customer loyalty solidify in the process. As SanKash continues to expand and onboard other lenders for their growing network of Airlines, Cruise liner, hotels, OTA's, and other travel-related services, it can now easily and effortlessly provide travel merchants an opportunity to provide simple installments to customers that are customized to their unique financial needs in just seconds directly on the website, at the time of purchase.
EarlySalary is India's leading consumer lending app focused on young, aspirational and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfill their aspirations. It has launched a host of financial products like Cash Loans, long-term Personal Loans and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. EarlySalary has grown multifold over the last 2 years and emerged as a market leader in providing financial assistance to young middle-income groups in India. The company has already disbursed nearly 2.8 million loans worth Rs. 7,500 crores.
With travel first approach, SanKash is a team of travel enthusiasts and Finance technocrats offering a plug-n-play API platform that allows merchants to embed a single "pay later" button at the checkout by aggregating multiple consumer financing providers.
Given the dynamic pricing and fast-moving inventory as characteristics of travel, SanKash solves the complexity by focusing on designing products and solutions which help travel payments work for everyone: the travel merchants, lenders, and travelers. Through SanKash, travel merchants enable travelers to spread the cost of their travel into digestible payments spread over a period of 3 to 12 months.
Over the last few years, the Indian market has witnessed multiple BNPL providers which made it easier for customers but difficult for merchants to select which BNPL provider to go with.
Sankash's proprietary AI and ML-powered logical engine solve this problem by aggregating all BNPL providers to offer seamless Travel Now Pay Later option to travel merchant's customers while keeping all cross-selling opportunities unique to the travel merchant.
Finzy is a brand owned by BRIDGE FINTECH SOLUTIONS PRIVATE LIMITED, an NBFC - P2P registered with Reserve Bank of India. Finzy is an online digital platform offering hassle-free loans by connecting Individual borrowers and Investors looking at fair returns. Finzy's proprietary credit algorithm with 130 parameters enables faster decisioning and disbursals at the convenience of your home. Finzy offers the lowest interest rates for Personal loans starting from 7.99 per cent onwards (lowest ROI in India) with flexibility to prepay at no additional cost. Our customised No Cost EMI finance Solution with partners in travel, education and home improvements is enhancing business for partners & adding repeat business through the pay in easy instalments options.
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