ZestMoney on Thursday said it has expanded its physical retail partnerships to include over 75,000 stores in the last year. The company has a network of more than 10,000 online partners, making it one of the largest omni-channel networks for Buy Now, Pay Later (BNPL) in the country.
As BNPL is gaining popularity due its paperless and low cost technology, ZestMoney allows customers to use the same account to pay later at both online and offline merchant partners, giving them convenience and flexibility across touchpoints.
ZestMoney uses Artificial Intelligence and Machine Learning at all stages of customer onboarding, including risk assessment, fraud detection, affordability assessment and KYC compliance. The company expects consumer durables and home appliances like ACs, refrigerators, washing machines, water purifiers, among others, to further drive demand in the coming months.
The company said it is witnessing a demand for its BNPL offering at offline stores, especially in Tier II and III markets, with transactions back to what they were before the second wave of COVID-19 in March 2021.
“Offline network is emerging as one of the strongest drivers for growth in the company. Our strong partnership with POS platforms like Pine Labs, Ezetap and Mswipe helps us reach a wide number of customers across the country. With 75,000 stores now part of the Zest network, we are one of the largest BNPL players in the country. We have aggressive plans of expansion and are doubling down on partnerships with large format and single chain retail stores,” Lizzie Chapman, CEO and Co-Founder, ZestMoney said.
ZestMoney’s BNPL option is especially useful for people with limited or no credit history as it relies on multiple factors like mobile technology, digital banking, and artificial intelligence in underwriting.
It has also partnered with Point of Sale platforms like Pine Labs, Ezetap, and Mswipe, allowing customers to transact across the country. This also gives customers flexibility to plan purchases across categories and touchpoints.
Further, the company is targeting a reach of 4 lakh offline stores by next year, expecting demand to double during the upcoming festive season.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today