GalaxyCard provides one of the fastest lending solutions in India through its exclusive and instantly-approved credit cards. Incepted in 2018, the company has acquired a huge customer base from more than 600 towns across the country.
Amit Kumar, founder of Galaxy Card, tells us more. Excerpts from an interview:
DQ: Where all have you initiated the GalaxyCard across India, and why?
Amit Kumar: GalaxyCard works all over India. Every day we get users from more than 300+ towns across the country, with more than 600+ towns covered till date.
We see so many people across the nation who are creditworthy and often have a need for some extra cash, but their only alternatives are high priced loans that take a lot of time to get. GalaxyCard is the perfect solution for them to manage any minor cash flow problems in their daily lives.
DQ: How has the GalaxyCard response been so far?
Amit Kumar: GalaxyCard has been solving such a core problem for our customers. We have completely removed the burden of having to ask colleagues, family, neighbors for money every now and then. This is empowering our customers, so much so that we don’t have to rely on cashback to get referrals, unlike any other digital payment company!
DQ: This is for customers below 30K income. What is the actual target audience?
Amit Kumar: Our customers are people from smaller towns, or, with lower income in big cities. They are drivers, security guards, small shop owners, semi-skilled laborers, daily wage earners, gig-economy workers, etc. They are young people trying to provide a good life for their family and kids.
DQ: Why has this been unknown so far?
Amit Kumar: It is very easy to give out money, but the real business is in being to collect it back. We have put in a lot of energy and effort into figuring out how to come to a scalable model, while still ensuring very low friction for our customers. This cautiousness made us grow slowly up until now. However, now that we are confident of our model, we are doubling our user base every month.
DQ: What are the limits to borrowing, and payback times?
Amit Kumar: We follow almost the same timelines as a typical credit card. Our customers get a month-long billing cycle. All their usage in a billing cycle is presented as a single bill at the end of the month. They get 15 days to clear the bill in. If the bill is paid within these 15 days, or even before the bill is generated, we do not charge any interest to the customer.
DQ: How are you looking at enhancing this card in the future?
Amit Kumar: Our growth has been completely user-driven, and we pride ourselves on responding to our customer’s needs with insane vigor. We have a large roadmap ahead of us. That includes bringing GalaxyCard to even more customers, such as those who have never had a loan up until now. We are also planning to introduce even more ways for our customers to spend with GalaxyCard, such as bus tickets, buying online, etc. Our goal is to not be just another credit card, but a whole ecosystem around digital payments via credit as the underlying channel.