Boosting Access To Credit
On the company’s relevance 10 years from now: India is waking up to a financial revolution. We are moving from the world of ‘roti, kapda, and makaan’ to ‘roti, kapda, makaan aur mobile’. Already mobiles are in everybody’s hands. Usage of internet will increase, number of people with access to internet will increase and thereby the transactions through mobile phones will increase. We, being the first ones to introduce the concept of ‘buy now, pay later’, are well positioned to make checkout seamless for our customers and make them fall in love with the ease we offer. The market is booming, and we see ourselves as the leader of the pack in the digital credit space.
On the future of the business: As I mentioned earlier, India is undergoing a revolution. In digital India, access to credit should also be at people’s fingertips. It is well proven how access to credit can help individuals and businesses. A new age service like ePayLater enables just that. We see your handheld device to be the payment mechanism of future and the only mechanism that people will use.
On the importance of AI and blockchain to the business: AI and machine learning are part of the secret sauce required to ensure credit is extended to all. They also help identifying frauds better and thereby helping us maintain profitability. Blockchain use cases is an emerging space for us. We expect it to help us reduce transaction speed and thereby enhance customer experience. We are also exploring possibilities in fraud management and reducing transaction fees among others.
On the possibility of shrinking jobs due to technology intervention in the sector: I don’t look at technology this way. Technology simply means that skillset requirement for businesses change and employment opportunities will open for people with expertise in the new emerging skill areas. Employment will become difficult for people who do not adapt. Cars did not eliminate jobs of horse wagon drivers. It created an alternate industry of car drivers, car manufacturers, repair mechanics, etc.
