GalaxyCard: A Startup That Offers Instant Credit Cards Using AI

GalaxyCard: A Startup That Offers Instant Credit Cards Using AI – Credit cards are a convenient and rewarding way to pay for various purchases and expenses. However, getting a credit card can be a long and tedious process, involving lengthy applications, documentation, verification, and approval. Moreover, many people in India do not have access to credit cards due to low income, poor credit history, or lack of bank accounts. That’s why GalaxyCard, a Gurugram-based fintech startup, has developed a mobile app that offers instant credit cards to anyone with a smartphone, using AI to assess their creditworthiness and provide them with a credit limit.

We will explore some of the features and benefits of GalaxyCard, and how it is democratizing the access to credit cards in India.

GalaxyCard

Details of the startup:

  • CITY : Delhi
  • STATE : Delhi
  • STARTED IN : 2018
  • FOUNDERS : Amit Kumar, Gunjeet Singh and Nidhi Mittal
  • NUMBER OF INVESTORS : 7
  • LATEST ROUND INVESTMENT :₹0.50M
  • TOTAL INVESTMENT : ₹40.24M
  •   TOTAL SECURED LOANS AVAILED : Nil

You can find their website here.

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What is GalaxyCard?

GalaxyCard is a fintech startup founded by Amit Kumar and Rishi Raj Khandelwal in 2018. The co-founders, who have over a decade of experience in the banking and finance sector, wanted to create a solution that would make credit cards accessible and affordable for everyone in India. They realized that most of the existing credit card providers in the market were either too slow, too expensive, or too restrictive for the customers, and decided to build their own product that would be fast, easy, and flexible.

GalaxyCard has developed a mobile app that offers instant credit cards to anyone with a smartphone. GalaxyCard’s app allows the customers to sign up with their mobile number and PAN number, and provide a few basic details and documents to get started. GalaxyCard then uses AI to analyze the customers’ data and credit score, and approve their application within minutes. GalaxyCard also provides the customers with a virtual credit card that they can use to pay at any online or offline store that accepts QR codes.

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How does GalaxyCard work?

GalaxyCard works in three simple steps:

  • Sign up: GalaxyCard allows the customers to sign up for its app using their mobile number and PAN number. GalaxyCard then asks the customers to provide a few basic details, such as their name, email, address, and income, and upload their Aadhaar card and ITR (Income Tax Return). GalaxyCard also verifies the customers’ identity using facial recognition and OTP.
  • Get approved: GalaxyCard uses AI to assess the customers’ creditworthiness and provide them with a credit limit. GalaxyCard considers various factors, such as the customers’ income, expenses, savings, credit history, and social media activity, to determine their credit score and eligibility. GalaxyCard then approves or rejects the customers’ application within minutes, without any human intervention.
  • Start paying: GalaxyCard provides the customers with a virtual credit card that they can use to pay at any online or offline store that accepts QR codes. GalaxyCard also integrates with various wallets and payment platforms, such as Paytm, Freecharge, and BharatQR, to provide a seamless and secure payment experience. GalaxyCard also allows the customers to view and manage their credit card transactions, bills, and repayments through the app.

What are the benefits of GalaxyCard?

GalaxyCard has many benefits for both the customers and the merchants. Some of the benefits are:

  • For the customers:
    • GalaxyCard helps them to access credit cards instantly, without any hassle or delay. GalaxyCard claims that its app can provide the customers with a credit card in just 3 minutes, compared to the 3-4 weeks that it takes for a physical credit card.
    • GalaxyCard helps them to save money, as it does not charge any joining fee or annual fee for its credit card. GalaxyCard also offers zero interest for up to 45 days, and low interest rates thereafter, compared to the high interest rates that most credit card providers charge.
    • GalaxyCard helps them to earn rewards, as it provides them with various perks and benefits, such as cashback, discounts, coupons, and vouchers, from its partner network. GalaxyCard also offers a referral program that allows the customers to earn extra credit limit by inviting their friends and family to use the app.
  • For the merchants:
    • GalaxyCard helps them to increase their sales and revenue, as it enables them to accept payments from a large and untapped market of credit card users, especially in tier 2 and tier 3 cities, where the credit card penetration and awareness are low.
    • GalaxyCard helps them to reduce their costs and risks, as it enables them to accept payments without any hardware or software requirements, and without any transaction fees or chargebacks. GalaxyCard also ensures that the payments are secure and verified by the app.
    • GalaxyCard helps them to enhance their customer loyalty and retention, as it enables them to offer value-added services, such as credit cards, to their customers, and to provide them with a personalized and convenient payment experience.
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Who are GalaxyCard’s customers and partners?

GalaxyCard has targeted the customers in India, who do not have access to credit cards due to various reasons, such as low income, poor credit history, or lack of bank accounts. GalaxyCard has focused on the segments that have a high demand and potential for credit cards, such as young professionals, students, freelancers, and gig workers.

GalaxyCard has partnered with various organizations and institutions, such as telecom operators, banks, fintechs, and e-commerce platforms, to provide the best services and support to the customers. Some of the examples are:

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GalaxyCard is a startup that offers instant credit cards to anyone with a smartphone, using AI to assess their creditworthiness and provide them with a credit limit. GalaxyCard’s app provides a virtual credit card that the customers can use to pay at any online or offline store that accepts QR codes. GalaxyCard also connects the customers with various stakeholders and services, such as telecom operators, banks, and e-commerce platforms.

GalaxyCard is a part of the digital India initiative, and aims to create a positive impact on the lives and livelihoods of millions of people in the country. If you are a customer looking for a fast, easy, and affordable way to access credit cards, or a merchant looking for a reliable and innovative way to accept payments, you should definitely check out GalaxyCard and make use of its services.

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