GalaxyCard

GalaxyCard, legally known as GCT Technologies Private Limited, is a fintech company targeting the significant unmet need for credit in India, particularly outside of major urban centers. The firm was established in 2017 by serial entrepreneurs Amit Kumar, Gunjeet Singh, and Nidhi Mittal. The idea was spurred by the 2016 demonetization in India and the government's subsequent push for a digital economy. The founders identified a crucial gap in the market: a vast population with stable, albeit low, incomes who were largely ineligible for traditional credit cards due to a lack of formal credit history.

Amit Kumar, the CEO, brings product management and development experience from his time at Airtel and makaan.com, and a successful fintech exit with Eashmart, which was acquired by PayU Money. Gunjeet Singh, the COO, leverages his sales and business development expertise from his previous startup, TruckLoad.in. This combined experience shaped GalaxyCard's strategy to focus on a segment of over 400 million Indians who were previously unserved by mainstream financial institutions.

The company's core product is a digital, mobile-based credit card that can be approved and activated within three minutes through their Android application. This rapid onboarding process requires only basic KYC documents like the Aadhaar and PAN cards, drastically reducing the typical 3 to 4-week waiting period for a physical card. The platform provides an initial credit limit ranging from ₹1,000 to ₹25,000. This limit is determined not by traditional credit scores but by an alternative data model that assesses the stability of a user's income and spending habits. As users demonstrate responsible financial behavior, their credit limit can be increased.

GalaxyCard operates on a 'Buy Now, Pay Later' model, offering users an interest-free period of up to 45 days. Revenue is generated through interest and late fees charged on overdue payments, a model similar to traditional banks but applied to smaller ticket sizes. The card can be used for a wide array of transactions, including online purchases, utility bill payments, and in-store payments by scanning any UPI QR code. This eliminates the need for a physical card or POS machine, making the phone the primary payment device. The service has no joining or annual fees, a key differentiator from conventional credit cards.

Keywords: digital credit card, fintech, instant credit, consumer lending, financial inclusion, alternative data, buy now pay later, UPI payments, mobile payments, micro-credit