Save now, buy later: Saving up regularly on Tortoise app pays

At a time when digital fee apps entice you with ‘buy now pay later’ schemes, right here is one fintech company that’s upending that concept with its ‘save now buy later’ proposition. Tortoise, based by Vardhan Koshal and Surya Harsha Nunnaguppala in 2021, is a financial savings app that rewards customers for saving up for giant purchases within the close to future, thus driving a extra acutely aware and accountable behaviour in the direction of consumption avoiding credit score choices that make a dent of their funds.

“Our aim is to encourage better behaviour while making savings a better process overall than how it has been. With much higher returns than that on a savings account, the Tortoise cashback after saving up is over above the offers available at the partner merchants. For instance, an Apple merchant offers an individual discount of Rs 5000 + Card cashback of 5% + Tortoise cashback,” explains co-founder Vardhan Koshal. “You decide your goal duration and get the Tortoise cashback as soon as you complete the purchase. So, if you are saving up on a Tortoise plan for an iPhone for Rs 60,000, for a duration of six months, you get 5% of the amount, i.e., Rs 3000, straight in your account. This same amount when calculated in a savings account at 3% for six months is Rs 526.”  

As of now, Tortoise ( affords plans from three to 11 months of saving. Users can save up for at least Rs 10,000 and a most of Rs 2,00,000. There’s an possibility to save lots of weekly too, and one can switch the money through UPI too. The money that customers save is saved in an escrow account by the app’s fee gateway Razorpay. The rewards are collectively financed by the service provider and Tortoise.

The app has began off with Apple merchandise and has launched an unique provide for early customers at increased share of cashbacks. It plans so as to add different retailers within the journey, jewelry, devices and different classes quickly. “Also, we are talking with our users and prospective customers to understand how and what they need to save for; for instance, medical procedures, etc., and working towards that too,” says Koshal.

The thought behind the app was that the prosperous and loan-takers are solely a small share of Indian customers. According to the founders, saving up for giant purchases is ingrained within the Indian tradition of considerate consumption. Hence, they determined to unravel for this, by making a business mannequin that advantages each customers and retailers. “This was also inspired by the Tanishq golden harvest scheme which runs on the same basis and is a proven concept that contributes significantly to their revenue and sales,” says Koshal.

Millennials are the core viewers for fintech apps. For those that favor to buy and make investments on-line, this new app now opens the door to saving up for purchases whereas avoiding impulsive purchases, EMIs and loans. In case you resolve to not go forward with the acquisition, you’ll be able to cancel the aim and the collected money can be refunded to your account.

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