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

At a time when digital payment apps entice you with ‘buy now pay later’ schemes, here is one fintech company that is upending that idea with its ‘save now buy later’ proposition. Tortoise, founded by Vardhan Koshal and Surya Harsha Nunnaguppala in 2021, is a savings app that rewards users for saving up for large purchases in the near future, thus driving a more conscious and responsible behaviour towards consumption avoiding credit options that make a dent in their finances.

“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 ( offers plans from three to 11 months of saving. Users can save up for a minimum of Rs 10,000 and a maximum of Rs 2,00,000. There’s an option to save weekly too, and one can transfer the money via UPI too. The money that users save is kept in an escrow account by the app’s payment gateway Razorpay. The rewards are jointly financed by the merchant and Tortoise.

The app has started off with Apple products and has launched an exclusive offer for early users at higher percentage of cashbacks. It plans to add other…

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