What is Buy Now Pay Later Indian App Details?

What is Buy Now Pay Later Indian App Details?

Today we will discuss Buy Now Pay Later Indian App. What are the option available for Indian Customers? What are the Features & benefits of the Buy now pay later app?

As the biggest shopping festivals are coming ahead & people across the country waiting for the same from last 1 year. Be it housewives or college gong students all are excited about the Festival season & ready for shopping.

What is Buy Now Pay Later Indian App Concept?

The trend of BPNL (buy now pay later) is increasing rapidly. These apps given is the very simple facility. BNPL apps are like a digital-only version of Credit Cards. These apps gave you the convenience to pay your bills at the end of the month & do the shopping whenever your wish to. Apps bear the loan & interest charges on behalf of you. Most of the online shopping platform provides you this BPNL option. As per the last year 2020, this BPNL market was approx 44K Cr & by 2028 it will reach up to 4Lac cr.

What are the features of the Buy Now Pay Later Indian App?

These apps are your friends when it comes to completing your dream shopping. The popularity of these apps can be seen as most of these apps are available on e-commerce websites. Below are the main features of these apps;-

  • Easy Registrations
  • Hassel Free Transcations
  • No Physical Card Required
  • Multiple Payment Options

Above are the main features of these apps. Let’s discuss all these in detail;-

Easy Registrations;- As all these Buy Now, Pay Later apps are digital mode only, they offer an easy registration process. This BPNL app offers instant access to these app features. Once you have completed the installed the app, just complete the registration from your mobile & you are done.

Easy Transaction;- One of the main features of this growing popularity is easy transactions. This feature sets them apart from traditional Credit cards. You don’t have to keep records of all the financial transactions.

No Physical Card Required;- Traditional credit cards are physical cards. These Buy Now Pay Later apps or cards don’t require physical cars. These are just digital-only cards.

Multiple Payment Options;- The best feature of these apps is multiple payment o[tions. The growing internet penetration in India has seen rapid growth in online shopping & food apps. Buy Now Pay Later apps to support direct payments through the shopping apps. Another payment option is to Scan the QR code or UPI. With the help of BPNL apps, you can Scan Qr code & complete your payment. UPI is also supported by some of these popular apps in India.

How to Get LOAN from Buy Now Pay Later Apps?

Getting a loan is the newest feature of these apps, you can get an instant loan after complete a few formalities. The loan provider gave you a loan with the help of these apps, once you complete your digital KYC & registrations.

Registration fees & files charges are waived off by the loan provider. The loan amount may be used only with the merchant partner of the Buy Now Pay Later. The amount of the loan may differ as per your eligibility & KYC completion process.

How much loan one person can get?

As discussed above, once all the registration & KYC is complete you are entitled for getting LOAN. These Buy Now Pay Later apps will give you loans starting from few thousand to lakhs of rupees as per your financial background & eligibility. You are always advisable to pay the loan back well before the time. Delay in repayment of the loan may get you a penalty.

Can I get a loan if I don’t use credit cards?

Yes, using having a credit card is not mandatory for getting a loan from these apps. These Buy Now Pay Later are specially designed for these people who don’t have credit cards. Income-related proofs are not required for getting a loan from these apps, so getting a quick loan is possible.

What is the difference between Buy Now Pay Later App & Credit Cards?

FeatureBuy Now Pay LaterCredit Card
UsabilityCan use only at Partner MerchantAnywhere
ChargesLate Payment PenaltyInterest/ Other Charges

The above-given details will be helpful you understating the difference between Credit cards & the Buy Now Pay Later App.

What are the Benefits of These Apps?

We have given you details about the basic usage & functions of these apps. Now discuss the benefits of this app. Buy Now Pay Later Apps gives you various benefits which are given below:-

1-Buy Now, Pay Later Options;- One of the core & main benefits is Buy Now Pay Later. You can buy products or services instantly & pay as per your choice later. The motive behind these apps is to give you the power of shopping as per your need instantly.

2-The flexibility of Payments;- Paying for your transactions is easy & flexible. You can pay as per your billing cycle. The typical billing cycle of these apps in India is twice a month. Bills are generated from 1 to 15 of every month. The payments for these bills need to be completed in 2-3 days as pr the app.

3-Smaller Payments options;- Buy Now Pay Later apps to give you the option to pay in smaller amounts. Pay as per your choice. For example, if you have done shopping on the 2nd of the month you have the option to pay part payments during your billing cycle.

4-Build your credit score;- Once you start using these apps & pay your bills timely, you are building your credit score. Apps are directly linked with the loan provider & your payments history is mapped with your account. Timely paying bills will gradually help you maintain your credit score.

Top Buy Now Pay Apps Indian Company

Let’s discuss the top Buy Now, Pay Later Apps company in India. As the trends for BPNL are growing, so there is a new company coming into the market. Today we will give you full information & comparison about these company below:-

FeatureSliceePayLaterLAZYPAYSimpl
Credit LimitRs.1000000Rs.20000Rs.100000Rs.20000
Bank TransferYesNoYesNo
Billing Cycle1 Month15 Days15 Days15 Days
Late FeeRs. 35/ DayRs. 100Rs. 11.8/DayRs. 250 + GST
InterestNot Fix36%/Annum26% APRNone

Conclusion;- All the above Buy Now Pay Later apps are popular among Indian youths. You are advised to choose the best app for your use. Always keep in mind their late fee charges & other penalty charges.