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There is a good chance that you must have come across numerous Buy Now Pay Later (BNPL) options while browsing or shopping on your favourite e-commerce sites. After all, Nearly 10-15 million Indians are shopping with BNPL, but have you tried it?
What is BNPL?
Buy Now Pay Later is a payment method that permits customers to purchase something now and pay for it after a given period. You can shop from a range of merchants such as Zomato, Dunzo, Rapido, MakeMyTrip and BigBasket, to name a few, and your BNPL provider will settle the payment for you.
You can repay at your own pace and convenience with zero to no interest within the mentioned billing period, ranging from 15 days to a month.
Benefits of Shopping with BNPL
Are you tired of switching between numerous payment pages and waiting for OTPs while shopping online? That’s not the case with BNPL. Enjoy uninterrupted and quick transactions with zero OTPs and transaction failures. Once you’ve signed onto a pay later platform, such as Simpl, you can start transacting with just 1-tap.
One Bill For All Your Shopping Needs
BNPL providers make shopping convenient by presenting you with a single bill for all purchases made within the stipulated billing cycle. Of course, you can opt to clear your balance with each transaction or all at once towards the end.
Zero or Low-interest EMIs
Are you looking to find a convenient way to fit those much-cherished products into your budget? Well, when you are shopping with BNPL and opt for their instalment feature, you can split your payments over the course of a few weeks or months.
Rewards and Offers
There’s nothing better than seeing a lovely discount or a cashback offer on your next purchase. BNPL platforms provide you just that with a host of exciting rewards and discounts that you can avail of on certain merchants. Turn on notifications, so you never miss out on these fantastic deals!
Track Your Expenses
Though you may shop on different merchant platforms, your BNPL provider will send you one bill for all purchases across various merchants. This helps you keep track of your past transactions and expenses incurred during the billing period, as they are all recorded together.
The best part about shopping with BNPL is that the sign-up process is easy! Stress no more about your credit score; when you choose BNPL, you can expect a quick credit approval as the screening process relies on machine learning.