Things to Know About Buy Now Pay Later

If you are someone who is quite often engaged in online shopping, you may probably have noticed the option of buy now, pay later or BNPL on the checkout page of most eCommerce websites and apps.

BNPL has changed the landscape of online shopping by creating a win-win situation for both, customers and sellers. It increases the purchasing capacity of customers and boosts the sales and overall revenue for sellers.

The post covers things that you need to know about BNPL.

What is BNPL?

The scheme of BNPL in India is facilitated by several fintech companies. A kind of short-term financing, BNPL allows customers to make purchases and choose a convenient payment method for repayment at a future date, which is often interest-free. To avail of BNPL, you need to first sign up with the online merchant/fintech company offering this facility.  

How Does It Work?

Imagine you visit an online store that allows you to buy an item of your choice with the BNPL scheme. Now, you won’t have to pay anything from your own pocket. The lender will make the payment on your behalf, and you will have to repay that amount as per the chosen time period. Depending on the terms and conditions of different BNPL service providers, you are either required to make payment in one go within a stipulated time frame or via no-cost EMIs.

Benefits of BNPL

Some of the benefits of BNPL from customers’ point of view are as follows:

  1. ·         Quick access to credit
  2. ·         Increases affordability
  3. ·         Easy and transparent process
  4. ·         Flexible repayment tenure
  5. ·         Safe and secure transactions

Some of the benefits of BNPL from sellers’ point of view are as follows:

·         Seamless integration on the platform
·         Improvement in conversions and AOV
·         Improved revenue
·         Growth in sales
·         Acquisition of new customers

The prospects of BNPL are quite promising. It not only helps sellers attract new customers but also allows customers to purchase an item of their choice without having to worry about their finances.

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