An Insight into the Usability of Pay Later Apps for Businesses
BNPL or Buy Now Pay Later, is a payment method that allows you to make a transaction without needing to pay out of your own wallet. To avail of this facility, you simply register with a firm that provides this service, and they pay you when you make transactions which are usually buying products online. However, after the lending institution pays in your name, you must repay the money within a certain time frame. In comparison to a personal loan, the BNPL system charges no interest. You can either pay it in one single payment or in no-cost EMIs. If you do not make the payment within the specified repayment period, the lender may levy interest on the borrowed money. This model has dramatically changed the landscape of lending in the Indian market as it is accessible to both end customers and businesses. Today, there are many pay later apps that even offer instant personal credit to businesses to help them overcome their liquidity shortages. The post further di...