What Is Buy Now Pay Later?

By Author: ciolook india
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Just like, its name suggests, Buy Now Pay Later, popularly known as BNPL, is a financing option that permits you to buy a product or avail of service without worrying about paying for it immediately. Simply, it is a short-term loan product where the BNPL lender pays the merchant or service provider at the point of sale and allows you to repay the loan at a future date with little or no interest charges. You can make the repayment either in a lump sum or in the form of equated monthly instalments (EMIs).

As this payment system gives relief from instantly paying the bills, many Indian entrepreneurs are adopting this system. Numerous banks, retailers, and e-commerce have lined up such schemes for the upcoming festive season. One of the specialities of this scheme is that a large number of borrowers can enjoy short-term credit, even without a credit history. So, BNPL is emerging to be the flavour of the season; it is also getting featured in the Best Indian Business Magazines.

This customer-friendly scheme is the latest craze among young, cash-strapped shoppers seeking instant gratification. According ...
... to the predictions of media reports, the BNPL landscape in India can witness a growth of over ten-fold before 2026. As it is creating ease for consumers, especially online shoppers, by offering interest-free credit and fewer obstacles to jump through, the e-commerce market is happy with the launch of this scheme. Its popularity is attracting Best Business Blogs in India

During the COVID-19 pandemic, the popularity and importance of Buy Now Pay Later multiplied across the globe. Due to the economic slowdown, consumers had less cash in hand, but the demand for the essential products remained the same. The High demand for products and the necessity of purchasing in a contactless manner shed light on the importance of BNPL. It also captured the attention of famous Online Business Magazines, as it is an outstanding option for those who need something but don’t have the money immediately available.

Even though it seems that BNPL only offers benefits for customers, in actuality, the benefits of Buy Now Pay Later are the same for customers and merchants and, of course, for many Indian business leaders. Sellers only offer this advantageous payment facility because they can secure enormous benefits from it. Consumers are free to make payments later also, so they can buy many products, which increases the sales and eventually increases the profits of the business, in this way playing a valuable role in many Indian entrepreneurs’ success stories.

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