Buy Now Pay Later: Under ‘Buy Now Pay Later’, companies give loans for purchases. The option is beneficial for those who do not have a credit card and have to buy something suddenly.
New Delhi: Buy Now Pay Later: In the festive season, shopping on e-commerce companies including Amazon, Flipkart is giving the option of ‘Buy Now Pay Later’. This option has become quite popular in recent times and most of the merchants are offering this option to the customers.
Under ‘Buy Now Pay Later’, companies give loans for purchases. The option is beneficial for those who do not have a credit card and have to buy something suddenly.
What is ‘Buy Now Pay Later’
1. You can shop even if you don’t have money
2. Buy now pay later option on e-commerce companies
3. Short term loan
4. Credit card option, cheaper loan than credit card
5 . A small down payment of the total purchase amount ,
6. No charges in the short term , Interest after the due date
7. BPNL Low cost and more convenience
8. Can be paid in lump sum or EMI
9. From the date of purchase Payment in 14 to 20 days
10. Interest up to 24% if not paid on time
11. No burden on the customer for paying merchant interest in EMI option
12. E-commerce companies tie up with fintech companies
‘Buy Now Pay Later’ option
1. Banks, more than 20 fintech companies are providing this facility
2. By 2025 BNPL market will be 7.41 lakh crore
3. Market share in e-commerce will be 3% to 9% by 2024
4. Food, travel, grocery and other platforms But the option will also be popular
5. ‘Buy Now Pay Later’ as an alternative to Credit Card
