Buy Now Pay Later is growing very fast in India. You can also book train tickets with its help. Market experts say that in the next four years this industry will grow ten times more.
New Delhi: There is news of work for railway passengers. Now you can travel by train for free also. If you do not have money in your pocket or your salary has not come and you are planning to go somewhere, then now you do not need to panic. Now you can easily book tickets and do shopping even with empty pockets.
Actually, Buy Now Pay Later is growing very fast in India. People who are fond of shopping and travel are increasingly attracted towards it. It is believed that India’s BNPL market will grow to $ 45-50 billion by 2026, which is currently at $ 3-3.5 billion.
Actually, under ‘Buy Now Pay Later’, companies give loans for purchases. This option is especially beneficial for those people who do not have a credit card and have to buy something suddenly. You can also book tickets from this. Let us know what is its payment method.
Features of ‘Buy Now Pay Later’
- You can shop even if you don’t have money.
- The ‘Buy Now Pay Later’ option is better for purchases on e-commerce companies.
- This is a short term loan.
- Credit card option gives cheaper loan than credit card.
- A small down payment of the total purchase amount has to be paid.
- In the short term, there is no charge in this, interest is to be paid only after a due date.
- BPNL is low cost and more convenient.
- In this you can pay in lump sum or EMI – You can pay in the
next 14 to 20 days from the date of purchase. - Interest up to 24% will be payable if the payment is not made on time.
- In the option of EMI, there is no burden on the customer on paying interest of the merchant.
- 12. E-commerce companies have tied up with fintech companies.
‘Buy Now Pay Later’ is a better option
- Banks, more than 20 fintech companies are providing this facility.
By 2025, the BNPL market will be of 7.41 lakh crores. - Market share in e-commerce will increase from 3% to 9% by 2024.
- This option will also be popular on food, travel, grocery and other platforms.
- Buy Now Pay Later is a better option as an alternative to credit cards.
Know interest related details
Credit card BNPL
No interest period 45 days 15-20 days
Interest on Late Payment 40-48% 20-30%
Limit No limit 2 thousand to 1 lakh maximum
Issue Process Credit Score, Income Proof Credit Score, Income Proof Not Required
Acceptable everywhere Acceptable select agreement only
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