Several “buy now pay later” (BNPL) apps as a startup have appeared in the Indian market in the last few years. These apps work likewise to credit cards by giving users an instant credit line to pay service bills, food, shopping, and more. This makes it easy and convenient for people to meet their daily expenses without worrying about cash in hand. Here, let’s look at some of the best buy now pay later apps in India for Android and iOS.
Globally, a craze between younger borrowers for small, interest-free loans they can repay in 30 days or in a few monthly installments, usually without credit-card-style heavy late-payment fees, is conducting valuations rising for apps in India like Lazypay, Simpl Pay Later, and more.
Like credit cards, the buy now pay later (BNPL) design is all about distributing small-ticket loans to users in the form of a free balance line. You can spend up to a specific amount online or offline and then repay it on the assigned date without any interest charges or fees. The limit gets increased over time if one makes timely payments, similarly as credit cards.
For someone who does not have a credit card, buy now pay later services can be an excellent approach to maintain the cash flows. However, given the tons of BNPL apps in the market, it may get challenging to choose which one to opt for.
We’ve listed some of India’s best buy now pay later apps below to simplify things.
LazyPay is one of the most famous BNPL solutions in India. It provides an instant credit line with a paperless KYC method. You can do both; scan and pay or use your UPI ID to transact with all the merchants who allow UPI.
One can pay at offline retailers and online services like Ola, Uber, Flipkart, Myntra, Zomato, Swiggy, Bookmyshow, and more. If your purchase value is more than ₹10,000, you can decide to convert it into Easy EMI based on available plans.
The app provides an interest-free period of 15 days post, which you’ll have to return and clear the bill (on the 3rd and 18th of every month). You can set up auto-pay or adjust manually via UPI, net banking, or debit card.
Simpl is another app that allows a one-tap buy now pay later service on Android and iPhone. You can use it to pay instantly on online platforms like Zomato, Dunzo, Rapido, Gaana, BigBasket, 1MG, and more. Besides, it also lets you pay utility bills like prepaid and postpaid mobile, electricity, DTH, and broadband from within the app using a provided credit limit. Like LazyPay, it gives daily offers and discounts on merchants.
Earlier this month, BharatPe declared its entrance into the ‘Buy Now Pay Later’ (BNPL) category with the ‘postpe’ platform and app launch. The new application gives credit to customers to buy now, but pay later from any place.
Paytm is one of the most widespread payment apps in India. Interestingly, Paytm also allows a later pay service named Paytm Postpaid to its existing active customers. One can activate it directly through the mobile app.
This Postpaid service permits you to make payments to partner retailers or for eligible services. You will automatically view Postpaid in payment options whenever applicable. This involves recharges, bill payments, Paytm Mall shopping, and other merchants across India.
The bill is sent once every month. Your Postpaid spend limit is judged based on transaction history, relationship with Paytm, and credit history with credit authorities.
Amazon Pay Later
Amazon now has its own Pay Later service in India, with IDFC First Bank and Capital Float as its lending associates. The e-commerce titan grants users a zero-interest credit line based on their credit profile.
You can use Amazon Pay Later to buy products on Amazon. One can also use the credit amount to pay for water, electricity, mobile bills, or groceries.
Slice Super Card
Fintech startup Slice, in September, declared the launch of a new card offering with a credit limit beginning at as low as ₹2,000. This is the lowest credit limit on a card available in the Indian credit card market. This step aims to tap into nearly 200 million Indians who transact online but do not own a credit card either because of low earnings or poor credit records.
Freecharge Pay Later
Freecharge Pay Later is a monthly credit facility of up to Rs. 10,000 that is open for selected registered users of Freecharge. This presents a seamless one-click payment experience to make purchases/payments on Freecharge or its merchants/partners and repay the dues with up to 30 days of the credit period. Their lending partner- Axis bank, extends this credit facility.
Ola Money Postpaid
OlaMoney Postpaid is a quick and easy way to pay for your Ola rides and other online services. OlaMoney Postpaid allows hassle-free payments without you worrying about wallet recharge.
Users can continue to pay using OlaMoney Postpaid for up to 15/30 days (depending on your billing cycle) or till you drain your OlaMoney Postpaid limit, whichever is first.
BNPL Future in India
For purchasers, “buy now, pay later” is usually the passage to purchases they can’t afford, but so far, the Kirana owners’ access to the product has been business-driven and appreciable. The misconduct rate at apps like ePayLater is 0.15%. Certainly, this credit innovation through the buy now pay later apps in India can be more sustainable when it finances livelihoods and not only lifestyles.
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