Online Shopping During COVID-19 With Buy Now, Pay Later We recently surveyed consumers across the country to get insight into their experiences and types of purchases they’ve made through these types of services. With consumers spending more time shopping online at home during the COVID-19 pandemic, we were interested in seeing how many have used Buy Now, Pay Later services. Of those, nearly half (46%) are currently making a payment or payments through one of those services. According to respondents, 60% say they have used a Buy Now, Pay Later service. These services such as Affirm, Afterpay, Klarna and PayPal Credit allow consumers to make interest-free installment payments on a purchase over the course of several weeks. When it comes to financing options, consumers now have alternatives to credit cards in the form of “Buy Now, Pay Later” services. If you make payments in a timely manner, no extra charges are levied and you stand to increase your credit limit as well.Buy Now, Pay Later Statistics and User Habits Nonetheless, Paytm postpaid charges a convenience fee of up to 3% on monthly spends. You can also pay utility bills at a later date via UPI. An advantage of Paytm postpaid is that you can use it to pay at local shops as well as online merchants. Now open to all users, it claims to provide up to Rs 1,00,000 as the credit limit for a one-time sign up. Paytm Postpaid was initially available to ICICI bank account holders only. There appears to be no charges if timely payments are made. Popular merchants like Zomato, BigBasket, Fresh2Home, Sleepy Owl Coffee etc accept the one-tap Simpl pay option. As your purchase and payment behaviour develop, the credit limit is also increased. Like other apps, when you sign up with your details, you are offered a credit limit. Each purchase is then added up so you can pay every two weeks. Simpl works on the principle that it allows you to pay on multitude of online merchants with a single tap. If you pay it back by the first week of the following month, no interest is charged. You can use the credit to make payments at over 250+ online merchants. All you have to do is sign up with PAN and Aadhar details, and based on your profile, the company offers a credit limit. LazyPay is a product of PayU, a payment technology provider. This gateway is one of the most popular options and is integrated with major e-commerce and utility apps like Swiggy, Flipkart, BookyMyShow, MakeMyTrip, and Urban Company. The top five ‘buy now and pay later’ apps we found useful– These apps now also have a UPI (unified payments interface) option, along with the promise of quick refunds so you don’t have to keep track of any failed payments. While we have credit cards and debit cards, pay later apps are addressing a multitude of issues and could be a one-stop shop for payment needs. With neobanks (fintech firms offering internet-only financial services) coming to the fore in India, such options seem to be growing for the aspirational millennial. Has it happened that you’ve foregone ordering a certain dish you were craving because your digital payment didn’t go through? Or that you’ve not been able to buy that little black dress because it’s the end of the month and your bank account is light? ‘Buy now, pay later’ app options are becoming popular because they address issues like these.
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