The ‘Buy Now, Pay Later’ option has become increasingly popular on the internet in recent months. This credit option is here to stay and is expected to grow significantly in the near future. Every day, millions of customers are availing of this facility to ease the stress related to the purchases they have made. ‘Buy now, pay later is a short-term finance option given to customers for various online shopping. The BNPL trend is fast-growing and creates a healthy buying environment that spreads through customer payments. The required credit is available from a variety of banks and NBFCs, making purchasing options affordable and simple.
Shopping and payment solutions with varied options have been rapidly evolving in the recent past. The pay later option given by most online retailers has resolved most of the problems of online customers. It gives them the freedom to purchase items while sorting out the payments later in easy monthly payouts. Customers can select an appropriate financing option and pay it back in installments later.
Why is ‘Buy now, pay later’ so popular?
The primary reason is that it offers convenience and the freedom of affordability to every consumer. The facility is popular among consumers who look for a seamless buying experience. Moreover, for those consumers who religiously pay back their credit on time, the product comes in easy installments at no extra cost. The aim is to provide products instantly to Customers who appreciate the convenience of paying later, so offering them that option attracts more traffic and increases sales. The pay-later options have significantly boosted online shopping, helping customers choose and repay the amount wisely.
How does it work?
Since it is the trend of the online shopping season, it has positively given a new and broader perspective to online purchases. However, new to credit customers should be aware that this buying and repayment option is likely to create a credit history for their future purchases affecting their credit scores.
The primary point to note is that there is no interest charged as long as the amount is paid on time. You can buy the product instantly and check out, opting for the pay later option. There are various options for the facility provided. You may pay in full after 30 days or choose to pay in bi-weekly or monthly installments. Consumers are offered purchase flexibility to give them a comfortable and convenient buying experience.
Benefits of ‘Buy now, pay later.’
- It significantly improves sales and business productivity for most online retailers.
- Consumers receive the flexibility of choosing the product and paying later with the convenience of payment options.
- It controls your spending options better, giving you the freedom to be financially stable while making the necessary purchases.
- Paying back in part payments does not affect your other commitments and thus gives you the leverage to fulfill your desires.
- The more the purchases, the greater the benefit for the merchant since the business receives a significant response from the online customers.
- There is no specific eligibility requirement for availing of the BNPL option.
- It gives you the accessibility to millions of products across the online shopping sector and makes your online purchase an enjoyable one.
- You can scan code and make payments in installments or pay over 30 days.
- No interest is charged for those who make payments on time.
How is online shopping being transformed?
Online shopping is taking on a whole new meaning. Customers are increasingly using the service, resulting in a hundredfold increase in online traffic. Since the option is simple, people are enjoying the payment flexibility and thus have become trend-driven in the recent past. BNPL is adding a flavorful zest that gives the customers an ideal offer for making payments as per their affordability and within the opted tenure. The e-commerce environment is positively growing, with daily essentials seamlessly provided to thousands of customers across the country.
BNPL is not just a trend followed by people but has become the way of living for those who still cannot afford expensive items. Credit cards are now being replaced with the BNPL options giving the consumer financial stability over the comprehensive spread expenses of the month. Ensure to make the right decision and check all the BNPL details while checking out to buy your favorite product.