5/8/2023 0 Comments Amazon buy now pay later“I made a purchase of around Rs5,000 and missed paying back in 15 days, which is generally the specified time by most BNPL players. Once using the pay-later option became a habit, Sharma started running into problems. Slam Dunk: Can Rajan Bajaj grab a big slice of the fintech pie? “When my credit limit increased, it felt like I was being rewarded for paying back on time.” My credit limit went from 1,500 to 10,000,” she says, adding that she considered this equivalent to earning. “Initially I had a smooth experience because I used to pay back on time, which increased the limit of my spending offered by LazyPay, my most-actively-used platform. The confidence of purchasing first and paying later made Sharma opt for BNPL services for almost every alternative online transactions. When the first few times Sharma chose the BNPL feature-offered by most online B2C aggregators today-she was able to repay in time. “Many a time, especially by the end of a month, I’d run out of liquid money… it is then that I bank on platforms like LazyPay and Simpl the most,” says Sharma, naming two of the widely-used buy now pay later (BNPL) platforms in India. A short-term financing option that lets consumers buy at a point and pay in deferred repayment tenure, including the option of EMIs after the end of an interest-free period.įor Shreya Sharma, 20, a college student in Mumbai, being able to make online purchases without paying that moment has been an interesting leverage. On the face of it, BNPL is an attractive financial model.
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