Buy Now Pay Later Platforms; Let Consumers Break their Purchases into Installment Payments without Interest or Fees

 

Buy Now Pay Later Platforms

Buy now pay later platforms have become very popular in the recent past. Buy now pay later is a way to purchase goods on credit and pay for them usually after a set interest-free period, or in instalments. Users have to just enter their mobile and avail a personalized credit limit to confirm online purchases. Moreover, retail stores and e-commerce companies are partnering with buy now pay later platforms. Thus, customers can now select buy now pay later platforms as their payment options.

For example, Klarna is taking its Buy Now Pay Later platform (BNPL) to a next level. In February 2021, the company announced that it will launch a bank account offering in Germany. This move makes Klarna the first BNPL firm to make such a move. Moreover, in July 2021, Japan's buy now, pay later firm Paidy rolled out a new discovery app to help users find what they want from thousands of digital retailers. The new app will give customers the option to use Paidy anywhere they want to shop.

Customers also get the freedom of choice as far as payments, whether single-pay or buy now pay later platform. Furthermore, such platforms allow user to purchase products and pay for it afterwards. Buy now pay later platforms are gaining huge traction, owing to the ‘No Interest’ benefit. Many platforms do not charge interest for a defined period of time. Consumers make an upfront payment toward the purchase, then pay the remainder off in a predetermined number of installments through buy now pay later platforms.

The emergence of COVID-19 (global pandemic) has also increased the adoption of buy now pay later platforms, as people across the globe are taking the support of BNPL platforms to pay their bills due to financial issues. These platforms are being adopted by travel and hospitality firms to gain the attention of travelers and revive the sector.


Location: India

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