A Beginners Guide to BNPL Deals

BNPL or Buy Now Pay Later has facilitated a culture of scheduled payments. It is a much better option than credit or debit cards due to high transparency, interest rates starting at 0% and easy accessibility. No wonder the global BNPL market size was valued at $90.69 billion in 2020 and is expected to reach $3.98 trillion by 2030. It grew at a CAGR of 45.7% from 2021. BNPL has brought in a massive transformation in the digital payment landscape. It usually serves the salaried millennial demographic. Simply sign up with a company offering BNPL on multiple e-commerce platforms for a seamless shopping experience. Below is a detailed guide. 

What is BNPL? 

This is a speedy solution when shopping across different merchant websites/apps. It lets you purchase an expensive product almost immediately. This eliminates FOMO or the Fear Of Missing Out and helps you make the best of attractive online deals. You dont need to compromise on your savings or wait for your salary to get credited, nor do you have to pay upfront from your pocket. Simply download the buy now pay later app from Google Play Store or the App Store. Apply for a deal between ₹1,000 up to ₹60,000 and get it activated within a few minutes. 

Now you can shop to your heart’s content from diverse categories like groceries, apparel, accessories, home furnishing, medicines and daily essentials. It is available on Big Basket, Grofers, Apollo, Flipkart and over 15 other major online shopping brands. The lender will not monitor the fund usage. Use a portion or whole of the cash reserve as per your requirements. The validity of the buy now pay later is up to 1 year. Repay the amount with pocket-friendly EMIs through the auto-debit facility, NEFT/IMPS. Borrowers can enjoy a 7-day interest-free grace period for each instalment which helps avoid penalties. 

Features of a BNPL Deal 

Choose a BNPL, Myntra, Uber or Amazon pay later to fund your purchase within your credit limit. But before, check the features for an informed choice.

• Applicable only at online retail stores.
• The tenure options are 90 and 180 days with 3 and 6 instalments, respectively.
• BNPL deals are offered in the form of redeemable cash vouchers.
• BNPL option is ready to use as soon as the documents are uploaded and verified.
• Quicker and easier approval than credit cards.
• You can have multiple BNPL deals running simultaneously.

Conclusion

BNPL can be your go-to choice for small-ticket items. Simply create your profile on the app, click on the ‘shopping icon’ and get the money credited as a voucher. No hidden charges are involved, making it a convenient option for young adults.